Hong Kong and Singapore are both in a fierce battle with each other to come out on top. The stakes that they are fighting for: Dominance in Asia as the most important financial center through their stock markets.
While many countries in South East Asia have battled with each other for dominance in the centuries past, the battles now are no longer on the battlefield. They are no longer vying to conquer more physical territory, they are fighting their battles in the financial world and the front for the great battle in Asia between Singapore and Hong Kong are their stock markets.
Both countries share a lot of similarities but there are key differences between the two which make one more probable to succeed.