Hong Kong Singapore two major financial markets in Asia ITO research report

Introduction

Hey Rogue, something big is going on! Our client has wired us over 4 million dollars, but we have not received it yet. The remittance voucher shows that it was sent to a US account, but we're in Hong Kong and never had a US account, so help us find out what's going on. Rogue is a BU Lead in the Enterprise Solutions team, and is handling the escalation for our client. This is a classic man-in-the-middle attack! This attack essentially intercepts or spoofs communication channels (e.g. emails, apps) so that the victim mistakenly believes and authorizes a transfer to a fraudulent account. It is highly overlapping with "Business Email Compromise (BEC)" or "Authorized Push Payment (APP)". These are the main forms of financial remittance fraud. Over the past 12 months, 70% of organizations have been subject to BEC attack attempts, 29% of which resulted in actual losses (over $50 billion), with the financial sector being a high prevalence area, often impersonated through MITM-like email interception. The above cases, of which we've embarked on at least five in the past 2024, are part of a solution we define as Managed IT Services, which focuses on customer IT solutions in financial center (Shanghai, Hong Kong, Singapore, Australia, Tokyo, London, etc.) markets, covering the full lifecycle, from EUC, to cyber, and information security. Looking back, dozens of financial customers in asset management, family offices, venture capital, hedge funds, etc., if not the industry, in fact, it is difficult to understand the differences, but also not very easy to understand the actual form of business customers. For example, one of our German energy clients has established a global trading center in Singapore. Although its main business is the vertical integration of the energy industry, a very important part of its business is to trade and arbitrage energy futures in the global bulk market to balance the volatility of the physical price of energy. For many similar reasons, we would like to explore the industry formations behind these terminologies, understand the reasons for their formation and the segmentation of the market sectors in which they are located, and more importantly, talk about the actual demand for ITOs in these sectors as well as the government's industrial policies. Hong Kong and Singapore are two extremely similar financial centers in Asia, and it so happens that in the past nearly ten years, MaxicoM has come into contact with a lot of actual cases in both markets, so we analyze these two markets from the source.

Formation of financial markets in Hong Kong and Singapore

The Banking Act of 1933 of the United States, also known as the Glass-Steagall Act, categorizes banks into traditional banks and investment banks . The Act aimed to prevent banks from utilizing customers' deposits to engage in securities-related business, expressly prohibited commercial banks from competing with investment banks, insurance companies and brokerage firms, and stipulated that commercial banks and investment banks must be separated.

In the late 1960s, the Singaporean government regarded financial services as the engine of the country's economic growth, and introduced a series of financial promotion policies. 1968, Singapore built Asia's first offshore dollar market - the Asian dollar market. 1973, Singapore set up a separate offshore license for foreign banks, and the foreign currency business income tax rate was reduced from the previous level. In 1973, Singapore set up a separate offshore license for foreign banks, and reduced the foreign currency business income tax rate from 40% to 10% to encourage foreign banks to set up branches in Singapore to carry out offshore transactions. in the late 1980s, Singapore raised the limit of foreign ownership of local brokers from 49% to 70%, and raised the ratio of foreign ownership of local banks from 20% to 40%, which attracted a large number of international banks to set up regional headquarters in Singapore. .

Hong Kong has an advantageous geographical location and is an important trade and shipping center in Asia, which provides a solid foundation for the development of its financial business. On the other hand, Hong Kong implements a common law system under the common law system, with a sound and flexible legal system that can better adapt to the rules and needs of the international financial market, providing a favorable legal environment for financial institutions such as investment banks. In addition, the Hong Kong Government has adopted a series of policies conducive to financial development, such as the low tax policy, which has attracted a large number of international financial institutions and capital.

In the 1970s and 1980s, Hong Kong and Singapore seized the opportunities of global industrial transfer and rapid economic development in Asia, and their financial markets were further developed and expanded, gradually becoming important regional financial centers in Asia. As of 2023-2024 financial services accounted for 19.7% of Hong Kong's GDP and 13% of Singapore's GDP. As an important reference, we need to understand: the Bank of England was established in 1694, the predecessor of the London Stock Exchange began trading in 1695, and in the 18th century has become a global shipping insurance, bonds, stock trading center, before the Industrial Revolution that dominated international finance. London has been ahead of Hong Kong and Singapore for about 250-300 years, was then the undisputed global financial hegemony (until the mid-20th century is still tied with New York). The rise of Hong Kong and Singapore was partly due to the spillovers from London's financial ecosystem (e.g., British banks, legal system, English-speaking environment), as well as Asia's economic take-off and time-zone advantage.

