FedEx is set to move its Asia Pacific headquarters from Hong Kong to Singapore.

Various reports said the American logistics giant would also relocate its executives to Singapore — including Kawal Preet, president of FedEx Express Asia Pacific, Middle East and Africa (AMEA), based in Hong Kong since June 2020.

Nonetheless, FedEx has "firm plans" to keep a "significant presence" in Hong Kong, according to various sources, noting that the move reflects a "changing global environment."

Bloomberg first reported the transfer citing "FedEx sources" saying that the Hong Kong management team will move to Singapore in September — but a separate report by HKFP said, "less than 15% of local positions were moving" as the company "constantly exploring opportunities to better serve our customers and enhance our network in the region."

Moving to Singapore would also connect its operations "with greater speed and agility."

"A significant presence and strong leadership team will continue to serve our customers in Hong Kong, providing vital support for our FedEx China, North and South Pacific and Middle East, India Subcontinent, and Africa operations," FedEx said.

FedEx has yet to respond to Asia Cargo News with further details regarding its planned move and what services will remain in Hong Kong but the relocation has been widely seen as a major blow to Hong Kong's reputation as a global logistics hub.

Meanwhile, its website showed that the courier has 35,000 workers in the region — and 1,400 employees in Hong Kong.