Singapore has become the top financial centre in Asia, overtaking Hong Kong, which has slipped to fourth spot due to its strict Covid restrictions and an exodus of talent, according to a Global Financial Centres Index (GFCI) compiled by think tanks Z/Yen Partners and the China Development Institute (CDI).

New York and London secured the first and second spots in the index, which ranked 119 financial centres and uses data collected from thousands of financial services professionals responding to an online questionnaire.

The Chinese cities of Shanghai, Beijing and Shenzhen all maintained spots in the GFCI’s top ten, despite strict Covid mitigation measures that have effectively cut the China off from the rest of the world.

Hong Kong, a global finance hub, is struggling to revive its role as it continues to follow China's policy in trying to keep COVID cases to a minimum even as the rest of the world opens up, reports Bloomberg.

A summit of global bankers is scheduled to be held in Hong Kong in November in a bid to restore confidence in the city. Around 20 leading firms have pledged to send top executives to the summit.

But uncertainty around strict quarantine rules, may threaten the turnout at the summit.

Faced with mounting pressure from the business and other sectors, Hong Kong administration now plans to announce an end to mandatory hotel quarantine for arrivals, requiring people flying in to only monitor themselves for potential Covid-19 infections.

Meanwhile, over 4 million visitors are expected to visit Singapore this year as the country has resumed quarantine free travel.

A number of high-profile events including the Milken Institute Asia Summit, the Forbes Global CEO Conference and the Singapore Grand Prix will help to raise the city’s profile as a travel destination.