Investment banks have gradually developed in this historical evolution in Singapore and Hong Kong to become important players in regional financial centers. Tip: Interested friends can learn more about the ITO market in the UK through the previously written research paper, "Business Expansion and Cultural Confidence: The Dual Drivers of Global IT Services Development in the UK".

Financial Market Segmentation and ITO Tracks

You may have heard of Exchange Square, Central Center in Hong Kong, or Republic Plaza, or One Raffle Places, Asia Square in Singapore, and yes, these are office areas where financial institutions gather. In the financial markets of Hong Kong and Singapore, ITO serves a significant client base from the Banking, Financial Services and Insurance (BFSI) industry. These clients use ITO to enable digital transformation, enhance cybersecurity and optimize infrastructure. These client segments can be categorized into local institutions, multinational financial firms, and emerging FinTechs, with a focus on compliance and innovation in a highly regulated environment. The following excerpts from Wikipedia illustrate some of the types of financial institutions to facilitate your understanding of the types of financial firms' customers, which mainly include:

  * Traditional and digital banks: these include large commercial banks (e.g. HSBC, DBS) and virtual banks. These organizations use ITO to handle core banking systems, customer support and cloud migration. Eight virtual bank licenses have been issued in Hong Kong and five in Singapore.

  * :: Investment and fund management companies: asset managers, investment funds and advisory firms that rely on ITOs for data analytics, business intelligence and fund management platforms. Fund management systems in Singapore and Hong Kong are differentiated, with Hong Kong focusing on offshore RMB business and Singapore attracting more foreign exchange-related funds.

  * Insurance companies and non-bank financial institutions: property and casualty insurance, health insurance and non-depository institutions that use ITO to optimize supply chain management and risk assessment.

  * FinTech and tech finance companies: emerging start-ups and technology-driven companies focusing on payments, blockchain and AI applications. Hong Kong's Fintech Facilitation Office supports eco-development, and Singapore attracts Chinese financial institutions expanding into Southeast Asia. (Fintech stands for "Financial Technology" and refers to companies that reorganize financial service processes such as payments, lending, wealth management, and risk control through technological innovations such as big data, artificial intelligence, and blockchain).

Policies and regulations related to information security in the financial market Hong Kong and Singapore

As financial centers in Asia, have stringent information security and compliance requirements for information technology outsourcing (ITO) services in the financial industry. These requirements are mainly enforced through guidelines and laws and regulations issued by the regulators (e.g. Hong Kong Monetary Authority (HKMA) and Monetary Authority of Singapore (MAS)), which aim to ensure that outsourcing activities do not jeopardize financial stability, customer data security and system integrity. ITO services, which typically include application development, cloud services, IT infrastructure management and cybersecurity outsourcing, are subject to the broader outsourcing and technology risk management frameworks. Hong Kong (HK) Hong Kong Hong Kong's ITO services regulation focuses on outsourcing risk management and emerging cybersecurity laws. the HKMA is the primary regulator, issuing the Supervisory Policy Manual (SPM), which emphasizes information security in outsourcing. in 2025, Hong Kong passed its first dedicated cybersecurity law, which further strengthens the protection of critical infrastructures including financial systems. the HKMA is the primary regulator of ITO services in Hong Kong, and is also the primary regulator of ITO services in Hong Kong.

  * :: Key laws, regulations and guidance:

    * SA-2 Outsourcing (Outsourcing Module): This is the core guideline of HKMA and applies to ITO outsourcing for all authorized institutions. Institutions are required to assess outsourcing risks, enter into detailed agreements, and ensure that service providers comply with security standards.

    * TM-G-1 General Principles for Technology Risk Management: Covers technology risks in ITO, including system security, data protection and business continuity. Organizations are required to implement risk assessment, monitoring and contingency plans.

    * Protection of Critical Infrastructures (Computer Systems) Ordinance: Passed in March 2025 and came into effect in January 2026. This is the first cybersecurity law in Hong Kong and applies to Critical Infrastructure Operators (CIOs), such as those in finance. For ITOs, it requires outsourcers to report cyber incidents, establish a security organizational structure, and comply with data protection standards.

