Managers of Wealth Asia Pacific

Singapore Family Offices Again Face Parliamentary Scrutiny

The scrutiny remains high in the family office space in Singapore as parliamentarians continue to probe officials.

Hong Kong Policy Address: Key Financial Takeaways

Hong Kong chief executive John Lee delivered the 2024 policy address to the local legislative council on October 16.

Joint Advisory on Rise in Government Official Impersonation Scam Variant Featuring Impersonation of Banks

In September 2024, there have been at least 100 cases reported

ASIC cancels two Australian financial services licences and 11 Australian credit licences

The Licensees were required by law to be a member of the Australian Financial Complaints Authority

ASIC bans financial adviser John Hazell for two years

As a result of these concerns ASIC found that Mr Hazell is likely to contravene his obligations

Federal Court appoints liquidators to Global Capital Property Fund

ASIC applied for the winding-up of GCPF as it holds numerous concerns about the management of GCPF’s business.

Withers: Prenups Are Now Commonplace in Asia

Historically, the usage of prenuptial agreements in marriages was not a popular option, particularly in Asia.

Hong Kong Monetary Authority and Qatar Central Bank strengthen financial cooperation

The HKMA looks forward to working closely with the QCB to foster connectivity

ASIC publishes updated regulatory guidance for registered liquidators

ASIC has also updated RG 258 to make the application process, ongoing obligations, disciplinary process, and other requirements to become a registered liquidator, easier to understand.

APRA revokes International Bank of Australia’s restricted banking licence

International Bank of Australia’s decision to request a revocation of its restricted ADI licence does not prejudice any future application it may make for an ADI or restricted ADI licence.

Speech by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board Member of MAS

Financial leaders are more important now than ever before because the world is becoming more uncertain.

MAS Establishes International Advisory Panel for Cyber and Technology Resilience

The Panel replaces MAS’ Cyber Security Advisory Panel[1], with an expanded mandate to cover technology resilience which, together with cybersecurity, significantly underpins the operational resilience of the financial sector.

China's economic problems won't be solved with interest rate cuts

Whilst this package of measures will certainly be welcomed, China’s problems cannot be resolved as easily as setting an appropriate level of interest rates.

SFC suspends Wilson Cheung Kin for nine months over sponsor failures

In determining the sanction, the SFC took into account Cheung’s cooperation in resolving the SFC’s concerns and his otherwise clean disciplinary record with the SFC.

MAS Directs Qoo10 Pte Ltd to Suspend Provision of Covered Payment Services in Singapore

This is so that these services are not disrupted pending licensing.

APRA releases performance metrics and insights package to improve transparency in superannuation

The CPPP covers 876 MySuper and choice products which, collectively, represent most types of investment offerings for accumulation members.

ASIC extends reportable situations relief and personal advice record keeping requirements

On 7 August 2024, ASIC announced our intention to extend the operation of the Former Instruments and sought feedback on the proposal prior to 4 September 2024.

Report reveals ‘increasing openness’ to arbitration in China

Although there were over 10,600 applications for arbitral awards to be revoked, only 552 arbitral awards were revoked by the people’s courts at all levels.

APRA releases response to consultation on enhancements to superannuation data collections

APRA consulted on proposed enhancements relating to trustee financial statements, indirect investment costs, trustee and fund profiles, as well as investments.

Major retail banks to introduce Singpass Face Verification, further strengthening resilience against phishing scams

MAS will continue to work closely with banks on measures to protect customers against scams.

Legal, Regulation & Compliance