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Unified banking regulations for Asia?

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2014-04-16 07:29:49 - As non-bank financial service activity expands in Asia, does the region need a more unified set of banking regulations?

Leon Perera, Chief Executive Officer of Spire Research and Consulting, remarked that Asian banks and governments should be at the forefront of pushing for better global regulations on non-bank financial activities, rather than forming alternative regional standards. At stake is the delivery of financial services for Asia’s huge unbanked and under-banked population.

Perera commented that unified banking regulations across the Asia-Pacific region should come via global multi-lateral platforms. Asian governments should work with each other to form an effective regional voice for improvements in global financial regulatory regimes.

The implementation of the Basel I, Basel II and Base III standards after the global financial crisis had not been easy in Asia, due to various inconsistencies. Moreover, the Basel reforms were reportedly too

Europe and US market centric; creating an unfair playing field for the less mature Asian markets to compete in.

At the same time, the demand for regulation of non-bank players offering financial services has grown. These include retailers, telco carriers and credit co-operatives. Perera shared that a light but firm regulatory touch was necessary to enable non-bank players to provide financial services to the unbanked population.

Press Information:
Spire Research and Consulting Pte Ltd

Unit 501-502, DLF City Court, DLF Phase III, Sector-24, Gurgaon -122002, India

Contact Person:
Nidhi Singh
Executive - Corporate Communications
Phone: (91) 124 421 6144
email: email


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