Seeking an itinerary "An Asia Region Funds Passport will create value by helping to unlock the region’s capacity for growth, by enabling capital to flow more freely between economies."
John Brogden, CEO, Financial Services Council
Asia is the world’s fastest growing region but holds just 13 per cent of managed investment assets. With only one in six Asian citizens covered by a pension scheme, and a thriving middle class that will soon demand a more sophisticated financial system, the region’s capacity for growth is strong and its financial challenges many and varied.
With these issues in mind, the Financial Services Council (FSC) commissioned PwC to develop the type of report that would start a conversation between policy makers, governments and the asset management industry on the economic benefits of an Asia Region Funds Passport.
The intent behind the passport is to create a multilateral agreement that encourages the flow of capital between Asia’s economies. This will help accelerate the economic development and growth of the region, giving investors greater access to a wider range of investment choices and diversification opportunities.
Working alongside the FSC, PwC Australia and 12 other PwC member firms throughout Asia gathered insights on the various economic, regulatory and tax regimes in the region. The resulting report was publicly endorsed and launched by Prime Minister Julia Gillard at the 2010 Asia-Pacific Economic Cooperation (APEC) forum in Japan.
The FSC is continuing a conversation that will help underpin the economic outlook of Asia well into the future. Interest in the concept continues to rise throughout the region, with strong indications it will be on the reform agenda at the 2011 APEC forum.