Australia and Singapore lead Basel II implementation in Asia

Australia and Singapore’s banks are leading the Asia-Pacific region when it comes to the implementation of Basel II, according to a report released this week by Standard and Poor’s. But even banks operating in these countries face considerable challenges in meeting deadlines set by their national regulators.

Banks in Australia and Singapore are making good progress in implementating Basel II, largely because of their own preparations but also because of the reasonable regulatory timetables set by the Australian Prudential Regulatory Authority (Apra) and the Monetary Authority of Singapore (MAS), says Ryan Tsang, a financial services ratings credit analyst at Standard and Poor’s in Hong Kong. “Australia and Singapore are doing more and progressing faster,” he says.

But banks in Australia and