Asia Pacific: Raising the bar

Author: Karry Lai | Published: 5 Dec 2019

Following up on a number of policy goals created in July, Chinese officials have made strides to further open up the country's financial and insurance sectors. Foreign financial institutions can now create wholly-owned banks in China. Previously, foreign banks were required to form a joint venture with local Chinese partners, and ownership was capped at 51%. Foreign ownership limits on securities firms will be removed on December 1 2020. Additionally, foreign insurance companies no longer need to have a 30-year track record in China and run a representative office in mainland China for two years before setting up or investing in local insurance companies.

South Korea's Financial Services Commission has launched an open banking platform that allows customers...