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Asia-Pacific Financial Services Regulatory Outlook 2019

Trust, Technology and Transformation

Asia-Pacific continues to be a dynamic growth region, marked by world-leading innovation in financial services, continued strong GDP growth, and rapidly increasing financial inclusion.

In 2019, we expect that regulators in Asia-Pacific will be keenly focussed on locally implementing the final post-crisis reforms, embracing challenges to the status quo and harnessing the dynamism of the Asia-Pacific region to transform financial services. This report explore nine themes that the Deloitte Centre for Regulatory Strategy expects to dominate the financial services regulatory agenda in the region over the coming year. Whilst the significance of each of these nine themes will vary across different jurisdictions, industry sectors and institutions, we consider all areas identified to be relevant to financial services firms operating in Asia Pacific to some degree.

The “how and when” of locally implementing FRTB, IRBB, RRPs and TLAC as well as finding benchmark replacements will bear watching in 2019. The results of the recent Australian Royal Commission and the follow-up to last year’s swath of personal accountability regimes will mean many regional supervisors expect firms to fully embrace managing culture and governance. Financial crime and cyber risk are areas where a holistic approach to risk governance will be critical, while Asia-Pacific regulators are shifting towards a dynamic supervisory model. Finally, we expect both regulators and firms to see emerging technologies, new open banking models, robust privacy and cyber risk management less as challenges to be overcome but rather as a growing capacity to be harnessed to give the Asia-Pacific region a competitive edge on the global stage.

Our 2019 Outlook takes stock of these developments, looking at what we see as the top nine issues over the next year, going beyond the detail to provide context, implications and insights into managing these risks.

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