Singapore and Shanghai will be the two big Asian financial centres: ANZ

ANZ's Singapore head office at the Ocean Financial Centre

Monday 24 March 2014

As Asia's financial system transforms, the two big Asian financial centres will be Singapore & Shanghai, according to a major research report published by the ANZ Bank.

The ANZ insight report ‘Caged Tiger: The Transformation of the Asian Financial System’, released on Monday, examines the future development of the Asian financial system, projecting it will be larger than the US and Europe combined by 2030 based on continuing reform and deregulation.

The report argues the rapid development of financial markets in Asia will become increasingly critical to support high levels of economic growth in the region and to fulfil the potential of the Asian Century, and Singapore will play a key role.

ANZ Chief Executive Officer Mike Smith said: “This report makes it clear that Asia now requires a financial revolution to accompany the economic revolution that has occurred in recent decades.

“The opportunities this will create across the region are enormous. Asia’s financial institutions will become increasingly important in global finance and Asia will become home to many of the world’s largest financial centres. Shanghai will grow to rival New York as a financial centre. Singapore will increase its importance as a south-east Asian hub. Hong Kong and Tokyo will remain large centres while Seoul, Mumbai and Sydney will all grow strongly,” Mr Smith said.

Singapore will remain a hugely important financial centre for southeast Asia, and will continue to grow," ANZ Chief Economist Warren Hogan said. "The two big (financial centres) in Asia will be Singapore and Shanghai".

The report and a video interview with Mr Hogan are available at www.anz.com/insight.

Infographic courtesy https://twitter.com/ANZ_Media