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Asia Pacific Financial Services Trends 2022

As we fast approach the end of the year, many Asian firms are starting to examine the trends for 2022. We are learning to live with Covid-19 with most businesses now operating normally, albeit a “new norm”. Covid is not going away and there are a number of other forces that will continue to shape the Asian business environment for financial services in the coming year. It is no surprise that many of these themes are to do with sustainability and resilience, and include:

  • Regulatory Change Management – implementation of regulatory changes and reporting including IBOR/LIBOR, IFRS 17 and 9, Prudential Risk, AML, Risk Management, and Climate-Related Risk.
  • Digital Transformation – financial institutions will continue to transform their businesses digitally including core systems, operational processes, as well as client interactions.
  • Data Governance – will continue to evolve to ensure compliance, security, and control of how information is managed in the banking and financial services industries.
  • Environmental, Social and Governance (ESG) regulation – regulators across Asia are creating the framework to bring ESG factors into the investment process, with an initial focus is on climate risk.

Policy makers in the Asia Pacific region remain focused on developing robust financial services as economies continue to mature. With the strengthening of standards and reporting requirements for ESG due to come into effect in Hong Kong and Singapore early next year, many firms are reviewing their approach to managing ESG regulatory requirements.

If you are looking for expert interim resources to undertake Compliance and Risk assessments or health checks, remediation work and regulatory change projects, contact us – Danos Consulting is a specialist consultancy firm for leading organisations within financial services. With an unparalleled talent network in Hong Kong and Singapore, we provide experienced, first-class practitioners, to ensure you are meeting your regulatory responsibilities.

If you would like to discuss a project or would like to know more about our consulting opportunities, please contact:

Adnan Abu Bakr Maddix | Partner, Head of Singapore
Tel: +65 6950 4505 | Email: adnanmaddix@danosassociates.com  

Michelle Yau | Senior Associate
Tel: +852 2870 3117 | Email: michelleyau@danosassociates.com   

Joanne Alcantara  | Associate
Tel: +852 369 55055 | Email: joannealcantara@danosassociates.com

Adnan Maddix

Partner, Head of Singapore, APAC Risk & Analytics

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