It was also among the centres expected to grow in the coming years.

Singapore has once again secured its position as the world’s fourth most competitive financial centre, according to the latest Global Financial Centres Index (GFCI 37) report.

The city-state holds steady behind New York, London, and Hong Kong in the rankings, with San Francisco closely trailing in fifth place—just a single rating point behind Singapore.

Singapore performed strongly in four of the five areas of competitiveness evaluated by GFCI. It ranked fourth in business environment, human capital, infrastructure, and reputational & general factors, whilst securing fifth place in financial sector development.

The report also breaks down rankings by industry sector. Singapore ranked first in professional services, second in Trading, third in government & regulatory and fintech, fourth in insurance, fifth in investment management, and sixth in banking.

In addition, Singapore was identified by respondents as one of the centres expected to grow in significance over the next two to three years.

The GFCI also noted that Singapore leads amongst professionals working in organisations with between 500 and 1,000 employees, highlighting its appeal to mid-sized firms.