Hong Kong remains Asia's top financial hub, and third in the world behind New York and London, according to a half-yearly index of global financial centres.

Singapore is ranked fourth, while Shanghai, Shenzhen and Seoul round up the top 10 spots in the 37th edition of the Global Financial Centres Index.

The list is jointly compiled by think tanks Z/Yen Group in London and the Shenzhen-based China Development Institute. It is published every March and September.

Researchers ranked 119 financial centres based on 140 instrumental factors, as well as assessments from nearly 5,000 questionnaire respondents.

The SAR took top honours in the areas of investment management, insurance and finance, and was second in human capital and infrastructure.

A government spokesman said the report fully recognises Hong Kong's "leading status and strengths" as an international financial centre.

"With the staunch support of our country, Hong Kong will continue to leverage the advantages under 'one country, two systems', actively integrate into national development, and deepen international exchanges and co-operation, with a view to fulfilling our roles as a 'super connector' and a 'super value-adder'," a statement said.

The spokesman also noted the latest budget has rolled out a series of policy initiatives to create new growth areas for the city's financial market.