    * FinTech related regulations (e.g. ASPIRe Roadmap): SFC (Securities and Futures Commission) promotes innovation but requires ITO compliance, including data privacy and anti-money laundering (AML).

Singapore. Singapore's ITO regulation is more mature, with MAS leading the way through Guidelines on Outsourcing, which applies to all Financial Institutions (FIs, both banks and non-banks). in 2025, MAS updated the Guidelines to emphasize risk management in the context of the Digital Transformation. the Cybersecurity Act provides national level support.

  * :: Key laws, regulations and guidance:

    * Guidelines on Outsourcing: core document of MAS, divided into bank and non-bank versions (updated in January 2025). Applies to ITOs and emphasizes risk management framework.

    * Guidelines on Technology Risk Management (Guidelines on Technology Risk Management): in conjunction with outsourcing, requires cybersecurity measures in ITOs, such as access control and incident response.

    * Cybersecurity Act 2018 (Cybersecurity Act): applies to Critical Information Infrastructure (CII, including financial) and requires ITO outsourcers to comply with national cybersecurity standards, such as incident reporting.

    * Other relevant regulations: including the Banking Act, AML/CFT requirements, and tech procurement regulations to ensure ITO compliance.

Do financial regulations apply to all companies with financial attributes?

So is such a strict industry code that all companies with financial attributes need to follow? Yes, it is mandatory. The reason for this can be understood more clearly by looking at the relationship between financial firms of different attributes. What is the relationship between Investment Firms, Family Offices, Hedge Funds and Investment Banks? Investment Firms, Family Offices, Hedge Funds and Investment Banks are key players in the financial ecosystem, each with their own functions, objectives and operating models, but each with a complex network of relationships through the flow of capital, the provision of services, and the cooperation of business. They form a complex network of relationships through capital flows, service provision, and business collaboration. The following section analyzes the linkages between them in the context of the financial markets of Hong Kong and Singapore in terms of role definition, functional differences and interrelationships.

1\. Role Definition and Functions

  Investment Fund Companies (Investment Firms):*

    Definition:* Usually refers to Asset Management Firms (AMF) or Fund Management Companies (FMC), which hold regulatory licenses (e.g. Type 9 license from SFC in Hong Kong or CMS permit from MAS in Singapore) and manage various types of investment funds (e.g. public funds, private funds, ETFs) to generate returns. Manage assets for institutional and individual investors, providing diversified investment portfolios covering equities, bonds, real estate, and so on. Representative organizations such as BlackRock, JPMorgan Asset Management.

    * Hong Kong/Singapore features: Hong Kong is known for its offshore RMB asset management, with AUM of over US$6 trillion in 2025; Singapore, as a regional center, is led by sovereign wealth funds such as GIC and Temasek, with AUM of S$6.1 trillion.

    Family Offices:*

    Definition:* a private entity that manages wealth for high net worth individuals or families, categorized into single family offices (SFO, managing single family assets) and multi-family offices (MFO, serving multiple families). Not necessarily licensed, but often work with licensed institutions. Provide wealth management, tax planning, estate planning and investment services, focusing on long-term wealth preservation and privacy.

    * Hong Kong/Singapore Features: Hong Kong has over 2,700 SFOs, growing 19% by 2025; Singapore has over 2,000, attracting 59% of global family offices in Asia. Both offer tax incentives and regulatory support.

  Hedge Funds:*

    * Definition: a private investment fund that employs complex strategies (e.g. long-short, quantitative, macro) in pursuit of high returns and is aimed at high net worth or institutional investors, usually registered as a private equity fund or exempt entity. Pursuing absolute returns through leverage, hedging and derivatives, with higher risk, represented by e.g. Hillhouse (Hong Kong), Dymon Asia (Singapore).

    * :: Hong Kong/Singapore characteristics: about 800-1,000 in Hong Kong, AUM growing to 6.5% Asian share; about 300 in Singapore, AUM of S$327 billion, quantitative strategies prominent.

2\. Mutual Relationships These institutions are intertwined through financial flows, business partnerships and service delivery, forming the following network of relationships:

  * Financial flows and investments:

    * Family offices and investment fund companies/hedge funds: family offices often seek to diversify their investments by allocating funds to investment fund companies or hedge funds.

