The metaphor of an 'education hub' was initially promoted as also a policy concept for reversing cross-border student flows to the West in both Malaysia and Singapore. The Singapore version of 'Asian education hub policy' represents a distinct economic policy model of higher education which has since also influenced the very Western contexts it was derived from. However, it appears the Singaporeans might have actually borrowed the policy concept from the Malaysians whose aspirations to reverse international student flows to the West was rather aligned to related national capacity development plans as still something of a public good. This paper will use a Malaysia-Singapore contrast to compare distinct developing country (national/regional) vs. developed country (globalised) conceptions of the Asian education hub model. On this exemplary basis, it will also outline an integrated framework to better make sense of the related yet also often conflicting imperatives of privatization, internationalization and marketization.