Each hub hosts licensed Major Payment Institutions and processes trillion-dollar clearing volumes, reinforcing Asia's financial infrastructure dominance.

Cross-Border Wealth Concentration in 2024

Cross-border wealth sitting in international financial centres rose 8.7% in 2024 from a year earlier, accelerating sharply from the prior four-year average pace of 6.3%, according to Boston Consulting Group. The three largest booking centres—Switzerland, Singapore, and Hong Kong—captured more than half of all new cross-border wealth flows during the year. Looking forward, BCG expects these three hubs to capture nearly two-thirds of all new cross-border wealth through 2029, cementing their structural advantage in global private capital allocation.

This concentration is not merely a function of asset gathering. It reflects deepening payment infrastructure and regulatory frameworks that allow these hubs to settle cross-border transactions at scale, particularly in Asia where Singapore and Hong Kong operate as complementary—not competing—clearing gateways.

Singapore: MPI Licenses and RMB Clearing Hub

Singapore has granted over 33 Major Payment Institution (MPI) licenses for digital payment tokens, the highest concentration of such licenses in Asia, per Coincub. Recent MPI licensees include Hong Kong-based Reap, which secured its MPI license from MAS in October 2025 and has designated Singapore as its strategic base for Southeast Asia operations and cross-border payments innovation, with plans to expand local headcount by 50% this year. Banking Circle also received an MPI license for its Singapore subsidiary, BC Payments Singapore, in 2025, enabling the firm to connect international financial institutions with local clearing rails through a single API.

Singapore's role in offshore RMB clearing is equally substantial. The city cleared 9.7 trillion RMB in payments in 2024, ranking as the second-largest offshore RMB hub globally after Hong Kong, according to data from ORC Asia and the People's Bank of China. Singapore now hosts two RMB clearing banks—ICBC since 2013 and DBS designated in 2025—providing direct access to Chinese financial markets and enhancing RMB liquidity. Three Singaporean banks have become part of China's Cross-Border Interbank Payment System (CIPS), an alternative to SWIFT that reduces payment costs and clearing time for RMB transactions. Singapore's RMB deposits stood at 276 billion RMB, reflecting sustained demand for offshore RMB services, per the PBOC's 2025 RMB Internationalisation Report.

Over 55% of Singapore's fintech firms operate in payments, blockchain, or regulatory technology, according to research by the Singapore Fintech Association and Ernst & Young cited in Reap's statement, underscoring Singapore's tilt toward B2B payments and wholesale settlement infrastructure.

Hong Kong: Licensed Exchanges and Asset Management Growth

Hong Kong has licensed 11 Virtual Asset Trading Platforms (VATPs) as of early 2025, with a growing list of applicants, per Coincub. Hong Kong is positioning as a retail/institutional bridge for crypto, with the HKMA's stablecoin ordinance expected in August 2025, while Singapore focuses primarily on B2B payments and wholesale settlement.

On the asset management front, personnel numbers in Hong Kong's asset management sector surpassed 53,000, while Singapore recorded a net increase in licensed fund management companies to 1,298, according to definitive insights from MAS and SFC 2024 asset management surveys published by ReedSmith. Both jurisdictions recorded double-digit AUM growth in 2024, with steady uptake of onshore fund vehicles—Variable Capital Companies (VCCs) in Singapore and Open-Ended Fund Companies (OFCs) in Hong Kong. The surveys confirm resilience of net inflows, with each market attracting materially higher net subscriptions in 2024 compared to 2023.

Mainland China's Cross-Border Payment Infrastructure

Mainland China's influence in cross-border clearing is exercised through CIPS membership and RMB clearing bank designations. Singapore's two RMB clearing banks (ICBC, DBS) provide direct access to Chinese financial markets, enhancing RMB liquidity for trade settlement and investment flows. CIPS serves as an alternative to SWIFT, lowering costs and clearing times for RMB transactions. With three Singaporean banks now part of CIPS, the system's reach into ASEAN-driven capital flows is expanding.

The dual-hub model is becoming structurally explicit: Hong Kong remains the gateway for mainland-linked financial flows, while Singapore is emerging as the preferred hub for ASEAN-driven and globally diversified capital, as ORC Asia notes. This division of labour reinforces rather than undermines both hubs' clearing volumes, as each processes distinct but complementary transaction types.

Comparative Licensing and Regulatory Momentum

Singapore leads in licensed digital payment entities with over 33 MPI licenses for digital payment tokens, compared to Hong Kong's 11 licensed VATPs, reflecting different regulatory focuses. Singapore's MPI framework under the Payment Services Act is designed for payment service providers handling cross-border money transfers, merchant acquisition, and digital payment token services. Hong Kong's VATP regime is oriented toward virtual asset trading platforms serving retail and institutional clients.

Both MAS and SFC surveys confirm double-digit AUM increases and a steady rise in licensed fund management companies, indicating institutional confidence in both jurisdictions' regulatory frameworks. Mainland China's influence is felt through CIPS membership and RMB clearing bank designations, with three Singaporean banks now part of CIPS, providing direct settlement rails for RMB-denominated cross-border transactions.

Number of Licensed Entities (count)Source: Orionmano Industries

As cross-border wealth continues to concentrate in these hubs and regulatory frameworks mature, Singapore, Hong Kong, and mainland China are expected to deepen their clearing infrastructure. Singapore's MPI ecosystem is expanding with new licensees like Reap and Banking Circle. Hong Kong's upcoming stablecoin ordinance (HKMA, August 2025) and mainland China's CIPS adoption will drive the next phase of real-time settlement growth. The three hubs are not merely participants in cross-border clearing—they are the infrastructure through which Asia's trade and capital flows are increasingly routed.