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An APEC initiative to make it easier for financial services professionals to market investment products such as mutual funds to retail customers in other Asia-Pacific economies, and boost job creation in the region, is on-track for a launch in 2016.
Finance officials and regulators from the six APEC member economies leading the development of the Asia Region Fund Passport just concluded a week of meetings in Singapore to iron out the details. They include Australia, Korea, New Zealand, the Philippines, Singapore and Thailand -its pilot participants at present.
The initiative aims to cut down on incompatible or overlapping regulation that may hinder the marketing of managed funds between participating economies.
Once the passport is fully up and running, it could save the region’s investors USD20 billion annually in fund management costs, offer higher investment returns at the same or lower degree of risk, and encourage the establishment of locally domiciled funds which could create 170,000 jobs in APEC economies within five years, according the APEC Policy Support Unit.
Participating APEC members will provide an update on the initiative’s progress when APEC Finance Ministers meet on 10-11 September 2015 in Cebu, the Philippines.
Additional information on the Asia Region Funds Passport
Asia Region Funds Passport: A Study of Potential Economic Benefits and Costs
Press-release at the official APEC web-site