GFCI: APAC Takes Pole Position in Financial Hub Race
Markets in Asia Pacific held the largest number of positions among the leading financial hubs worldwide, according to a report co-published by Chinese and British think tanks.
Out of the top 15 financial centers globally, six were located in Asia Pacific, according to the 38th edition of the Global Financial Centers Index (GFCI), which was more than any other region in the world.
They include Hong Kong (3rd), Singapore (4th), Shanghai (8th), Shenzhen (9th), Seoul (10th) and Tokyo (15th). The report notes that APAC saw an average rating increase of 1.27 percent with only one financial center seeing a decrease. Malaysia’s Labuan was Asia's latest entrant at 60th place.
Globally, New York was the leading financial center, followed by London in second place.
Fintech Offering
APAC was also held top rankings in financial technology with Hong Kong ranked in the first position for its fintech offering, followed by Shenzhen. Singapore was in fourth place, overtaking London.
GFCI is updated and published twice a year. It was produced in collaboration between think tanks, China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London. 135 financial centers were researched using 140 factors based on data provided by third parties including the World Bank, OECD and UN, alongside 28,549 assessments from 4,877 respondents.
