Singapore and hong kong rivalry

This makes it very expensive for fintech firms based in places with small domestic markets like Hong Kong, Singapore and Australia to expand into the broader region because they are more or less starting from scratch each time they enter a new country, said Aurelien Menant, CEO of Hong Kong bitcoin exchange Gatecoin.

This article appeared in the South China Morning Post print edition as: Hong Kong also lags behind Singapore in areas like education and innovation. The Ministry of Defence of Singapore admitted to the incident and added that the Terrex carriers were unloaded and expressed hope that they could be shipped back to Singapore as soon as possible.

But he said both Hong Kong and Singapore faced similar challenges ahead. According to newspapers in Hong Kong, the idea of a rivalry between Hong Kong and Singapore had been around since the s.

But even in the last 12 months, Hong Kong has gone from a standing start to moving at least quicker than most people would have expected. In order to coordinate the signing of the memorandum, the Fringe Club organized the City Festival which was focused on Singapore in There are also travel costs - flying through Singapore is often cheaper than Hong Kong.

Earlier this year Custom House Administration, a niche Dublin provider that also has a presence in Chicago to serve the US market, opened its Singapore office. Lee Kuan Yewwho became the Prime Minister of Singapore inhad visited Hong Kong several times during his office and expressed opinions about political development of Hong Kong.

The Hong Kong versus Singapore story still catches the attention of many people in the region.

Hong Kong-Singapore rivalry hurting Asia’s fintech competitiveness

Singapore was not much better at 1. While all these markets operate well-defined licensing and supervisory regimes for traditional financial firms including banks, brokers, insurance companies and funds, regulators are still struggling to establish clear and consistent regimes for fintech firms because they often operate innovative business models.

Hong Kong–Singapore relations

Some statistics may bear out this accusation. The six industries are education, medical services, environmental industries, innovation and technology, cultural and creative industries, and food safety and product testing. For Hong Kong, its traditional role as the financial gateway to mainland China has proved a mixed blessing.

Six new industries were identified by former chief executive Donald Tsang Yam-kuen in as areas for investment with a view to diversifying the city's economy, but these only accounted for 9. History[ edit ] Singapore and Hong Kong started trading in the 19th century.

In Singapore, the central bank has proposed regulating bitcoin exchanges as payment firms.For over half a century the rivalry between Hong Kong and Singapore has surged on.

Both are former British colonies, in addition to being two of the world’s busiest port cities and top financial centres. The relationship between Hong Kong and Singapore is one of rivalry, in the economic sense. Each aims to be Asia’s financial hub, compete to be a haven for investors and be the gateway to Asia.

There is no clear cut and definitive answer to the question of which jurisdiction is currently more attractive. Hong Kong versus Singapore. SINGAPORE/HONG KONG (Bloomberg) - Tax benefits, government help and easy access to regional markets led Joe Seunghyun Cho to choose Singapore as the headquarters for his six financial technology.

Dec 07,  · “Hong Kong is a highly open market with strong legislation but little governmental intervention,” Albert Wong, CEO of the Hong Kong Science. Hong Kong may remain the main Asian centre for hedge funds outside Japan, but its perennial rival Singapore is steadily gaining ground, thanks in part to a relaxed regulatory regime for managers th.

During his first visit to Hong Kong inLee Kuan Yew, who would later become Singapore's first prime minister, came across a small tailor shop one morning where he would experience the.

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Singapore and hong kong rivalry
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