South Korea business law overhaul plans will scrap prison terms for most non-malicious corporate violations and significantly raise fines for serious misconduct, under reforms covering 331 economic statutes, the government said. The South Korea business law overhaul shifts enforcement away from a punishment-first model toward corrective orders and financial sanctions to speed up resolution. Under proposed changes, the Fair Trade Act’s cap on fixed fines for abuse of market do

Philippines tax audit reform is drawing support from business groups after the Federation of Filipino-Chinese Chambers of Commerce and Industry endorsed moves to tighten Bureau of Internal Revenue audit controls. The Philippines tax audit reform includes limiting which BIR offices can issue Letters of Authority and building a central digital platform to verify their authenticity, following a November suspension of field audits. FFCCCII president Victor Lim said the changes se

Hong Kong family office tax reforms are expected to spur new fund launches and attract additional single-family offices once legislation takes effect next year, analysts said. Single-family offices are projected to rise from about 2,900 this year to as many as 3,500 by 2028. The government is widening eligible vehicles for incentives, including pension and endowment funds, and removing rules that treated bond interest as incidental income that could jeopardise exemptions. Ken

Singapore SFO tax incentive reforms are likely to move ahead as the Monetary Authority of Singapore seeks to keep the city competitive as a global wealth hub despite heightened scrutiny, industry observers said. Singapore has strengthened its reputation through swift and transparent handling of a SGD3bn (USD2.2bn) money-laundering case in 2023 and scrutiny linked to Cambodia’s Prince Group, reinforcing confidence in governance standards. MAS has proposed streamlining document

South Korea corporate reform is entering what the Korea Enterprises Federation chairman Sohn Kyung-shik described as a “golden time” for economic transformation, as he urged policymakers to push structural changes to revive innovation and risk-taking. In a New Year address, Sohn called for easing rigid labour regulations, arguing that inflexible rules undermine productivity and slow adaptation to industrial change. He said labour-market reform could also help address debates

Thailand virtual banks 2026 are expected to begin operations by mid-year, with three approved consortiums preparing to roll out services by June 2026, and potentially earlier if ready, a Bank of Thailand assistant governor said. The central bank requires successful applicants to start business within one year of finance ministry approval granted on June 19, 2025. The winning groups include ACM Holding and Ascend Money’s TrueMoney backed by CP Group; a Krungthai Bank-led conso

China shadow banking scandal concerns have escalated after police in Zhejiang detained Yu Faxiang, chairman and chief executive of Hong Kong-listed Haichang Ocean Park Holdings, as authorities probe alleged wrongdoing tied to delayed repayments on multibillion-yuan wealth management products issued by Sunriver Holding Group, a firm he controls. Haichang said it was informed by Yu’s family that police had imposed criminal compulsory measures and opened an investigation, adding

South Korea economic security reforms are set to accelerate as the Ministry of Trade, Industry and Resources undertakes its biggest reorganisation in 12 years, creating a new Industry Resources Security Office to act as a control tower for supply-chain and trade security. The Cabinet-approved plan adds one office-level unit, a director-level post, four divisions and 36 staff, the ministry said. South Korea economic security initiatives will also include appointing an industr

Indonesia tax audits of wealthy families are intensifying as the government seeks additional revenue with the budget deficit outlook moving closer to the legal cap of 3% of GDP, according to people familiar with the matter. Officials have stepped up reviews of high-wealth taxpayers, including summoning individuals to discuss returns, while several tycoon-run firms have been asked to make extra payments. In some cases, Indonesia tax audits of wealthy families have involved req

South Korea financial consumer protection is set to be strengthened as the Financial Supervisory Service plans organisational changes, including creating a new division reporting directly to the governor. The regulator said the existing consumer protection office will be upgraded with broader supervisory powers over product design, approval and sales practices across financial sectors, reinforcing South Korea financial consumer protection standards. The FSS will also establis

