Astbury Marsden, a financial services recruitment firm, has recently conducted a study which indicates that the vast majority of the financial industry players in UK sees Singapore as the most desirable place to work in. This study shows that 31% of the respondents believe Singapore is the the most favourable city to establish their offices in. New York and London follow with 20% and 19% positive responses, after which, comes Hong Kong 16% and Dubai 15%. Therefore, the financial industry sees Asia as the new leading place to conduct business, with almost one manager every two considering to "set up shop" in the region. Singapore is the leader, offering low tax, higher pay growth, professionalism and one of the most favourable regulatory environment, becoming one of the most attractive financial centre.
We are, therefore, assisting to a shifting trend where the financial industry is rapidly moving from US and UK cities to Asian major business centres: a survey reported on Evestment|HFN indicates that 60% of the bankers surveyed strongly believes and predicts that the Asian-Pacific region will become the biggest financial centre within the next 10 years.