SINGAPORE (July 3): In recent months, the traditional competition between SGX and HKEX, underpinned by Singapore-Hong Kong rivalry, has again come to the fore.

Both Singapore and Hong Kong had raced against each other to dish out digital bank licences to several companies. Geopolitical tensions between Hong Kong residents and the Chinese government have seen the transfer of wealth of high-net-worth individuals to Singapore, according to media reports, although the Monetary Authority of Singapore took pains to explain that the increases in fund inflows came from various sources.

More recently, SGX did not renew its licence agreement with MSCI for some of its derivatives contracts. This was replaced by HKEX, which signed an agreement with MSCI and announced that it will offer 37 new derivatives products.

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