Singapore ranks 4th in Global Financial Centres Index

It also ranked second in business environment, infrastructure, and financial sector development.

Singapore dropped to fourth place in the Global Financial Centres Index.

The city-state was overtaken by Hong Kong, which landed in third place.

The report, which researched 133 financial centres, found that in terms of areas of competitiveness, Singapore ranked second in business environment, infrastructure, and financial sector development.

The country landed in third place in the reputational and general area and fourth place in human capital.

By industry sector, Singapore ranked second in professional services, government and regulatory, fintech, and trading. It also secured fifth place in investment management.

Moreover, the country ranked seventh in banking and insurance and eighth in finance.

The report also said that the country is the most globally diversified, ranking number one, and that Singaporeans are confident about the future competitiveness of its financial centers.