Post-Brexit London will retain many of its strengths

Singapore

WHILE uncertainties over the terms of Britain's withdrawal from the European Union will pose challenges to financial institutions, post-Brexit London will retain many of its strengths. The City will still benefit from the free movement of capital, sound and predictable regulation, strong rule of law, and international connectivity. In the East, Singapore offers the same benefits to the financial industry as a global Asia hub.

Many institutions maintain a presence in both London and Singapore to serve cross-border flows in the European and Asian markets respectively. The latter has particular strengths in offshore banking, reinsurance, asset management, foreign exchange, and fintech. But the scale is different: London is much bigger. I do not expect its position to weaken significantly. And, to the extent that there is any shift of financial activities out of London, it is unlikely Singapore will be the main beneficiary.