Singapore Consul General in Hong Kong Says City-State and Hong Kong Can Coexist as Financial Hubs

Eric Teo Boon Hee, Singapore’s consul general in Hong Kong, said Asia was big enough to accommodate two financial centres and that both sides should work together to “expand the pie” as capital rushed into the region.

Speaking exclusively to the South China Morning Post shortly after marking his first anniversary in the city, Teo pushed back against the prevailing narrative that Hong Kong and Singapore were locked in a zero-sum race for the crown of Asia’s top financial centre.

“The way we see it, healthy and natural competition between the two cities is not necessarily a bad thing,” Teo said.

“Actually, it is healthy and constructive competition to actually improve both sides, and allow us to do better for our people, for our businesses.”

He said that in all his conversations with local officials and business leaders over the past year, he had “zero sense” that they viewed Singapore as an enemy.