Hong Kong leapt three notches to lead global financial centers in terms of fintech, according to the latest semi-annual survey by UK-based think tank Z/Yen and China Development Institute in Shenzhen.
The city also retained its third-place global ranking, ahead of Singapore, according to the Global Financial Centres Index 38.
The report shows that In the separate fintech ranking, Shenzhen ranked second, with New York falling to third place. Singapore has overtaken London to hold fourth position.
Z/Yen said Chinese and US centers continue to feature strongly, with six US centers and six Chinese centers in the fintech top 20.
Fintech offerings from 116 centers were accessed in the index.
For global ranking, New York held onto the top position and has now been in first place since GFCI 24 which was published in September 2018.
London remains in second place.
The report said the four leading international financial centers are locked in intense competition, with each separated by only one point on the 1,000-point scale.
The index also shows no change in the top ten centers, with shifts confined to score adjustments rather than ranking positions – San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Seoul are unchanged in fifth to tenth positions.
For the industry sector, Hong Kong ranked first globally in “insurance.”
The city also led in competitiveness areas including “business management”, “infrastructure” and “reputation and general.”
The GFCI 38 index researched 135 financial centers, with 4,877 responses to the GFCI online questionnaire from industry participants.
The GFCI report has been released every March and September since 2007.
