Maybank Asset Management Singapore (Maybank AM Singapore) has selected BNP Paribas Securities Services to provide ASEAN Passport fund servicing solutions.
Under the agreement, the French bank will offer fund servicing solutions including global custody, fund administration, reporting, and trustee services to Maybank AM Singapore.
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The move follows Maybank AM’s plans to launch a range of funds compliant with the new standards defined by the Standards of Qualifying Collective Investment Scheme framework or ASEAN Funds Passport scheme.
The new scheme is a set of common standards officially agreed in 2013 by the Monetary Authority of Singapore, the Securities Commission Malaysia, and the Securities and Exchange Commission of Thailand.
The Passport scheme facilitates the cross-border offering of collective investment schemes to retail investors in the three countries.
At the same time, Maybank Group’s securities services arm is working on a joint custody solution with BNP Paribas and Maybank Asset Management for the passport scheme.
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By GlobalDataNor’ Azamin Salleh, CEO of Maybank Asset Management Group, said: "We are collaborating with BNP Paribas to customize a set of fund servicing solutions that meets our cross-border distribution requirements under the ASEAN Funds Passport scheme. BNP Paribas will significantly expand the distribution reach of our innovative range of funds across South East Asia."
Mostapha Tahiri, head of BNP Paribas Securities Services Singapore, said: "We have further extended our range of award-winning solutions to RQFII and shariah-compliant funds, which should benefit from the strong cross-border inflows under the scheme."
"We are anticipating significant growth over the next five years and are actively working with local regulators to define the future of funds distribution in the region," he added.
