ASIFMA 2026 Asia-Pacific Capital Markets Survey: Top 8 APAC Markets for Ease of Doing Business are Singapore, Hong Kong, Australia, Japan, India, Taiwan, China Mainland & South Korea, Top 11 Product & Service Lines to Expand are Equities, Fixed Income, FX, Asset Management, ESG & Sustainability, Wealth Management, Investment Banking, Prime Brokerage, Commercial / Corporate / Institutional Banking, Commodities & Custody / Securities Services
1st July 2026 | Hong Kong
The Asia Securities Industry and Financial Markets Association (ASIFMA) & KPMG have released the ASIFMA 2026 Asia-Pacific Capital Markets Survey – Top 8 APAC Markets for Ease of Doing Business are Singapore, Hong Kong, Australia, Japan, India, Taiwan, China Mainland & South Korea. Top 11 Product & Service Lines to Expand are Equities, Fixed Income, FX, Asset Management, ESG & Sustainability, Wealth Management, Investment Banking, Prime Brokerage, Commercial / Corporate / Institutional Banking, Commodities & Custody / Securities Services. Announcement (30/6/26): “Confidence in Asia-Pacific capital markets has reached its highest point since the Asia-Pacific Capital Markets Survey was first published, with two-thirds of financial firms planning regional expansion over the next three years, according to the survey’s 2026 edition released today by the Asia Securities Industry and Financial Markets Association (ASIFMA) in collaboration with KPMG. Now in its fifth annual edition, the survey assesses how ASIFMA member firms view operating conditions across APAC in terms of market development and the regulatory and operating environments. This year’s survey reflects responses from 34 ASIFMA members spanning 13 APAC markets, with the participant mix comprising 60% sell-side firms and 40% buy-side. The survey covered Australia, Chinese Mainland, Hong Kong SAR, India, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. The core finding of this survey is one of sustained positive sentiment toward Asia-Pacific. 66% of respondents indicate plans to expand their business in the region over the next three years — an all-time high, up from 59% last year and 40% in 2023/24. The proportion of participants with no expansion plans (22%) or who remain undecided (13%) is at a new low, and no firm reported plans to exit any surveyed APAC market. The broader picture, however, suggests that competition among APAC jurisdictions for capital and investment is intensifying. Participants appear more selective and disciplined in how they deploy resources, with expansion intentions moderating in several traditionally core destinations and shifting in others. Firms are increasingly weighing relative attractiveness across markets, rather than treating APAC as a uniform growth opportunity. In terms of Digital Assets and Artificial Intelligence (AI), firms are channelling investment into regulated, lower-risk use cases, with regulatory clarity and cross-border harmonization cited as the most important enablers of further growth in both areas. Tokenized securities lead planned digital asset offerings while appetite for nascent or unregulated activities remains limited, and AI deployment is concentrated in back-office automation, customer service, and fraud detection with participants noting that fragmentation across APAC, in both digital asset and AI regulation, continues to constrain wider adoption. Regarding ESG and Sustainable Finance, APAC participants remain committed to sustainable finance even as global sentiment cools, with the industry’s own capability gap emerging as the principal area for development. With respect to individual market assessment, Singapore retained its position as the region’s top-ranked market for ease of doing business, with Hong Kong SAR reclaiming second place. India and Chinese Mainland both recorded notable upward movements in the rankings, reversing last year’s declines. Across the region, the markets viewed as most attractive tend to combine open capital accounts, internationalized talent pools, predictable regulatory frameworks, and active two-way industry dialogue.” Respondents – 34 ASIFMA members spanning 13 APAC markets, with the participant mix comprising 60% sell-side firms and 40% buy-side. The survey covered Australia, Chinese Mainland, Hong Kong SAR, India, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.
“ ASIFMA 2026 Asia-Pacific Capital Markets Survey: Top 8 APAC Markets for Ease of Doing Business are Singapore, Hong Kong, Australia, Japan, India, Taiwan, China Mainland & South Korea, Top 11 Product & Service Lines to Expand are Equities, Fixed Income, FX, Asset Management, ESG & Sustainability, Wealth Management, Investment Banking, Prime Brokerage, Commercial / Corporate / Institutional Banking, Commodities & Custody / Securities Services “
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Peter Stein, CEO of ASIFMA: “We are highly encouraged by the confidence in Asia-Pacific’s huge potential reflected in ASIFMA’s Asia-Pacific Capital Markets Survey results this year, despite geopolitical challenges. We can also see greater competition for global capital, with the survey providing a valuable barometer to track how that competition is playing out across the region’s capital markets.”
David Lonergan, Head of Financial Services – Governance, Risk & Compliance Services, Hong Kong SAR, KPMG China: Participants highlighted the value they place in the Asia Pacific region, as both a key growth engine and a region of relative stability, supporting their long-term strategies. They also emphasized the ongoing efforts across individual markets to strengthen two-way dialogue with industry to ensure competitiveness while managing respective risks. Through this report, we aim to help translate ongoing dialogue into meaningful action, bridging the gap between policy intent and implementation to support consistent progress across markets. We believe this report can play a role in enabling more coordinated engagement between regulators and industry, helping drive the next phase of growth across Asia Pacific markets.”
Asia Securities Industry and Financial Markets Association (ASIFMA) – ASIFMA is an independent, regional trade association with over 140 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative, and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exchanges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides insights on global best practices and standards to benefit the region. More information about ASIFMA can be found at: www.asifma.org.
KPMG International – KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 138 countries and territories with more than 276,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
ASIFMA 2026 Asia-Pacific Capital Markets Survey: Top 8 APAC Markets for Ease of Doing Business are Singapore, Hong Kong, Australia, Japan, India, Taiwan, China Mainland & South Korea, Top 11 Product & Service Lines to Expand are Equities, Fixed Income, FX, Asset Management, ESG & Sustainability, Wealth Management, Investment Banking, Prime Brokerage, Commercial / Corporate / Institutional Banking, Commodities & Custody / Securities Services
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