Why Work In Cities Like Hong Kong, Singapore, Mumbai and KL?

In recent weeks, Hong Kong has roared back to post-pandemic life with job opportunities in finance, banking and tech opening up.

Last year, Singapore was ranked as the third most competitive financial center in the world, according to the latest Global Financial Centres Index (GFCI 32) compiled by Z/Yen London and the China Development Institute. The city-state was praised for its strong regulatory environment, advanced infrastructure, and skilled workforce.

However, Hong Kong was ranked above Singapore in the most prestigious sectors, including banking and trading. For sales and trading activities, it ranked third in the world, behind New York and London.

Despite political and social unrest in the city over the past year, Hong Kong continues to be a major center for finance and commerce in the Asia-Pacific region, with a highly skilled workforce and world-class financial infrastructure.

It goes without saying that all markets continue to have a financially challenging year ahead, which will affect companies and the workforce alike but top cities like Hong Kong, Singapore and even Mumbai or Kuala Lumpur are still excellent options for those looking for a rewarding and fulfilling work experience.

Here’s where we break down why it’s worth exploring jobs in cities like Hong Kong, Mumbai, Singapore and Kuala Lumpur.

1. You pay less taxes

According to PWC’s Paying Taxes report, Hong Kong has been ranked 4th for the ease of paying taxes and Singapore is in 5th place. In Hong Kong, the salaries tax is a maximum of 15% while in Singapore, income tax starts at 2% and is capped at 20% for salaries above $320,000.

When it comes to high-earners, there’s lower tax for high-earners in Hong Kong, with a top rate of 17% compared to Singapore’s 22%.

In general, Hong Kong may be more attractive for businesses and individuals with international operations, as it has a more favourable tax treatment for foreign-sourced income.

On the other hand, Singapore may be more suitable for individuals seeking a more stable and developed business environment, as it offers a well-established legal system, infrastructure, and support for innovation and entrepreneurship.

2. High growth potential

Asia is home to some of the fastest-growing economies in the world, such as China, India, and Southeast Asia.

This means there are many opportunities for bankers to be involved in high-growth sectors such as technology, e-commerce, and infrastructure development. This can lead to faster career progression and potentially higher earnings.

As India, Singapore, Malaysia and Hong Kong’s economies continue to grow and mature, there is an increasing demand for sophisticated services. This includes investment banking, wealth management, and other financial services.

3. Cultural experiences

The cultural experience of working in Asia can be invaluable for bankers and those in tech or even commerce looking to develop a global mindset.

Asia’s diverse cultures provide a unique perspective on business practices, communication, and relationship-building. Understanding these cultural nuances can help working professionals to navigate cross-cultural business transactions and build trust with clients and partners.

For instance, working in India’s banking and tech industries can be a highly rewarding and culturally immersive experience. It provides a unique and valuable learning opportunity for professionals looking to expand their skills and experience, and to gain exposure to a rich and diverse culture.

Professionals may have the opportunity to work with customers from a diverse range of backgrounds and communities. This may require them to be highly sensitive to local customs and practices, and to develop a deep understanding of the cultural nuances that underpin business relationships in India.

4. Regional exposure

Many companies in Asia have a strong regional focus, which means that candidates can gain exposure to multiple countries and markets within the region.

Cities such as Hong Kong, Singapore or Kuala Lumpur and Mumbai, can provide individuals with a unique opportunity to gain regional exposure. These cities are major financial hubs in the region, and many banks have a strong presence there.

As a result, if you’re in banking, you will have the opportunity to work on projects or with teams that span multiple countries in the region, gaining a broader perspective on the financial industry and the economic landscape.

5. Competitive salary

According to Bloomberg and eFinancialCareer’s 2022 report, professionals get higher pay in Hong Kong than in Singapore, which may benefit the city when trying to attract overseas workers. The average total compensation, including both salary and bonus, approaches $300,000 for finance professionals in Hong Kong; approximately 52% higher than in Singapore.

This spells good news for those working in private equity and hedge fund jobs who could get much higher paychecks in Hong Kong, with a smaller advantage for those in back- and middle-office posts.

In a nutshell

The combination of highly competitive and fast-growing markets, high demand for skilled professionals, high cost of living and strong global competition has contributed to the attractive salaries and benefits packages offered to working professionals in Asia.

Even after three years of morale-sapping Covid restrictions, cities like Hong Kong, Singapore, Mumbai and Kuala Lumpur essential optimism and dynamism remain.

Are you looking to snag a job in one of these cities? Get in touch with our team for a chat on the various opportunities available in Asia or explore our job boards.