Singapore is considered as a financial city of Asia itself. But what is making it to be the one, what will overtake Hong Kong or Dubai? Or be better than Tokyo, Shanghai, Kuala Lumpur?
From my observation it is following:
Hong Kong - recently dramatically falling down economically. Suppressed by China government, more and more China people getting there to include it in the mainland mentality. Lack of investment from China government and loosing freedom of education and speech. How do u want to do financial operations with all research and risk management there than?
Shanghai - an old and new financial headquarter for China. It always had been and now is already is. Language wise Mandarin is a must and local connection is a needed plus. Thinking is not pro business is you dont know what probusiness in China means. Money transfer not really free even there is Special economic zone.
Taipei - Stuck in past. Even very interesting city with tons of investments of Taiwan companies around SEA banks in Taipei do miss the recognition of international organisations. And central bank in too much control. Maybe as there were so many problems in the past (f.e. we have New Taiwan dollar as a currency in Taiwan, word new suggests...)
Tokyo - even many times described as a financial capital of Asia it is suffering of a)being too far from Asia's economy b)being too different in terms of Japan rules and life expectation c)being too much oriented on Japan economy
Dubai- following my information there is too much volatility on the market. a) high dependency on oil prices b)relatively high volume of scams and unwilling to follow the contracts c) Islam banking limitations
Kuala Lumpur - really a great place to become number 2 financial centre in Asia. It is a meltdown of different cultures, Indian and Chinese. Malayan and European. Thai and Indochinanees. Problem is that probably the linkage to local government preferring Malay people before Malay Chinese and instability of the ringit.
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