Singapore banks on AI edge as Hong Kong woos investment managers with tax cuts

Singapore’s financial institutions are banking on their artificial intelligence edge to retain investment managers in the face of Hong Kong’s fiscal competition.

For years, the rivalry between these two Asian financial giants has been about monopolizing global talent and institutional capital. At present, the two hubs are pursuing different strategies to attract talent: Hong Kong will provide tax incentives for fund managers and private equity professionals; Singapore’s focus is on facilitating access to advanced AI.

“This is all about offering certainty to businesses. With tax, you want to know how much you will pay to put your business on a firm footing. For AI, you need to make sure you have access to the latest tools,” noted Kher Sheng Lee, co-head of Asia-Pacific at the Alternative Investment Management Association (AIMA).

However, in July, AIMA raised concerns that the potential tax rollbacks are prompting Singapore’s top hedge fund and private equity executives to pack up and move to Hong Kong. 

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