Scott Murdoch, Anshuman Daaga

Singapore/Hong Kong (Reuters) – This week Singapore will host top executives at a number of conference. These conferences mark Singapore’s return to normalcy. They also highlight the stark contrast with Hong Kong, which has continued with strict quarantine laws.

Annual Asia Summit of the Milken Institute, led by Michael Milken, a billionaire, was attended by hundreds of executive vaccinated for COVID-19.

After passing swabs, participants were permitted to enter the country. They were also required to wear masks and adhere strictly with safe distancing procedures. However, they had more freedom than most people in eating together.

As Singapore allows quarantine-free travel to at least 12 countries, including the United States, France, Germany and Australia, the resumption in on-site events is possible.

UBS opened its largest branch in Asia on Wednesday. It was attended by the chairman of the bank and other members of the city-state.

Singapore is a place where things change, evolve and develop quickly. Ralf Hams, UBS CEO, stated that even though we’re in a semi-lockdown environment, you can still get the feeling of being here.

Goldman Sachs (NYSE :), HSBC (OTC :), NYSE Group (OTC :), Standard Chartered (OTC :), Paypal, and BNP Paribas were among the top officials who spoke at these business events. This was many people’s first visit to Singapore since last year’s restrictions.

A total of 550 people attended both the Milken two-day event and an evening GIC event. This included 150 foreign executives. Over 300 people attended the Bloomberg event, and 80% flew in.

All rooms at Capella, a luxurious hotel on Sentosa’s island with 112 rooms that cost at least $1600 for a night, were gone. It hosted the Bloomberg forum.

JJ Lin, a Singaporean singer, will perform at a concert later this month. Organisers expect the event to draw close to 2,000 people each night, according to Straits Times.

A food and beverages supply chain event is currently taking place with over 100 participants from 12 different countries. There will also be an international jewelry show and a martial artists event in the next few weeks.

However, Singapore’s COVID-19 regulations are still stricter than those in the United States. Singapore prohibits two-person dining and requires that all public places be accompanied by a mask.

HONG KONG TIGHTER RULES

Hong Kong, on the other hand, has followed Beijing in maintaining strict travel restrictions to reduce new COVID epidemics. This led to warnings by international business lobby organizations that Hong Kong could lose investment and talent.

David Solomon, Goldman Sachs CEO, said that when travel is restricted, and people are unable to visit or engage in other countries, then it has an adverse effect on the economy. He spoke at the Bloomberg Singapore event on Wednesday.

Singapore has more than 2000 COVID-19 daily cases. The city-state is still restricted on social gatherings and holds strict rules about public speaking. However, with over 85% of the population being vaccinated the government hopes to expand its market.

Although Hong Kong has not seen any coronavirus infections in the last few months, the government is hopeful that China will eventually open its borders with Hong Kong.

There are only few places where people would like to gather, and where there is a way for global finance to be re-distributed. Hong Kong (NYSE:) CEO Larry Fink stated earlier this month that Hong Kong was one of them.

“My heart is truly open to the possibility of being in Hong Kong physically without having to go under 21 days quarantine, but that’s an entirely different story.”