A financial industry group warned on Monday that Hong Kong's zero-COVID policy and strict quarantine requirements for international travellers threatens to undermine the city's status as a financial hub. The Asia Securities Industry and Financial Markets Association (ASIFMA) said a survey of members, including some of the world's largest banks and asset managers, showed 48% were contemplating moving staff or functions away from Hong Kong due to operational challenges, which included uncertainty regarding when and how travel and quarantine restrictions will be lifted. Hong Kong has some of the most stringent travel restrictions in the world and is virtually COVID-19 free, however unlike regional rival Singapore, which is slowly re-opening its borders, the Chinese-ruled city has no public plan for opening up to international travellers. Local leaders say their focus is removing restrictions on travel from Hong Kong to mainland China, which also has strict entry restrictions. At present travellers from Hong Kong to the mainland must still undergo quarantine.