The Finance Ministers of various Asian countries have signed an agreement to jointly develop a funds management system that facilitates cross-bordering fund offerings in the region.

The Finance Ministers of various Asian countries have signed an agreement to jointly develop a funds management system that facilitates cross-bordering fund offerings in the region.

The Asia Region Funds Passport is an initiative of the finance ministries of Singapore, Australia, Korea and New Zealand which when implemented will offer fund managers operating in a passport economy a direct route to distribute their funds in other passport economies. In addition, the ministers also endorsed a framework document that sets the principles, basic arrangements and indicative timeline that while guide the ARFP's development. 

Each of the four economies will conduct a joint public consultation in 2014 on the detailed rules and arrangements needed to implement the programme. Following that, economies who decide to participate in the passport will work together toward the launch in 2016. The State of Intent was signed in Bali, Indonesia.