Hong Kong on Track to Overtake New York and London as World’s Leading Financial Hub

Hong Kong is rapidly advancing in the race to overtake New York in the United States and London in the United Kingdom as the world’s leading financial centre or financial hub. According to the latest assessment of the Global Financial Centres Index (GFCI) and views from the index’s compilers, the Asian economic powerhouse is on the verge of reaching the top of the rankings, driven by its strong banking sector, fintech leadership and strategic investments.

The information was revealed in the global ranking of financial centres published by the London-based think tank Z/Yen. New York and London have long held the first and second positions, respectively, but Hong Kong has rapidly narrowed the gap with them in recent years.

According to the report, Hong Kong has regained the confidence of international investors due to sustained global capital flows, regulatory transparency and remarkable progress in fintech. In particular, the city’s role as a major capital hub in the Asia-Pacific region, connecting mainland China with international markets, is helping it move towards the top of the rankings.

Analysts say Hong Kong could claim the top spot in the next edition of the index if it maintains world-class standards in technology-driven financial solutions (fintech) and sustainable finance.