Thailand signed up to the cross-border scheme this week, AsianInvestor can reveal, but the head of the local securities watchdog says take-up may be slow, at least initially.
Australia, Japan, Korea and New Zealand today signed the Asia Region Fund Passport’s memorandum of cooperation, which will come into effect on June 30.
Industry welcomes move by Singapore's financial regulatory authority to go public with tax criticism of ARFP passport scheme. They say it could force Australia and Korea into a corner.
Singapore’s regulatory authority has issued a clarification to AsianInvestor explaining why it chose not to sign the Statement of Understanding for the planned fund passport scheme.
Six nations signed a statement of understanding to join the Asia Region Funds Passport at the Apec finance ministers meeting in Cebu. However, Singapore was not among them.
The Japanese asset manager is looking at alternative ways of distributing its products in Asia such as through private banks, its Hong Kong head tells AsianInvestor. It also has plans to boost its headcount.
The consultancy has established an investment fund centre in Singapore to cater to growing numbers of managers which are expanding outside their home markets. PwC is looking to hire managers and analysts.
With passporting still in its infancy, funds distribution looks set to be transformed by 2030. The future could include full transportability of funds in Asia, underpinned either by passport schemes or digital delivery.
Fund industry players see Asia's regulatory environment going through a good deal more change than global rules over the next five years, a survey shows. And they have tipped one passporting scheme for success.
A Philippine association says that without passage of key investment legislation, the country's funds industry will remain fragmented and unready for the Asia Region Funds Passport scheme.
Regulation is shaping the agenda for fund passporting and not always for the best, according to industry experts at a forum. And with the rise of Asian digital fund platforms, passporting may become irrelevant.
In a debate over what would make an Asia fund passport successful, panelists in Singapore question why Asia has not tried to plagarise Europe's successful cross-border scheme.