IOSCO hub set to am­plify Asia voices

New Straits Times - - Business -

KUALA LUMPUR: The es­tab­lish­ment of the In­ter­na­tional Or­gan­i­sa­tion of Se­cu­ri­ties Com­mis­sions’ (IOSCO) Asia Pa­cific (APAC) hub, here, means Asian voices can fi­nally be heard on the global stage of reg­u­la­tions.

Ja­cob Hook, part­ner and head of Asia Pa­cific pub­lic pol­icy at Oliver Wy­man, a lead­ing global man­age­ment con­sult­ing firm, said the hub would en­able the cre­ation of a cen­tralised co­her­ent voice across Asian mar­kets.

“Some of the ma­jor re­forms made over the years has been fo­cused on the needs of North Amer­ica and Europe,” said Hook, here, yes­ter­day.

“Other coun­tries do have their own needs and is­sues, but be­cause they have less of a co­her­ent cen­tralised voice, it was dif­fi­cult for their pri­or­i­ties to be as­serted into some of those de­bates.”

It is use­ful for Asian economies to have a cen­tral point for the de­vel­op­ment of cap­i­tal mar­kets to push their is­sues and needs.

“A cen­tre here, which can pull to­gether views across Asia, as well as cen­tralise more co­or­di­nated pol­icy, would be good and most ben­e­fi­cial over time.”

Hook said there were a lot of ben­e­fits to hav­ing a hub in Malaysia as it would work as an ag­gre­ga­tor for lessons learned across Asian mar­kets.

“There are a lot of in­no­va­tions and mar­ket de­vel­op­ments hap­pen­ing across Asia, and I think it is very help­ful to have a de­vel­op­men­tal space for those al­ter­na­tive fi­nance plat­forms, mo­bile fi­nance and us­ages of fi­nan­cial tech­nol­ogy as well as mar­ket in­te­gra­tion,” he said.

“All those lessons can be brought to­gether and shared across the en­tire re­gion through the hub,” he added.

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