Some Hong Kong bankers heading to Singapore having second thoughts amid ‘hire local’ push
- Stricter visa rules and hiring restrictions mean that the influx of bankers into the city state from Hong Kong has been more of a trickle than a flood
- The changing environment is prompting some firms to look to Sydney or Dubai to move workers
There are plenty of examples, though most firms are loathe to talk about them publicly. One European bank is classifying its office in the Marina Bay financial district as the backup centre for Hong Kong to make it easier to move staff.
Another senior executive at a global firm said he’s feeling pressure to hire more local talent. Atlantic Partners Asia Capital, a money manager, is having second thoughts after shifting its head office to Singapore from Hong Kong.
“It’s harder to get people approved these days and this ‘hire local’ push is a real thing,” said Stephen Diggle, a former hedge fund manager who has lived in Singapore for two decades and now runs a family office. “You can’t bring 40 people here because they wouldn’t get work permits.”
Singapore’s restrictions are forcing some firms to look further afield to move workers as rigid Covid-19 rules and the increasing influence of China lessens Hong Kong’s appeal for global finance. Some are returning to London or Sydney, while others are shifting to Dubai, drawn by the low-tax welcome mat.
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This ought to be Singapore’s time to shine. A four-hour flight south and on the same time zone as its larger competitor, the island nation has long jockeyed with Hong Kong to be Asia’s pre-eminent finance hub. The city offers many of the same perks that Hong Kong’s well-heeled expatriates are used to – a tropical climate, good schools, low taxes, and easy connections to the rest of Asia.