‘Cannot afford six more months of silence’: Singapore could gain edge with broader asset management push as Hong Kong tax gap narrows
Analysts say MAS’ announcement is timely and sends a ‘strong signal’ of Singapore’s drive to grow the sector
Singapore could gain a competitive advantage over Hong Kong in becoming the region's premier asset management hub, analysts say, following the announcement of a broader range of measures aimed at narrowing the tax gap between the two markets. The measures are timely and serve as a "strong signal" of Singapore's dedication to expanding the sector, particularly as concerns grow that the Republic may lose investment talent and fund-management mandates to competing jurisdictions.
Suhaimi Zainul-Abidin, CEO of Quantedge Capital, expressed surprise at the announcement, stating that the industry cannot afford to wait another six months for further clarity.
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