As geopolitics continues to evolve, the financial services sector is expanding into new areas and jurisdictions. London, once a key player in global finance, is now facing pressure from new hubs in Singapore, Shenzhen, Hong Kong, Dubai and Dublin.For organisations with global teams, investment and opportunity are now far more widely distributed. This means the search for talent is truly global, and global mobility teams are increasingly responsible for placing assignees in a variety of new and up and coming financial centres.

What makes a regional financial super-hub?

Regulatory and political stability are key, as is a highly-skilled, multi-lingual workforce, legal expertise, digital infrastructure, and tax incentives. Since moving talent into emerging hubs now often involves navigating new visa regimes, having clarity over entry and exit requirements and immigration are equally important.

The new financial hubs

Across the globe, cities once seen as regional outposts are emerging as serious contenders for global financial leadership. Global capital is also flowing into more unexpected destinations. Sovereign wealth funds, especially those from the Middle East and Asia, are pushing into fintech, ESG, and green infrastructure. For example, data published last year by GlobalSWF reported that Middle Eastern funds accounted for more than half the $96 billion invested by state-backed funds globally in the first six months of 2024.With talent increasingly globalised, and remote work still a key factor in attracting top talent, new financial centres are becoming more important, and governments are incentivising inward investment with tax breaks, special visas for highly-skilled workers and dedicated economic zones.“Investment is not just about capital flows; it   about human potential, environmental stewardship and the enduring pursuit of a more equitable and sustainable world,” says Rebeca Grynspan, Secretary-General of UNCTAD, the United Nations Conference on Trade and Development in the IMF World Investment Report 2024.Yet the most recent EY-Parthenon CEO Outlook, conducted in March, found that tariffs and trade are the key concern of global CEOs as they move quickly to navigate complexity amid global uncertainty.The current trade war between the US and China, and the uncertainty over what type of deal President Trump will try to negotiate with Europe, is affecting global confidence around growth and investment as well as inward investment into the US.French President Emmanuel Macron has asked EU businesses to stop investing in America as an act of European solidarity until the tariff situation has been resolved. The announcement of the trade deal between the UK and US in May has so far been light on detail, but does offer some concessions on importing cars and steel and aluminium into the UK, which will be good news for British businesses.Here is our guide to developments in the financial sector, and the regions with the fastest growing finance hubs.London and European headquartersDespite the disruptions of Brexit, which drove financial firms to relocate some of their operations to Dublin and Paris to maintain EU membership and trade deals, London remains a key financial centre. It is still one of the top cities in the world for fintech innovation, according to the recent Global Financial Centres Index. Of 115 centres analysed, New York came top for fintech, followed by London, Shenzhen and Hong Kong. Along with New York and Singapore, London forms part of the trinity of global financial centres.For the financial sector overall, New York also topped the index, followed by London, Hong Kong and Singapore. The cities of San Francisco, Chicago, Los Angeles, Shanghai, and Shenzhen also all made it into the top ten.While Europe, the UK and the US have long held prime positions in the financial markets, China, India, Vietnam and Malaysia are gaining traction as important financial hubs. The report found that in Asia/Pacific there was significant growth in Hangzhou, New Delhi, Kuala Lumpur, Ho Chi Minh City, Manila, and GIFT City-Gujarat, while in the Middle East, Dubai and Abu Dhabi continue to take first and second places in the region.Lesser known cities are also progressing up the league table, with Reykjavik, Kigali and Sao Paulo climbing up the rankings, particularly in relation to their fintech developments.London did suffer some banking and financial services fallout as a result of Brexit, and tighter immigration rules post-Brexit have seen some financial firms decentralise. For example, Goldman Sachs and JPMorgan Chase expanded their European operations and other banks have favoured Paris, Frankfurt and Dublin as footholds in the EU.Goldman Sachs has significantly increased its EU presence post-Brexit, notably in Paris and Frankfurt. JPMorgan has also expanded its EU operations, adding senior bankers to its hubs in Paris, Frankfurt, Dublin, and Luxembourg.Indeed, while it lacks the glitz of Dubai or the scale of Singapore, Dublin has emerged as one of the beneficiaries of Brexit. EU passporting rights, a familiar legal environment, and favourable corporate tax rates make it a natural magnet for UK-based firms looking for post-Brexit continuity, and for EU companies which want a headquarters within a short flight of London.Rather than outright challenging the dominance of London, Frankfurt, Paris and New York, smaller financial hubs such as Dublin and Luxembourg are specialising and complementing larger financial centres. Dublin specialises in fintech and fund administration services for Europe, a role which has been boosted by favourable corporate taxation rates, a highly-skilled workforce, and a transparent regulatory regime. Luxembourg has found a niche by specialising in sustainable finance and fund management, giving it access to the international financial ecosystem.