Singapore is a gateway to Southeast Asia and is seen as a wealth management hub, but Hong Kong boasts easy access to China's trade and capital flows, and has held the title of top global IPO market for two consecutive years.
"I think that Singapore is really in the right place as where the growth is. So if you think about the deep capital markets here, this ability to finance regional growth, its focus on wealth management, that sort of access to regional and international wealth management [are] opportunities from Singapore," Anna Marrs, regional CEO of Standard Chartered told CNBC's "Squawk Box" on Monday.
As for Hong Kong, proximity to China is seen as the number one reason many Chinese companies choose to list there. Currently, almost 8,000 companies are listed on the Hong Kong Stock Exchange, compared to around eight hundred on Singapore's.
"If you're talking about the equity markets, Hong Kong, you know, is part of greater China and the Chinese story is alive and well — and kicking. From an equity markets perspective, I think the Hong Kong capital markets is still extremely strong, valuations are not that stretched," said Tan Su Shan, managing director of Singapore's DBS.