Japan commits to ARFP, but Singapore defers

Japan was one of six signatories to the Asia Region Funds Passport (ARFP) scheme at the Apec finance ministers meeting in the Philippines late last week, However, Singapore was not among them. Japan joined Australia, New Zealand, South Korea, the Philippines and Thailand in signing a statement of understanding (SOU) in the September 11 ceremony in Cebu. Singapore had been part of the original group of four Asian nations to sign a statement of intent on ARFP when the scheme was a…