As all eyes have turned to China, neighbouring markets in Asia have had to work harder to be noticed. Hong Kong has profited from its proximity and connection to China and become the base for most of the global custodians and asset servicing agents looking to access the world’s second-largest economy.

In September, BNP Paribas Securities Services settled the first renminbi-denominated bond trade in Hong Kong and kicked off the province's status as the gateway to the Chinese currency. Evan Goldstein, regional product head, investors and intermediaries for north-east Asia at Standard Chartered, said: "The Industrial and Commercial Bank of China has expanded its custody and other banking operations internationally using Hong Kong as a launch pad. From there, it has been able to source talent, experience the international markets and build banking customers." Other neighbours have not been so lucky. Taiwan, which for much of the last decade was a prominent player in the region, has faded into China's shadow. Lawrence Au, head of Asia-Pacific at BNP Paribas Securities Services, said: "Taiwan is a fast-growing economy with a sizeable fund management industry, but more companies are dependent on their operations in China and opt to list there. The question is whether Taiwan will continue to be as competitive as before. This is the challenge for all economies in Asia as everything in the region is moving so fast." Singapore has had more success by reinvigorating its financial centre. Its stock exchange announced a merger with its Australian counterpart last October to bolster its standing in the region. A survey this month by headhunter Astbury Marsden found that more than a quarter of UK investment bankers would choose to work in the city state. Despite this, Deutsche Bank last year decided to bring the head of its direct custody services back to Europe from Singapore 17 years after placing him there. But Roger Harrold, who had occupied the role since 1995, decided to stay in Singapore and leave the company. Kevin Wong, head of sales Asia ex-Japan, BNY Mellon Asset Servicing, said: "Asia does not have a conformity that categorises much of Europe, and this fragmentation makes coming up with a regional strategy that much more challenging. "Many global players tend to break down Asia into key markets, allowing them to focus on key markets where they can bring their solutions and resources to the fore. This is a case where size of opportunity and growth potential is key in the consideration and this is where China fits the profile for many international players."