Nonetheless, George Town continued to retain its importance as a vital British entrepôt by funneling the exports meant for global shipping lines which had bypassed other regional harbours. In the latter half of the 19th century, the tin mining boom within the neighbouring Sultanate of Perak and Siam brought more prosperity to Penang. Tin produced from within the Kinta Valley and southern Siam were transported to George Town for smelting, before being exported via the Port of Penang to European and American industries. The Port of Penang subsequently became a major tin-exporting harbour within British Malaya, directly challenging the Port of Singapore. The opening of the Suez Canal in 1869 and the advent of steamships further cemented the Port of Penang's importance as a major entrepôt within British Malaya. By the end of the 19th century, George Town also evolved into a leading financial centre of British Malaya, as mercantile firms and international banks, including Standard Chartered and HSBC, flocked into the city.