    * Investment fund companies and hedge funds: hedge funds are a subset of investment fund companies, but with more aggressive strategies.

    * Investment banks vs. all three: Investment banks raise money for investment fund companies and hedge funds through underwriting or private placement (e.g., IPOs or bond offerings) and also provide wealth management services to family offices. Investment banks act as service providers, offering prime brokerage services (Prime Brokerage) to hedge funds and investment fund companies, including financing, clearing, custody and research support.

    * Hedge Funds and Investment Banks: Hedge funds rely on investment banks' trading platforms and derivatives markets for high-frequency trading or hedging instruments, and investment banks earn commissions.

  * Regulation and Compliance:

    * SFC in Hong Kong and MAS in Singapore impose strict regulations on all institutions. Investment banks and investment fund houses are required to be licensed (Type 9 or CMS), hedge funds often operate on an exempt basis, and family offices are exempt from licensing if they do not directly manage funds, but they are still subject to AML/CFT and data protection regulations (e.g., Hong Kong's PDPO, Singapore's PDPA.) ITO services (e.g., cloud services, data analytics) are subject to information security requirements, and investment banks often provide compliance technical support to other organizations to provide technical support for compliance.

Our research report is not about the research content of the financial field, but more of a general introduction to the professional classification of the field and their business attributes, so as to facilitate your understanding and digestion. Briefly, investment fund companies, family offices, hedge funds and investment banks form a close network through capital allocation, service provision and business collaboration. Investment banks are the core service providers, providing transaction and financing support; investment fund houses and hedge funds manage capital and seek returns; and family offices are focused on wealth preservation and rely on the professional services of other institutions. The regulatory environments in both places reinforce compliance and information security requirements, especially in ITO services.

Statistics on the number of financial institutions in the industry

With the help of official regulators (e.g. HKMA, MAS), market reports and statistical databases, we have extracted some of the data to categorize financial companies into the main categories of Traditional Banks, Internet Banks (often referred to as digital/virtual banks), FinTech, Hedge Funds, Investment Firms and Private Equity, among other major categories, and the statistics cover Hong Kong and Singapore, as the two major financial centers in Asia.

1\. Traditional Banks These are entities that hold a full banking license and provide core services such as deposits, loans, and payments. Sub-categories include:

  * Commercial Banks: provide retail and corporate banking services, e.g. DBS, HSBC.

  * Retail Banks: Focus on personal customers, such as savings and credit cards.

  * Wholesale Banks: targeting corporate/institutional clients, e.g. investment banking services.

  * Restricted License Banks (RLBs): have limited deposit sizes and usually serve small and medium-sized enterprises (SMEs).

  * Deposit-Taking Companies (DTCs): specialize in specific deposit business.

Hong Kong: About 149 Authorized Banks (including Full License Banks), plus 15 Restricted License Banks and a small number of Deposit-Taking Companies, totaling about 170-180. Growth is stable and subject to the interest rate environment. Singapore: about 132 commercial banks, plus wholesale and merchant banks, totaling about 150-200 (including foreign bank branches).

2\. Internet Banks (Internet Banks / Digital Banks) These are digital banks without physical branches that offer online services. Sub-categories include:

  * Digital Full Banks (DFBs): provide full retail services such as deposits and loans.

  * Digital Wholesale Banks (DWBs): targeting SMEs/institutions and providing B2B services.

  * Virtual Banks: purely online banks under the regulatory definition, often integrated with FinTech.

Hong Kong: 8 virtual banks (e.g. ZA Bank, Mox Bank), licensed since 2020. Customer base of 2.2 million, focus on wealth management and deposit growth. Singapore: 5 digital banks (e.g. GXS Bank)

Market size: statistics on the number of registered financial institutions in Hong Kong and Singapore

Based on the latest available data in 2025 (as of October 2025), the following are statistics on the number of registered Hedge Funds, Investment Firms (usually referred to as Asset Management or Fund Management Companies) and Family Offices in Hong Kong and Singapore. These figures are derived from regulators' reports, market research and official statistics such as the Securities and Futures Commission (SFC) and the Monetary Authority of Singapore (MAS). Hong Kong

  * Hedge Fund: about 800-1,000 hedge fund managers or funds (extrapolation based on 2024 data, no significant changes reported in 2025). Of these, Professional Funds (including some hedge funds) registered 866 (end 2024), and Open-ended Fund Companies (OFCs) amounted to 554 (April 2025)

  * Investment Firms: 2,212 licensed asset management firms (Type 9 regulatory activity, 4% growth in 2025). This includes fund managers and investment advisory firms.

