J.P. Morgan says foreign exchange deposits into Singapore's banks have ramped up "quite sharply" in recent months.

It comes amid growing unrest in Hong Kong which has reportedly driven investors and companies to move their money elsewhere.

Singapore has been said to be a direct beneficiary of the unrest in Hong Kong, with some bankers and wealth managers saying they have received more queries from clients to move funds to Singapore.

In the latest estimate, Goldman Sachs said in October that Hong Kong might have lost as much as $4 billion in deposits to Singapore, often seen as its rival for the role of Asia's premier financial hub.

Months of protests in Hong Kong are showing no signs of a let-up. What started out as peaceful demonstrations over a now-withdrawn extradition bill have morphed into a wider call for democracy.

"We can't be conclusive that there is a shift from Hong Kong to Singapore," J.P. Morgan's Harsh Modi, co-head of Asia ex-Japan for financials research, said Friday when asked if he's seen deposits flow from the Chinese-ruled territory to Singapore.