"The political upheaval in Hong Kong has created an opportunity for Australia and Sydney to become a stronger regional financial centre," Senator Andrew Bragg wrote to Australia's Treasurer this month, proposing policy changes.
Ruling party draft proposals include visa support and streamlining approvals for investment management licences.Busan in South Korea is offering tax breaks and rent free offices to financial firms, while Taiwan's top regulator told Reuters he hoped the island's rule of law and democratic values would attract business.However, the mooted reforms do not move the dial enough, say some sector professionals.
Mr Tran said Japanese taxes, together with a perceived greater level of bureaucracy, higher labour costs and less English language fluency, would make it harder for financial institutions to operate regional hubs from Tokyo. Language and cultural difficulties as well as the absence of adequate financial infrastructure could scupper South Korea and Taiwan's efforts too.