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Asia Region Funds Passport looks set to become reality
Finance ministers from the Asia-Pacific region are expected to sign an agreement today facilitating the seamless transition of funds between Asian and Australian economies.
The Asia Region Funds Passport, due to be discussed at the APEC Finance Ministers' meeting in Indonesia, would allow Asian savings to be managed from Australia, according to Financial Services Council CEO John Brogden.
Although the pilot is not expected to be launched until 2016, the signing of the agreement would mark a significant step towards reducing regulatory inefficiencies and allowing fund managers to market products across the region, Brogden said.
"It is expensive and cumbersome for fund managers to distribute their products in different markets in the Asia region in the current environment," Brogden said.
"The FSC acknowledges Chris Bowen, former Treasurer and Minister for Financial Services, for his significant personal contribution to getting the Passport off the ground. We are now working with Joe Hockey to see the Passport come to fruition.
"The industry and Government now need to turn their attention to urgently implementing the remaining outstanding Johnson reforms in order to ensure we capitalise on this enormous opportunity."
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