The Australian financial services industry is underprepared for the opportunities presented by free trade agreements (FTA) with Japan, China and South Korea, says Finsia.
With Asian markets set to grow between 2.5 per cent and 7 per cent in coming decades, Australia must do more to benefit from the opportunities in exporting financial services expertise and talent, according to a Finsia-issued statement.
Finsia chief executive Russell Thomas said: “The signing of the FTAs isn’t an end point, but the start of what could be a once-in-a-generation opportunity to build a world-class financial services export industry.”
“We really need to focus on how the Australian financial services industry is preparing its people to work offshore and in exporting financial services to meet increasing demand from Australia’s regional neighbours.”
Significant macro factors – such as the rapid urbanisation and consumer-based growth in India and China – point to the reality that Asia is establishing itself as a major financial centre.
“Now is the time to build the services that will help members benefit from the rising demand for financial services and products in Asia.
“We talk about ‘Asia’ quite broadly when we should be thinking about each of the 17 countries in that area and how best we can take our best people and services to them,” he said.
Finsia is currently working on initiatives for Australian qualifications to be recognised in other markets.
Mr Thomas also pointed out that Australian firms' need to consider cultural factors when expanding within Asia.
“The people question in the export of financial services is absolutely important to this industry,” he said.
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