Persistent and widespread misconduct has fueled distrust in the financial services sector. After an investigation lasting over a year, a commission of inquiry in Australia uncovered a shocking level of systemic malpractice and the culture of self-interest and lack of accountability that led to it. Asia-Pacific countries, where economies and services sectors are expanding rapidly, would be wise to learn from those mistakes, writes business ethics expert Eva Tsahuridu of RMIT University in Melbourne.
With the process for selecting a new managing director of the International Monetary Fund (IMF) starting, Vasuki Shastry, who worked in senior communications and public affairs roles at the organization, argues that Asian countries should overcome their traditional reluctance and geopolitical impediments and differences to support a candidate from the region.
The rise in trade tensions between the US and China may be due to the American side’s failure to appreciate the implications of China’s not being a rule-of-law country – that administrative action, not laws on the books, get things done in China, writes Zhiwu Chen, Director of the Asia Global Institute (AGI) and Victor and William Fung Professor in Economics at the University of Hong Kong (HKU).
The extreme volatility of cryptocurrencies in 2018—which saw the most widely traded cryptocurrency, Bitcoin, plunge from US$10,166 in January to US$3690 in December—made even the most bullish traders recoil from their terminals. However, one sub-sector of the nascent asset class defied the trend: stablecoins.
Why are mobile phones and bottles of Coca-Cola available in even the most remote parts of Asia, but reliable essential services, such as drinking water, electricity, and clean cooking fuels, are not? More inclusive and effective basic service delivery models are needed to benefit the poor, and the social enterprise sector may hold the key.
Asia is leading the way in digital asset markets, but individual countries are taking markedly different paths toward regulation and management in establishing themselves as cryptocurrency hubs, balancing innovation and regulation. Investors should be vigilant about the risks associated with alternative capital-raising methods.
The Asia-Pacific population has been undergoing dramatic aging, which is transforming the region’s demographic landscape beyond recognition. The region is currently ill-equipped to meet this critical challenge, particularly due to a lack of sound and efficient pension systems.
Just a few years ago, the renminbi seemed destined to become one of the world’s most significant currencies. However, its attractiveness has plunged as international investors seek currencies with legal security, ease of use and, critically, unrestricted convertibility.
The internet has taken much of the human interaction out of international trade. But many commercial buyers continue to emphasize face-to-face communication with sellers.
The impeachment and subsequent removal from office of South Korean President Park Geun-hye have revealed the extent of state-business collusion in the country
China’s accession to the World Trade Organization in 2001 was greeted with great fanfare. But near silence has greeted the recent removal by the China Banking and Insurance Regulatory Commission of caps on foreign ownership of Chinese financial institutions. For Beijing, the apparent lack of interest might be an issue of too little, too late.
With environmental and societal concerns coming to the forefront of global discussion, adopting green finance is a matter of highest urgency. In Asia, the shift has already begun. Banks, funds, and companies are increasingly building systems for and investing in greener projects.
The Asia-Pacific casino sector has undergone many changes in the past 15 years. The success of Macao and Singapore has encouraged other regional jurisdictions, such as Japan, to follow suit. The recent passage of Japan’s legalization bill caused heated debate across Japanese society, but stakeholders can engage the community to achieve positive outcomes.