It comes amid growing unrest in Hong Kong which has reportedly driven investors and companies to move their money elsewhere.
which has reportedly driven investors and companies to move their money elsewhere.
"We can't be conclusive that there is a shift from Hong Kong to Singapore," J.P. Morgan's Harsh Modi, co-head of Asia ex-Japan for financials research, said Friday when asked if he's seen deposits flow from the Chinese-ruled territory to Singapore."But yes, Singapore banking system — FX deposits have been going up quite sharply in the last two, three months," he told CNBC.
But the real question is whether investors consider Singapore, or Hong Kong, to be the global hub to park their money, Modi pointed out.
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