Australia and Singapore lead Basel II adoption
Singapore and Australia are now the leading countries in the Asia-Pacific region in the implementation of the new capital framework, Basel II, according to a report by Celent, an international financial consultancy.
Although Asian countries are not required to adopt the Basel II framework, leading countries in the region are driven by the competition to become a regional financial hub, as well as to embrace best practice in risk management in emerging markets, according to a study into the progress in Basel II adoption.
Cubillas Ding, Celent's senior analyst in the Securities and Investments Group, who authored the study, says many European banks are lagging because they have had to revisit their Basel II
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