Asia’s Insurance Firms Navigate Rapid Regulatory Changes

Insurance companies with operations in multiple Asian markets face significant hurdles, especially regulatory changes, reporting demands, and subsidiary management. These issues are putting pressure on their normal operations.

During Sibos 2024 Beijing, Francois Verlaine, Managing Director and Head of ASEAN & South Asia for Financing & Securities Services at Standard Chartered Bank, highlighted the immense pressure from the rapid regulatory changes. The speed of deploying and addressing these regulations and the associated data requirements are key concerns, he said.

Reporting expectations for retail and institutional customers and regulators also pose a challenge. Verlaine noted the demands for specific types of information and quick delivery, which increase the pressure. Standard Chartered is streamlining processes with straight – through processing (STP), reducing manual work, and ensuring data accuracy. Its single operating platform across 39 markets simplifies custody services for insurance clients, enabling regional operation harmonization. Data – driven solutions, along with AI and microservices, are also improving efficiency and providing valuable insights to clients.

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