  * Family Office: over 2,700 single family offices (2025 latest figures), soon expected to be over 3,000. 19% growth in the first 5 months of 2025 and attracting over 200 new set-ups.

Singapore

  * Hedge Fund: over 300 hedge funds (2025 data) with AUM of S$327 billion (2024).

  * Investment Firm: 1,298 licensed fund management companies (end 2024, net growth in 2025). This covers asset management and investment firms.

  * Family Office: over 2,000 single family offices (end 2024, 43% sustained growth in 2025). Of these, 9% are global family offices, accounting for 59% of Asia.

These figures reflect the position of both jurisdictions as Asia's financial hubs, with Hong Kong slightly ahead in family offices and Singapore stronger in fund managers.

What are the active ITO service providers in the two financial centers

The market is usually divided into large, medium, and small financial institutions based on revenue. Those with total assets of $100 billion or more are considered medium-sized, and those serving medium and large financial institutions in the financial market are usually international IT service providers such as IBM, Accenture, TCS, and Infosys, which account for more than 70% of the total market. The smaller (e.g., Fintech) and even micro (e.g., small hedge funds, etc.) financial institutions are mostly served by local market IT service providers. In the many financial enterprises, there are many of the existence of regional coverage of the branch, that is, they will not use the international service providers, or local service providers, but will use the ability to aggregate resources of the regional service providers such as ASL, EIRE, BROCENT, KICORO, PrincipleOne, etc. These are well-known in Hong Kong and Singapore. These are well-known local IT service providers in Hong Kong and Singapore, especially for small financial institutions (e.g. financial advisors or FinTech startups). Founded around 2003 to 2007, they all have dual HQs in Hong Kong and Singapore and are expanding in APAC, but with a focus on localized services with an emphasis on cost control, quick response and HKMA compliance support. They are more flexible than the global giants and have lower project fees (usually starting in the hundreds of thousands of Hong Kong dollars).

Models and billing core logic of mainstream managed services

In the past ten years, quite a lot of customers have found us because of the distrust caused by various dissatisfactions with the existing service providers. The quality of MSPs in the financial industry requires high quality, not only in terms of technical capability, but also in terms of aggregation capability, covering communication and multi-language, service process management capability, technology and solution building experience, as well as one-stop delivery capability in multi-regions and multi-countries. Local IT service providers (MSPs) in Hong Kong and Singapore do adopt a "tiered + flexible metering" service model in the MFI market (e.g., family offices, private equity, FinTech startups), balancing standardized outsourcing with high-end customization, and the following is a structured model of the prevailing billing logic, using Hong Kong as an example.

Both Hong Kong and Singapore, which seems cheap, should customers opt for them?

These services are mainly targeted at small and medium-sized enterprises (SMEs), covering IT helpdesk, remote troubleshooting, network maintenance and data backup, etc. They are usually operated on a subscription model emphasizing fast response and business continuity with a minimum monthly fee (Retainer Fee) constraint. This type of service is more suitable for small and micro-enterprises because the cost is relatively fixed and inexpensive. However, we need to note that the main cost of any IT service providers are labor costs, any definition of unlimited number of times are relative, we are in the choice of time, in addition to focus on the offer, but also please pay more attention to the scope of services as well as qualifying terms, to understand what can be as well as what it is not, targeted to find the right program for themselves. That is especially for customers in the financial industry, the stability of the service provider, flexibility and quality of service commitment is particularly important, the choice of service providers in the process of horizontal comparison, in addition to the price needs to pay more attention to its compliance capabilities and the role of their own business support. Annex 1: Top 5 Financial Institutions: Top 5 Financial Institutions in Hong Kong and Singapore Ranking Statistics This research report covers the financial institutions in Hong Kong and Singapore in commercial banks, investment banks, hedge funds, investment fund companies and family offices, etc. We have adopted industry data (such as KPMG, S&P Capital IQ, MAS and SFC data) and organized the top five financial institutions in each category. Hong Kong (Top 5) Singapore (Top 5) Annex II: Reference Data Sources

  1. KPMG.COM for changes in bank assets in 2024 and 2025.

  2. reference to stashaway.sg for MAS data on number of family offices

  3. refer to Statista for statistics on the IT outsourcing market in Hong Kong and Singapore.

