Newsletter August 2018

Secretariat News

Message from the Chairman

It is my great pleasure to re-introduce the ASIF newsletters, which are designed to keep our readers up to date with the latest developments of our member organizations. Here, you will find information ranging from past activities and upcoming events to interesting articles, along with experts’ viewpoints on regional finance, securities and investment-related issues. We plan to publish our newsletters four times a year, during the first month of each quarter.

For readers who may not be familiar with us, Asian Securities and Investments Federation (ASIF) was established in 1979 as an international co-operative organization. Our aims are to promote the interest of the finance and investment community of Asia and Oceania, and to assist in the development of finance and investment professionals through the interchange of ideas and provision of means to facilitate industry communication among the community. 

I hope you find our newsletters useful and informative. 

Paiboon Nalinthrangkurn 

ASIF Forum to be held on 15 October in Hanoi 

ASIF is pleased to announce the “ASIF Forum 2018 in Hanoi” which will be held in conjunction with the Annual General Meeting in Hanoi.

Main Theme:  Blockchain Technology and its application in Securities Business”
Time and Date: Afternoon of Monday 15 October 2018. (Tentatively 13:30-17:30)
Venue: Melia Hotel Hanoi
Speakers:  High quality speakers from among the ASIF’s member countries and Vietnam’s regulator will be invited as speakers, panelists, and a moderator.

ASIF will announce the details as soon as they are available.

FINSIA Summit 2018 

Join FINSIA at our first full day Summit in three years, where we will feature an international keynote speech from Dame Susan Rice who, as the first female CEO of a major British bank and former director of the Bank of England, brings a unique insight into raising professional standards.

APRA Chairman Wayne Byres SF FIN will also be speaking at our flagship event as banking and financial services leaders come together to navigate a pathway through the outcomes of Royal Commission and plan a way to restore pride in the industry.

Main topics: 

• Raising Professional Standards in Financial Services
• Consumers Expectations
• Building a Better Industry – Culture, Conduct and Competency
• The Future of Financial Services
• Professionalism into the Future

More speakers to be announced soon. 

Spaces are limited. Register now.

Event Date 11-Oct-2018
Registration: 7:45am - 8:15am
Sessions: 8.20am - 5.30pm 

Price - Early Bird Price available for a limited time 
Save hundreds on full price

Member Early Bird Price - $390 (Save $200 on Full Price)
Corporate Member Table Early Bird Price (group of 8) - $3,640 (Save $1,850 on Full Price)

Non-Member Early Bird Price - $780 (Save $400 on Full Price)
Corporate Non-Member Table Early Bird Price (group of 8) - $7,080 (Save $1,180 on Full Price)

Hugh DT Williamson Scholarship    

The Hugh DT Williamson Scholarship awards $16,500 to a FINSIA member aged 35 and under to undertake a leadership, education or professional development program of their choice.

FINSIA’s prestigious annual scholarship is awarded to an outstanding individual who can demonstrate leadership, professional qualifications, community and social responsibility as well as a contribution to the financial services industry. An independent panel of industry leaders and senior FINSIA members assess the applications and award the scholarship.

Announcing the 2018 scholarship winner ... 

Mark Sawyer

Mark has 10+ years of experience in the financial services industry, covering payments, debt, financial planning, foreign exchange and risk management, having worked in both Australia and New Zealand. 

In his current role Mark is accountable for the product, distribution and servicing functions for MyLife MyFinance (an ADI, 100% owned by CSF Pty Ltd - the trustee for Catholic Super). 

Are profit-based incentives compatible with a risk culture?

In financial services these days, there is broad agreement that risk management is the responsibility of all staff, not just senior leaders and risk specialists. The first and primary risk management responsibility lies with those who trade securities and derivatives, manage assets, issue loans, advise clients, underwrite insurance and provide brokerage services. Their job is to take risk on behalf of their employer, subject to certain constraints or risk policies/limits.

We designed an experimental study to mimic investment decisions taken by bank executives e.g. buying securities, granting loans, underwriting insurance. The participants had to do some simple analysis (with a calculator) and then decide whether to invest. During the one-hour lab session, they could invest in up to 60 transactions.

Read the full report here

Ethics in Banking RFi Conference 

Earlier this year, Kylie Blundell, FINSIA Head of Standards & Education presented the FINSIA professionalisation strategy and results of FINSIA’s recent consumer research with over 2000 respondents at this year’s Australian Retail Banking Summit held earlier this year by the RFi Group.   

Read more here

ASX Strengthens Governance Guidelines 

INWARD investors in Australia’s biggest companies can expect a raft of changes to board-driven culture from next year. 
They may not be immediately apparent but the ASX is strengthening rules to ensure boards and senior executives act in a lawful, ethical and socially responsible way.
Its Corporate Governance Council’s first revamp of its eight core principles since 2014, which will come into force in 12 months-time, is being described as an evolutionary process.
But there is no doubt the fallout from the financial services Royal Commission has had an impact.

Read more here

"Sharing economy" and the role of financial analysts  

by Yasuhiro Maehara, SAAJ

In 2014, Professor Jeremy Rifkin wrote a book called “the zero marginal cost society.”  He wrote that “the existing internet in communication coupled with the internet of digital renewable energy as well as the internet of automated transport and logistics has been creating the Internet of Things (IoT), which has become the basis of the Third Industrial Revolution.  The IoT has been growing in the so-called Collaborative Commons, which leads to the formation of “Sharing Economy”.  In the Collaborative Commons, the social capital becomes more important than the market capital. The Sharing Economy is a new type of capitalism and Professor Rifkin advocates that it will eventually replace the old capitalism.

Read more here