Asian Region Passport gets tick of approval
Four countries, including Australia, signed a pledge last week to simplify funds transfers between Asia and Pacific nations.
Australia, South Korea, New Zealand and Singapore elected to go ahead with the Asian Region Funds Passport — a plan which would allow Asian investors direct access to Australian products — after four years of deliberations.
The pilot project is scheduled to launch in 2016.
Financial Services Council CEO John Brogden said the agreement had the potential to make financial services Australia's next major export industry and he hoped other economies got on board.
"This landmark agreement will mean Australia's fund managers will be able to access cross-border investment opportunities within Asia for the first time and take advantage of the strong demand for financial services in the region," he said.
"We expect the next six to 12 months will involve extensive consultation with the industry and regulatory bodies from the participating nations."
Recommended for you
Perpetual Asset Management has launched its inaugural fixed income and credit active ETF, cashing in on the recent boom in the asset class.
Innovations in artificial intelligence are continuing apace with China leading global development, according to Betashares investment strategist Hugh Lam.
Funds under management at Pinnacle Investment Management are approaching $180 billion, helped by a substantial jump in FUM from its overseas affiliates.
Warakirri Asset Management has partnered with US-based investment manager ClariVest to give Australian retail and wholesale investors access to the firm’s global small companies strategy.