Annex 3: Statistics on IT Service Providers and Engineers in Hong Kong and Singapore

Statistics of Local IT Outsourcing Service Providers in Hong Kong The IT outsourcing services market size in Hong Kong is expected to reach about US$3.33 billion by 2025 (Statista data), and the overall IT services market is about US$8.54 billion. Most of the local IT outsourcing companies in Hong Kong are small and medium-sized enterprises (SMEs), specializing in services such as desktop maintenance, network management and system integration. According to public data and company listings, the number of local companies is about several hundred (outsourcing accounts for about 10-20% of the over 2,000 IT companies). General trend: most local companies have 50-500 employees and have been established for 10-30 years. Annual turnover is mostly in the range of US$10 million to US$100 million, with small and medium-sized companies accounting for more than 80% of the total, and annual revenue growth rate of about 5-7% due to competition in the market.

Statistics of Local IT Outsourcing Service Companies in Singapore Singapore IT outsourcing market size is expected to reach US$5.19 billion in 2025 (Statista), and the overall IT services market is even higher. The number of local companies is around hundreds, mostly small and medium-sized, specializing in IT support, network management and cloud services. Overall trend: local companies tend to be 10-250 people in size and 5-30 years old (more emerging companies). Annual turnover ranges from USD 2-30 million, with market growth of around 8-10% per annum, driven by digital transformation.

Local IT Desktop Maintenance and Network Management Level 1 Engineer Salary Level (~3 years experience, USD)

  * Hong Kong: Average annual salary for Level 1 engineers (desktop support, network management, 3 years' experience) is around US$38,000-54,000 (US$3,200-4,500 per month). Entry level (1-3 years) ~US$34,000-46,000, median ~US$47,000 in Hong Kong according to Glassdoor and PayScale data, influenced by company size and location (higher in Central). Bonuses account for about 10-15% of total salary.

  * Singapore: Average annual salary around US$26,000-39,000 (US$2,200-2,900 per month). Entry level ~US$30,000-35,000, median ~US$32,000 according to Jobstreet and Glassdoor data. s Pass holders are paid slightly less, but bonuses and benefits (e.g. CPF) can add 10-20%.

IT Engineer Statistics for Hong Kong and Singapore Markets

  * Hong Kong: ~119,600 ICT professionals (2023 data, expected to grow to 120,000-130,000 by 2025, Census and Statistics Department). About 20-30% foreign talent on work visas (~24,000-36,000), no exact 2025 data, but over 100,000 total work visas (Immigration Department), with IT accounting for ~25%. Brain drain is a prominent problem, with a high rate of local talent loss. Main source countries are China (most, ~40%), India (20%), Philippines (15%), Korea/Japan (10%), others (UK, Canada). India and China have a high share of STEM talent

  * Singapore: ~214,000 STEM/ICT professionals (2025, IMDA report), digital economy contributes 17.7% GDP Foreign talent on work visas: ~60-70% (~128,000-150,000), local share only 1/3 (MavenSide 2025 trend). Total foreign labor force of 1.23 million (MOM), IT relies on highly skilled foreign talent (Employment Pass/S Pass). Major source countries: India (most, ~30%), China (25%), Malaysia (20%), Philippines/Indonesia (15%), Others (Bangladesh, Vietnam). Highly skilled IT is mostly from India and China (Y-Axis and OECD data).

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Author: Yamazumi ｜ Global IT Service Supply Chain Architect 20+ years of cross-border delivery experience, serving 100+ countries, 500+ overseas enterprises; leading the construction of the integrated platform of "Demand Definition - Resource Orchestration - Compliance Delivery", realizing cost reduction and efficiency enhancement, and shortening the delivery cycle by 80%. Focusing on global new office IT construction, network maintenance, operation and maintenance support, and cross-border data compliance, we integrate standardization, automation, and compliance into the delivery process, and help enterprises turn global IT capabilities into growth momentum with minute response.

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