Z/Yen, a City of London commercial think-tank, has published The Global Financial Centres Index 39. According to its analysis, New York City remains at the top of the Index, followed by London, Hong Kong, Singapore, and San Francisco. This ranking at the top is little changed from the prior report. Only one rating point separates each of the top locales.
The report states that Dubai and Tokyo join the top 10, replacing Chicago and Los Angeles. Amsterdam moves into the top 20, replacing Dublin.
The top twenty cities are as follows:
- New York City
- London
- Hong Kong
- Singapore
- San Francisco
- Shanghai
- Dubai
- Seoul
- Shenzhen
- Tokyo
- Zurich
- Los Angeles
- Boston
- Chicago
- Frankfurt
- Luxembourg
- Washington, DC
- Geneva
- Paris
- Amsterdam
The report notes that 56 cities rose in the rankings while 52 declined.
The largest improvements in the index are: “Bermuda and Cyprus, both up 23 places, Madrid, up 19 places, Cayman Islands, up 18 places, and Kuwait City, up 16 places.”
According to the report, the top five cities regarding Fintech specifically were Hong Kong, followed by Shenzhen, New York, Singapore, and London.
Laurent Descout, CEO and co-founder of Neo, commented on the report, noting that London’s position next to New York City reflects enduring strengths in talent, capital, and Fintech innovation. At the same time, London will be able to hold its standing only to the extent that regulatory clarity and capability are maintained.
“To improve its global standing, the UK should double down on these strengths through targeted tech visas, stronger support for research and spinouts, and reforms to listing rules alongside greater pension fund participation. By making these adjustments, London can reinforce its competitiveness as other global financial centres intensify their efforts,” says Descout. “At the same time, the UK has a real opportunity to lead in next-generation financial infrastructure, particularly in payments and digital assets. However, the current approach to stablecoin regulation risks creating confusion rather than confidence, especially if it introduces additional friction compared to existing fiat-based systems.”
A recent separate report expressed concern about the UK government’s current support for entrepreneurship and capital formation. Yet Descout believes there is a “window to lead” for London.
“… but it must move quickly to deliver clarity, consistency, and a framework that supports real-world use cases. With the right approach, London can not only remain competitive but help define the future of global finance.”