Looking east: regulation in Asia
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As regulatory trends echo across the globe, we looked to the east for June’s regulatory update. When it comes to financial regulation, Asia is traditionally thought to lag behind Europe and, in turn the US. But with FATF currently focusing on Singapore, and the region seen as a hub for Fintech innovation, are there trends which may hit the UK coming from the other direction?
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Looking east: regulation in Asia
- 1. Looking east: regulation in Asia Bovill briefing, 25th June 2015 Eddie Lim Billie-Jo Dixon
- 2. 2 What do we mean by “Asia”? Singapore JapanSouth Korea Malaysia Indonesia Hong Kong China India Thailand Philippines
- 3. 3 The financial sector is changing Cost of infrastructure & manpower Interest in fintech Flow of wealth Cooperation between countries
- 4. 4 Regulation is rising to the challenge More regulation Financial crime Data protection & cyber security Capital adequacy
- 5. 5 SG and HK – both have advantages Singapore Hong Kong Regulator(s) MAS SGX HKMA SFC HKEx Ease of doing business Ranked 1st Ranked 3rd Political climate Ranked 2nd Ranked 3rd GDP growth 3.9% 2.9% Corporate tax rate 17% 16.5%
- 6. 6 Focus on Financial Crime FATF mutual evaluation Recent regulatory updates Where is it heading?
- 7. 7 A hub for Fintech?
- 8. 8 The investment management opportunity The balance is shifting • massive sector growth • new world vs old world • Growth weighed more heavily in Asia Inter-country schemes attract and retain wealth in region • ASEAN CIS Fund Passport Schemes • StockConnect • Mutual Recognition of Funds (MRF)
- 9. 9 Marketing – going global • global brand, global reach • gold standard for >25 years • successes in Singapore, Hong Kong and Taiwan • registration in each jurisdiction • local representative is needed • discomfort with UCITS III? • championing local funds? UCITS The old way might be best…
- 10. 10 Marketing – keep it local • political appetite – keep it local • can there ever be truly pan-Asian passport? • access to China only via HK. Full stop. • Singapore spreading its reach far and wide ASEAN Collective Investment Scheme Framework Malaysia Asia Regions Fund Passport Mutual Recognition Scheme
- 11. 11 Marketing – one step at a time • No AIFMD-type marketing passport • Consider each jurisdiction separately • Can usually do some “pre-marketing” • Singapore and Hong Kong – not dis-similar to the UK’s FPO.
- 12. 12 Hong Kong and Singapore open for business Hong Kong • “not a public offer” • professional investors • 50 person exemption • minimum subscription • very small funds Singapore • institutional investors • “305 exemption” • MAS list of restricted schemes Disclosures
- 13. 13 Time to get on a plane? • Financial services in Asia: alive and kicking • Competitive posturing to attract new businesses • Investor money, thirst for knowledge and experience • Opportunity – but you have to be there to see it… …any interest, get on a plane!
- 14. Questions 14