On September 9, 2026, Asia Academy of Digital Economics (AADE) Chairman Tan Chong Huat and President Tan Poh Hwee published a commentary in Lianhe Zaobao examining the intensifying competition between Singapore and Hong Kong SAR for fund managers and capital. The piece traces a two-month regulatory back-and-forth: Hong Kong SAR's June 2026 tax amendments expanding qualifying funds and family offices, followed by Singapore's August 19 three-pronged countermeasure targeting tax, capital, and talent.
The authors note that Hong Kong SAR's move drew on its access to onshore mainland Chinese capital, offshore renminbi liquidity, and a resurgent IPO pipeline, while Singapore's more targeted package excludes regular salary and dividend income to concentrate benefits on institutional asset managers. They cite hedge fund FengHe's dual-base model — maintaining offices in both hubs — as an early sign that the competition may not be zero-sum.
Looking beyond short-term tax adjustments, they argue that Singapore's enduring advantage lies in deeper structural fundamentals: broad capital sourcing, rule of law, and coordinated cross-agency policymaking. The real measure of success, they write, will be whether the capital and talent drawn to Singapore's shores stay rooted for the long term, and whether local professionals hold the investment-committee-level roles they should.