Asia-Pacific economies take step forward on regional funds scheme
Published on Apr 16, 2014 1:41 PM
SINGAPORE - Six economies in the Asia-Pacific region have taken the next step towards setting up a scheme that will make it easier for fund management products to be offered between their countries.
Singapore, Australia, Korea, New Zealand, the Philippines and Thailand have released a consultation paper to seek views from the public on the details of the proposed Asia Region Funds Passport, the Monetary Authority of Singapore (MAS) a.d Finance Ministry said in a joint statement on Wednesday.
This comes after Singapore signed a statement of intent in September last year to jointly establish this passport initiative.
The passport scheme will allow fund managers operating in one of the member economies to offer their funds in other member economies "under a streamlined authorisation process", the statement said.
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