Malaysia family offices have received conditional approval to establish operations in the Forest City Special Financial Zone in Johor, with six single-family offices expected to bring about MYR400m (USD84.6m) in assets, according to an October briefing by the Securities Commission. The regulator said it has logged more than 30 expressions of interest for the zone’s zero-tax scheme, part of a broader effort to revive Forest City, a stalled four-island development launched in 2

Hong Kong-domiciled funds saw assets under management rise 36% year-on-year to HKD2.27tr (USD29bn) in the third quarter, highlighting the city’s resilience and deeper integration with global markets, according to the Securities and Futures Commission. The number of locally domiciled funds increased 7.8% to 1,022 as of September, with net inflows of HKD46.9bn during the quarter. SFC chief executive Julia Leung Fung-yee said Hong Kong’s markets showed steady and diversified gro

The Philippines has moved closer to reforming its bank secrecy regime after lawmakers approved on second reading amendments to the Philippines bank secrecy law granting the Bangko Sentral ng Pilipinas broader investigative powers. House Bill No.6707 would allow the central bank to examine bank deposits of officers and employees suspected of fraud, tax evasion, money laundering or other financial crimes once the Monetary Board determines reasonable grounds. The bill also exten

Hong Kong family office policy must continue to evolve if the city is to remain competitive even after rolling out a new framework and what Andrew Weir described as “excellent” tax concessions. The Financial Services Development Council vice-chairman said global competition remains intense and Hong Kong cannot stand still if it wants to attract more family offices as part of a broader financial ecosystem. He said the city has taken a “quantum step forward” over the past year

Hong Kong market reforms are needed to keep the city a leading capital-raising hub as markets digitise and competition among financial centres intensifies, the Financial Services Development Council said. In a concept paper, the FSDC urged Hong Kong market reforms to deepen liquidity beyond equities, spanning fixed income, private-market assets and offshore yuan products, alongside infrastructure upgrades to speed settlement and support multi-asset, multi-currency issuance. T

USD stablecoins dominance is reshaping global digital finance, prompting calls for Taiwan to issue a New Taiwan dollar stablecoin to safeguard monetary sovereignty and keep exporters competitive, fintech expert Jeff Wen said. He noted that USD stablecoins dominance accounts for about 99% of global issuance and allows tokens to move rapidly across borders. Wen argued that a Taiwan-issued stablecoin would enable tokenised real-world assets to be priced and settled locally as fi

Hong Kong has launched a public consultation on adopting the OECD’s Crypto-Asset Reporting Framework and updating the Common Reporting Standard, setting the stage for Hong Kong crypto tax data sharing with partner jurisdictions from 2028. The government plans to pass amendments to the Inland Revenue Ordinance next year and roll out the revised CRS from 2029, aligning the city with global standards on tax transparency and digital assets. Under the proposal, reporting financial

South Korea’s finance ministry is stepping up oversight as Korea won weakness persists near levels last seen during the 2009 financial crisis, setting up a task force with exporters, securities firms and regulators, officials said. Operating under the international finance bureau, the group will monitor exporters’ currency-conversion behaviour and consider incentives for companies that convert foreign-currency earnings back into won. The won has remained below 1,450 per dolla

China’s securities regulator has urged the country’s roughly 160 mutual fund houses to introduce performance-based pay structures under tightening China mutual fund pay rules, increasing oversight of an industry shaken by recent scandals and Beijing’s “common prosperity” drive to rein in excessive earnings. Draft guidelines issued by the China Securities Regulatory Commission would allow fund performance to account for as much as 80% of managers’ annual pay, the official Secu

The Philippine Securities and Exchange Commission is accelerating capital market reforms to ease long-standing liquidity constraints and close gaps with ASEAN peers in market depth and product diversity, SEC chairman Francisco Ed. Lim said at a business forum. The regulator has tightened service standards, shortened decision timelines and introduced a deemed-approved mechanism for filings that go unanswered beyond prescribed periods, alongside a standard 45-day review window