This article examines the approaches that Hong Kong and Singapore have adopted in trying to develop themselves as regional hubs of higher education through their developments of transnational higher education. Hong Kong and Singapore compete for this market share of global higher education because it can be a lucrative business. Adapting a model from the business management literature, this article compares the approaches that Hong Kong and Singapore adopt in developing their transnational higher education sectors. Through its analysis, it argues that despite similarities in their visions, the business approach, culture, process, and resource commitments of the two economies are quite different. More important, such differences reflect the different philosophy and style of governance of the two governments.