The new legislation – aimed at acts of subversion, secession, terrorism, and collusion with foreign forces – is frequently perceived as a sweeping measure to stifle any acts deemed threatening to the state. It is sparking a scramble by Hong Kong's bankers, already hardened by ongoing unrest in the city.

«This national security law has really caught a lot of people off guard,» an anonymous recruiter specializing in private banking told finews.asia. «I’ve never had this many calls about leaving. There is no pull factor – this is all push,» the person said, noting the inquiries are largely in the «consideration stage».

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Due to its close vicinity and competitive financial sector, Singapore has been a natural target option for workers considering emigrating – even if it historically, it hasn't been a preference. «We are seeing not only external inquiries but also some internal ones asking about relocation opportunities from Hong Kong to Singapore,» a banker said.