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Singapore jumped from fourth to third spot behind New York and London in the twice-a-year Global Financial Centers Index (GFCI) to unseat Hong Kong as Asia's premier financial center.
GFCI assesses 119 cities around the world.
Hong Kong has adhered to a version of China's strict zero-COVID rules throughout the pandemic, battering the economy and deepening a brain drain as rival business hubs reopen.
The city still mandates three days of hotel quarantine for all international arrivals while its border with the Chinese mainland is mostly closed.
In contrast, Singapore successfully shifted to endemicity earlier this year and has reopened without restrictions.
Singapore is hosting numerous financial and business conferences in the coming months on top of the Formula 1-night race next week.
About four million people are expected to visit Singapore this year.
The Hong Kong government said it would continue to listen to views and be bold in taking forward reforms to consolidate and strengthen its capital market and its role as an international financial center.
