In comments that will stir debate about the battle for supremacy among international financial hubs, Singapore’s prime minister Lee Hsien Loong has said the city-state is unlikely to overtake the Alpine nation soon but should play to its strengths, according to local media.

Lee was speaking at the DBS Asian Insight Conference at the weekend. Assessing Singapore’s future as a financial centre, he said Singapore was focusing on a number of growth areas, not just in wealth management sector.

The city state has already honed its expertise in many areas of finance, including fixed income, capital markets, foreign exchange and investment banking, said Lee is reported to have said.

A recent Pricewaterhouse Coopers report has said that Singapore could overtake Switzerland as the top wealth centre in the world by 2015. Lee, however, said that even though Singapore has about $1 trillion in assets under management, the republic is unlikely to take top spot.

"I don't think that's true. I don't want that to be my marketing line," Lee was quoted as saying by The Straits Times.

"We are quite happy to continue our way quietly in the world," said Lee in a dialogue with DBS chief executive officer Piyush Gupta. The Prime Minister highlighted the unique strength that Singapore can leverage to continue building its reputation as a global financial hub.

As Switzerland has seen its historic bank secrecy laws come under threat, it has prompted thoughts that Singapore, with its low taxes, stable legal system and proximity to the fast-growing Asian region, will be well-placed to topple Switzerland from its wealth management perch. One possible indicator of change is that the number of foreign-owned Swiss banks fell to 129 by the end of May from 145 at the start of 2012, according to data from the Association of Foreign Banks in Switzerland (source: Bloomberg). Assets under management slid by a quarter to SFr870.7 billion ($921 billion) in the five years through 2012 as clients withdrew money or paid taxes on undeclared accounts.

Switzerland remains the top centre for global offshore wealth with $2.2 trillion, or about 26 percent of the market, industry figures show.