Clearstream shares its experience as advisory member at AFSF Knowledge Sharing Workshop in Mumbai, India
As part of its Asia strategy to support standardisation initiatives and operational efficiency in cross-border funds processing, Clearstream has for the first time participated as advisory member at the Asia Fund Standardisation Forum (AFSF) Knowledge Sharing workshop 2017, in Mumbai, India - an annual meeting of its members and advisors to discuss topics related to fund processing in the Asia region.
Clearstream’s presence and contributions at the workshop were highly appreciated by the members of the AFSF. As new advisory member at the AFSF, Clearstream representatives Tilman Fechter, Member of Executive Board and Michelle Goh, Head of IFS Product Management, Asia Pacific from the Singapore office, shared their experience on how to best optimise efficiency, asset safety and standardisation in the global funds industry during the workshop.
The presentations and debates during the 2-day workshop from 12 to 13 September 2017 covered a wide range of CSD fund services, fund market developments and newly established fund platforms.
The AFSF forms a group of 14 Asian CSDs from 13 economies aiming to advance fund back-office processing by standardising operations for cross-border fund transactions in Asia. In its role as advisor and with its growing presence in Asia, Clearstream is pleased to share its knowledge on standardisation and automation initiatives for cross-border fund processing in Europe in this forum.
As an active member in many international standardisation committees and advisor to numerous global fund industry practice groups, Clearstream is an ideal partner for Asian CSDs to expand their reach to the international fund markets.
Asia’s fund market infrastructure is still very fragmented across economies. In comparison with the European market, back-office processes for fund transactions in Asia still rely heavily on manual processing with rather lower levels of automation and standardisation.
The establishment of the AFSF was against the changing landscape of the fund industry in Asia, with the consensus of the Asia-Pacific CSD Group, ACG, an international organisation aiming to promote cooperation and mutual assistance among member CSDs. The AFSF was established as a consultative body aiming to study diverse transaction models in Asia to promote the standardisation of fund back-office processing, given the development of fund processing in each domestic market and the various passporting schemes, like the ASEAN CIS, the Mainland China – Hong Kong MRF and the upcoming Asia Region Funds Passporting (ARFP).