Singapore cements its third spot as top global financial powerhouse

But Hong Kong is quickly catching up.

The city-state has solidified its position as a global financial center, maintaining a lead against its rival Hong Kong in a recent study.

According to the latest Global Financial Centers Index Measure, Singapore has cemented its third position behind London and New York as top financial centers.

The index ranks financial centers by drawing on two separate sources of data including instrumental factors and responses to an online survey.

Under the instrumental factors, Singapore ranked 3rd in three of the sub-indices. It outpaced Hong Kong in business environment, financial sector development, and reputation.

However, the rival beat the city-state in infrastructure and human capital sub-indices.

Ironically, the two are among those which posted modest declines in the Asia Pacific region. Overall, the region saw healthy increases from several countries including Tokyo, Shanghai, Osaka and Taipei.