HK RISES TO 3RD IN FINANCE HUB RANKING

Hong Kong has been ranked third in the Global Financial Centres Index 36 Report, published today by the UK’s Z/Yen and the Shenzhen-based China Development Institute, up from fourth place in the March version of the index.
 

The city also ranked first in the Asia-Pacific region. Its overall rating rose by eight points, the largest improvement among the top five financial centres.
 

The Government said the report clearly affirms Hong Kong’s status and strengths as a leading global financial centre, highlighting that its scores were among the highest for business environment, human capital, infrastructure, and reputational and general competitiveness.
 

The city’s rankings for investment management, insurance, banking and professional services also rose significantly. In particular, the city’s ranking rose to first globally for investment management.
 

In the ranking of financial centres’ fintech offerings, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally.
 

Hong Kong’s asset and wealth management business is also booming, with assets under management growing by about 2% from the previous year to more than $31 trillion at the end of 2023. Net fund inflows reached $390 billion, more than 3.4 times the level of the previous year. 
 

The development of Hong Kong’s family office sector also continues to gain momentum. Since its launch in March, the New Capital Investment Entrant Scheme has so far received more than 550 applications. It is expected to bring in investment of more than $15 billion to the city.
 

The Government said that as an international financial centre, Hong Kong brings together the world’s top financial institutions and talent, provides professional financial services, and has a deep and broad capital market.
 

Hong Kong’s regulatory system aligns with those of major overseas markets, allowing the free flow of information and capital, it added.
 

The Government stressed that under “one country, two systems”, Hong Kong enjoys the unique position of being backed by the motherland and connected to the world, which empowers it to fully leverage its role as a “super connector” and “super value-adder”.
 

The Government added that it will continue to promote the financial sector’s high-quality development.

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