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OECD-Digitalisation and Finance in Asia
December 17, 2021--The Asian region is home to the highest number of online internet users, who are the demographic most keen to adapt new technologies and most comfortable with using cashless payments, crypto-assets, and digital financial services. At the same time, parts of the Asian region remain unbanked or underbanked. The rapidly growing digital innovation in finance has allowed citizens of all countries to enjoy greater accessibility to financial products and services, unlocked, for example, through smartphone applications.
This underlines the significant potential that the digitalisation of financial services could have with respect to financial development and financial inclusion in such parts of Asia, and beyond.
This report examines FinTech applications and use cases in the Asian region and provides an overview of the most recent and prominent digital innovations in finance. It reviews policy tools used by jurisdictions in the region, and suggests policy responses intended to support financial innovation while ensuring that the use of such mechanisms is consistent with promoting financial stability, market integrity and competition, while protecting financial consumers.
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Source: OECD
Indonesia's Economy Grew in 2021 Despite COVID-19, Will Accelerate in 2022, World Bank Report Says
December 16, 2021--Accommodative Policies, Expanding Vaccination Key to Economic Momentum
The Indonesian economy continued to recover in 2021 despite moderating due to the COVID-19 Delta variant wave mid-year. The economy is estimated to have expanded 3.7 percent this year and is forecast to accelerate to 5.2 percent in 2022, the World Bank said on Thursday.
The projection assumes that Indonesia will avoid another severe COVID-19 spike, achieve 70 percent vaccine coverage in 2022 in most provinces, and maintain accommodative monetary and fiscal policies. It also assumes that global trade growth and commodity prices will moderate. These issues are discussed in detailed in the World Bank's latest Indonesia Economic Prospects report, A Green Horizon, Toward a High Growth and Low Carbon Economy.
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Source: worldbank.org
Thailand Economic Monitor December 2021: Living with COVID in a Digital World
December 14,2022-Key Findings
After being severely hit by a surge of COVID-19 cases in the third quarter, economic activity has subsequently rebounded.
The economy is expected to grow by 1.0 percent in 2021, unchanged from our previous projection published in October.
This reflects weakness in private consumption due to COVID-19, and the expectation that tourist arrivals will remain negligible through to the end of 2021, despite the recent reopening of international borders.
Exports of goods have supported growth, reflecting strength in global demand, and investment is expected to expand strongly.
Cash transfers, public health initiatives, economic recovery programs and other forms of fiscal support have helped shore up private demand while supporting consumption among vulnerable households and attenuating the impact of the crisis on poverty.
Economic activity is expected to return to its pre-pandemic levels end-2022, with progress on vaccinations and a resumption of tourist arrivals providing support for the recovery.
Growth is projected to accelerate to 3.9 percent in 2022 and 4.3 percent in 2023, driven by a recovery in service sector activity.
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Source: worldbank.org
Australia: Selected Issues
December 6, 2021-- REIGNITING PRODUCTIVITY GROWTH IN AUSTRALIA1
Unprecedented macro policy stimulus and relatively quick suppression of the virus in 2020 helped the Australian economy recover strongly from the recession induced by the COVID-19 pandemic. Although recent outbreaks pose new near-term challenges, attention is also increasingly turning towards the need to reignite productivity growth, which had slowed significantly before the pandemic.
A strong structural reform push can help address long-standing challenges that constrain productivity growth. Key priorities include increasing productivity-supporting investments in R&D and information and communication technology (ICT) and renewed product market reforms to enhance competitive forces. A. Introduction1.
Productivity growth, the key driver of improvement in living standards, had slowed in many advanced economies heading into the pandemic. As discussed in Adler and others (2017),the widespread slowdown in total factor productivity has been attributed to various factors, including hysteresis effects from the global financial crisis (weak corporate and financial sector balance sheets, combined with elevated uncertainty, held back productivity-enhancing investments) as well as structural headwinds that pre-dated the financial crisis (waning of the ICT boom, slowdown in global trade, and headwinds from demographic changes).
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Source: imf.org
Nearly a third of Singapore's financial assets exposed to climate risk, says central bank
December 6, 2021--The Monetary Authority of Singapore (MAS) has estimated that 30% of financial assets in the island-state could face shifts in valuations or higher costs of doing business as the world transitions to a low-carbon economy.
The figure primarily refers to climate 'transition risk' one of the two channels through which climate change risk is transmitted to the financial system.
The other channel, known as 'physical risk' or the physical impacts of climate change on the economy, was not considered by MAS due to "data limitations as well as the complexity and uncertainty associated with extreme weather events".
The study, which was included in MAS' annual financial stability review published today, did not provide a financial value for the assets it identified.
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Source: responsible-investor.com
Citi applies to re-enter China investment banking market
December 3, 2021--Wall Street group wants to launch a wholly owned business after exiting securities joint venture in 2019.
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Source: FT.com
Thailand's Bitkub plans crypto expansion in SE Asia
December 2, 2021--Bitkub will replicate its crypto exchange model across select SE Asian markets while, in Thailand, it will invest towards developing new product offerings to create more use cases. Bitkub is looking to enter only those SE Asian markets that are still fragmented with no clear market leaders.
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Source: dealstreetasia.com
China-Singapore ETF connectivity plan is 'making good progress', regulator says
December 1, 2021--Statement from the China Securities Regulatory Commission has not elaborate on timeline or other details
China and Singapore are "making good progress" in developing an exchange traded fund connectivity programme, according to a statement from China's securities regulator.
"Currently, there has been positive progress made in a joint programme between Shenzhen Stock Exchange and the Singapore Exchange, and both sides will actively push for early realisation of connecting the ETF markets," according to a transcript of a speech made by Fang Xinghai, vice chair of the China Securities Regulatory Commission.
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Source: ft.com
UOB Asset Management launches world's first APAC green REIT ETF
November 25, 2021--The ETF attracted more than $80m in assets.
UOB Asset Management announced the listing of the UOB APAC Green REIT ETF, attracting more than $80m in assets during the initial offering period, which ended on 18 November.
This is also the world's first ETF that aims to allow individuals to invest in quality repent REITS across the Asia Pacific.
The ETF also aims to replicate the success of the recently launched iEdge-UOB APAC Yield Focus Green REIT Index, done in partnership with SGX and GRESB. 50 higher-yielding REITs across APAC are tracked by the index. Evaluation of these REITS is based on data from GRESB on their environmental performance.
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Source: sbr.com.sg
CSOP's China bond ETF grows 10-fold amid robust foreign inflows
November 15, 2021--A Hong Kong-listed China onshore bond fund saw its size jump 10-fold over the past month on strong money inflows, its asset manager said on Tuesday, underscoring growing foreign interest in the world's second-biggest bond market.
The CSOP Bloomberg China Treasury + Policy Bank Bond Index ETF saw its asset under management (AUM) grow to more than 5 billion yuan ($784.61 million), after attracting "sizable" investments from institutional investors, CSOP Asset Management Ltd said in a statement.
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Source: reuters.com