COVID-19: What Can the Rest of the World Learn From Asia?

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With COVID-19 continuing to spread globally, most Asian markets are at least six weeks ahead in terms of crisis management and alternative workplace policies. To some Asian countries, it seems like deja vu as they watch the rest of the world face similar challenges that troubled the region a few weeks ago. While Asia Pacific is still not out of the woods yet, there might be a lesson or two that the rest of the world can learn from the region in terms of pandemic policies, regulatory affairs and security.

“There’s cheap funding for SMEs, credit extension, and funding schemes also going directly to corporates. There’s a clear message from all central banks, and that is liquidity is not going to be an issue,” said Meena Datwani, EY APAC Regulatory Affairs Senior Advisor and former Hong Kong Monetary Authority banking regulator, in Lynk’s recent COVID-19 webinar.

COVID-19 has also posed new challenges to global businesses as they go digital with their operations. “Criminals will do anything to make money,” said Lonneke van Zundert, APAC financial crimes and security expert, “disruptions in the workforce are leading to less oversight of systems and operations which can leave the door open to internal systems breaches, fraudulent account activity, contract fraud and more”.

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