“Ireland is famous for attracting international tech titans,” according to Santa Fe Relocationin its recent review of Ireland. Much of the new inward investment is being directed towards setting up new data centres. In June 2024, Google announced plans to build a 72,400sq m digital storage facility at Grange Castle on the Western outskirts of Dublin—its third data centre on that site.Opinion is still divided on how bad Brexit was for London. IntaCapital Switzerland described it as “an unmitigated disaster both for the City itself and the British economy”. However, a new report by KPMG states that London has not lost its lustre, and that negativity about the City’s health has been overplayed.The KPMG report, the UK Financial Services Sentiment Survey, reveals that more than half (53%) of the UK’s financial services bosses believe that negativity about the health of London as a financial centre is being overplayed, as the majority (62%) plan to increase investment in their London operations over the next five years.More than two thirds (68%) of leaders ranked London as the leading financial centre in Europe, followed by just 8% ranking Zurich as the top spot and 6% ranking Frankfurt. When thinking about how London compares to other global financial hubs, such as New York and Singapore, financial services leaders ranked London’s talent and skills, global reach and a strong regulatory environment as its strongest assets. Asia and AustraliaEven so, London and New York face strong competition. Singapore has become a magnet for fintech, wealth management, and crypto services. It has a number of attractive benefits, including a highly skilled population, good transport links, a strong regulatory regime, and open immigration policies, and is well placed to capitalise on the economic growth within Asia. A quarter of Singapore residents now own cryptocurrency, and of those, half use it for everyday purchases.Singapore prioritises attracting highly skilled individuals who can contribute to the economy through specialised work permits, and it has a policy of attracting foreign investors and entrepreneurs who want to set up businesses within Singapore. In a move to retain highly skilled workers, from July, Singapore will abolish the maximum employment period, which previously ranged from 14 to 26 years, and allow foreign workers to stay indefinitely.Yet while Singapore has undoubtedly led the charge in Asia’s financial rise, it is far from alone. Hong Kong, despite some political uncertainty, remains a powerful force in global capital markets, especially for Chinese IPOs and wealth management. Its sophisticated infrastructure, and time zone advantages continue to attract major investment banks, although some have diversified their risk by establishing parallel operations in Singapore and Tokyo.To date, HSBC has made a decision to reduce its investment banking business and corporate advisory activities in the UK, US and Europe in order to refocus on more profitable operations in Asia, saying it would retain more focused M&A and equity capital markets capabilities in Asia and the Middle East.Hong Kong remains a preferred venue for Chinese companies seeking to raise capital outside of the mainland. In 2025, the country could benefit from listings of $20 billion, including battery giant CATL, pharmaceuticals producer Jiangsu Hengrui, and soy sauce maker Foshan Haitian, which are among the major companies that are planning or proposing new stock market listings.In Japan, Tokyo is pushing to regain its role as a global finance hub, driven by government-backed reforms. It is aiming to attract fintech startups, green finance investors, and global banks. However, Tokyo’s work culture, regulatory system and language barriers remain hurdles to it becoming a major financial centre like New York. Currently, it ranks 20th on the Global Financial Centres Index, which evaluates the relative competitiveness of major financial centres around the world.“Singapore, Hong Kong and Shanghai, which are among the leading international financial centres in Asia, have been focusing on fintech as a key area for several years,” KPMG notes in its International Financial Review 2024/25.While Singapore is politically secure, it is becoming increasingly expensive to do business there, as prices of real estate, office rentals and the overall cost of living have made it challenging, particularly for small and medium-sized enterprises. As a result, some companies are looking to South Korea and Vietnam as more low-cost alternatives.In South Korea, Seoul is becoming a new challenger, attracting foreign investors and financial institutions to the country. Although Seoul has yet to attain the global stature of established financial hubs like Singapore or Hong Kong, it has significantly bolstered its domestic financial system, capital markets, and fintech sector.In Vietnam, Ho Chi Minh City now aims to emerge as Southeast Asia’s next major financial centre, hoping to capitalise on the demand for green finance.In Australia, Sydney and Melbourne offer stability and strong regulatory frameworks which mean they are popular with organisations looking for long-term investment. Australia’s pension sector—the fourth largest in the world—is also a magnet for asset management and infrastructure investment. It could become the second largest in the world after the US by 2030 if it continues its spectacular growth.India has a booming economy and growing middle class and in May, it saw the announcement of a free trade deal between the UK and India, an agreement which will benefit both countries.India is currently in the process of building GIFT City – a new business district in Gujarat state. This flagship initiative is aimed at creating a new financial centre that could rival Dubai or Singapore, and is becoming a ‘smart city’ for India’s growing finance and technology sectors.As a special economic zone, the city will have tax incentives, regulatory independence, and advanced infrastructure, and will be India’s first International Financial Services Centre (IFSC), focusing on governance and sustainability in financial operations. It has already attracted inward investment, with the IFSC Banking Unit (IBU) of Deutsche Bank setting up in GIFT City in July 2022. JP Morgan Chase Bank is also now operating there, offering clients both inside and outside India access to global financial products.However, Mumbai continues to be India's financial centre, although with a population of 12.5 million people it still faces problems around overcrowding, congestion and poverty.

