Singapore and Hong Kong compete to become Asia’s Cayman Islands.
New fund arrangements have been established in the two cities in an effort to draw money away from established foreign financial centers.
The epidemic in 2020 prevented movement and closed boundaries. However, two of Asia's largest financial centers simultaneously recognized a chance to change the global center of gravity for hedge funds and the richest families in the world.
The "variable capital company," a fund structure created by Singapore, enables a broad variety of prospective users to conceal sizable capital amounts in covert, minimally taxable vehicles based in a well-managed financial center. The "open-ended fund company," a comparable framework that Hong Kong had created two years earlier, was improved.
The vehicles pose a direct threat to already-established foreign f...
