Spacs have lost some lustre in America, but stock exchanges in Singapore and Hong Kong are betting the vehicles will boost their allure to global investors and startups in the region.

The two Asian financial hubs have been pushing forward with competing plans to enable listings of special-purpose acquisition companies, which raise money and go public before finding businesses to merge with. Singapore launched its Spac rules in September, while Hong Kong is seeking public comment on its proposed regulations until the end of this month.