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Middle East: Dubai leads

The UAE has a strong track record of investment in tax-free zones, and easy set-up processes for companies and investors in order to attract outside capital. The Dubai International Financial Centre is a special economic zone established in 2004 as a financial hub for companies operating throughout the Middle East and has attracted global banks, hedge fund operators and fintech innovators. Last year, the UAE was removed from the Financial Action Task Force (FATF) “grey list” – the global money laundering and terrorist financing watchdog, after making a commitment to upholding global standards of transparency and due diligence.Saudi Arabia’s Vision 2030 aims to reduce the country’s economy’s reliance on oil production and diversify into other sectors include tourism, electric vehicles, data storage centres and luxury hotels. According to the International Monetary Fund, Saudi Arabia’s banks are currently well-capitalised, profitable and appear resilient to severe macroeconomic shocks.

Offshore financial centres: changes in regulation

Offshore hubs like Bermuda, the Cayman Islands, Jersey, Luxembourg, and Guernsey continue to attract private equity and hedge funds due to their specialist legal and financial expertise. The Cayman Islands also serves as a critical hub for global fund administration—especially for US-based asset managers.Yet offshore financial centres are coming under increasing pressure from regulators to be more transparent over tax and ownership. For example, significant global reforms have been introduced over Ultimate Beneficial Ownership rules which are reshaping the landscape for offshore financial centres and requiring countries to be more transparent around the companies and entities which are registered on their shores. The changes aim to combat illicit financial activities by enhancing accountability.The FATF has also begun to require more transparency on the ownership of entities, which in turn has prompted a global shift towards greater financial openness. In addition, in order to tackle the financing of terrorism, the FATF has issued a “black list” of high risk countries, including Iran and Myanmar, which are not demonstrating a commitment to identifying money laundering and terrorist financing.

Key takeaways – the global financial landscape London remains a global finance hub but faces rising competition from Singapore, New York, and Dubai. Hong Kong, Tokyo and Seoul are all aiming to stimulate economic growth by investing in their financial sectors New financial hubs in India, China and Malaysia are offering a range of services to global and local clients Trade talks and tariffs are still unknown factors which governments and companies are trying to factor into their strategy in 2025. Fintech and data storage are key areas of investment A stable political environment, favourable tax incentives, flexible working policies and good quality of life are all factors which attract investors and senior executives to different jurisdictions Offshore centres are becoming more transparent in their register of companies and entities in order to comply with international regulatory requirements

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