THE VIEW FROM SINGAPORE: Thrills Of Formula One And The Battle Of The Asia Wealth Hubs

Tom King

22 September 2014

In Singapore yesterday UK driver Lewis Hamilton, driving for Mercedes, moved thrillingly into a narrow lead in the Formula One championship, ahead of Nico Rosberg.

The duel between these men in some ways is matched by how Singapore and Hong Kong have long battled it out with each other to be the Asian business hub of choice. Having resided in Hong Kong for a decade and a half and Singapore for eight years I know each city is dogmatically convinced it has the edge.

One thing for sure, however, is when it comes to the biggest sporting event in the region, Singapore is in pole position. Hong Kong has partied for years at the annual Hong Kong Sevens rugby festival; global banks such as Credit Suisse and HSBC have been staunch supporters.

However, ever since modern Formula One first roared onto the streets of Singapore in 2008, reinforced by global superstars such as Beyoncé, Katy Perry and Rihanna to name a few, the motor racing week in Singapore has become the Asia event to see and be seen at.

F1 president Bernie Ecclestone, who knows something about branding, thinks the event makes Singapore a destination instead of a stopover. The event's worldwide publicity also helps to brand Singapore as a “livable” city.

By some convenient quirk of timing, the global and boutique private banks arrange board meetings, event launches and PR coups just as the F1 travelling circus hits the floodlight streets. That’s convenient for the global heads and chief executives of not only private banks but also the global multinational corporations to catch up with clients, and the race.

On the social side, the Hong Kong Sevens has its corporate boxes sponsored by the big banks, which are widely commented upon after the events are over by the financial media. They tend to be utilitarian rectangles themed in some contemporary ornamentation. In Singapore, however, the renowned Raffles Hotel doubles as a corporate box for one large private bank: somewhat raising the bar, as it were, in terms of kudos.

All of the private banks offer some form trackside hospitality to their cherished clients. This can be in the shape of a handful of the best tickets with access to everything right up to three days of pampering in sumptuous air-conditioned suites with six star service overlooking the sweaty teams as they do their stuff.

On a more basic level, the Singapore Grand Prix easily competes in the beer consumption stakes with the Rugby Sevens as well. Heat and humidity along with ubiquitous outlets don’t hinder that activity. Masses of Asian staple food stalls nestling alongside fish and chips also help to create a unique feel.

But the event, in my view, beats the rugby in terms of the make-up of attendees of the three-day festival of speed. The crowds are both very young and mature, made up of all races and genders. The spectators are also now predominantly Asian with people flying in from Japan, Korea, Philippines and many from Hong Kong.

, the Swiss bank and the world’s biggest wealth management firm, has been a global partner of Formula One. Current Williams Driver Susie Wolff and Scottish F1 legend David Coulthard are both UBS ambassadors.

For UBS the Singapore Grand Prix also presented the perfect opportunity to have the new three-keys logo on their Asian HQ at One Raffles Quay illuminated to a global television audience of 600 million and more.

Formula One may not suit all tastes, but as far as focusing attention on a jurisdiction, it is pretty hard to beat. As Lewis Hamilton has shown.