Asia Business Law Journal – January/February 2024

Year of transformation

Progressive legal frontiers define face of development

As we welcome a fresh year with optimism, the Asian legal sector is bursting with activity shaped by transformative forces. Elections, evolving political landscapes and swift regulatory adjustments paint a dynamic picture of opportunity amid the challenges.

Apart from politics and the economy, Asian businesses and their in-house counsel are grappling with cybersecurity, a key focus of our Cover story, Under attack. This story emphasises new stringent rules that are requiring company leaders and legal teams to report cyberattacks and incidents promptly and precisely, despite lacking a clear deadline.

Many jurisdictions are struggling to keep up with change while others are more confidently keeping pace. We analyse what’s happening elsewhere in the world as well as here in Asia on disclosure compliance. The clear need for improved cybersecurity protection and disclosures is a collective duty in our digital era.

Introducing our Intelligence report, titled On the move, we dive into a dynamic world where law firms in Asia are surviving and thriving. While China has seen some high-profile law firm exits in recent times, a reversal of sorts is occurring in the Greater Bay Area, where interest and activity is high. The article navigates tales of progress in China, India, the Philippines, South Korea, Thailand and Vietnam.

In Focus this issue is titled 2024: Spheres of influence, and highlights how Asia is weathering global turmoil. We zoom in on the region’s internal settings, from China tackling economic challenges to other nations in South and Southeast Asia benefitting as companies hedge their bets against an over-reliance on China.

With geopolitical tensions on the rise, several jurisdictions are ringfencing certain sectors from foreign control, or putting curbs on cross-border investment. The challenges of technology and the legal sectors that are tipped to perform this year are all covered in this article, and make for an exhilarating read.

In Roadmap for a Superhighway, we pivot discussion towards the monumental potential within India’s infrastructure domain. Here, revered expert Mukul Shastry offers insights into overcoming the legal and regulatory hurdles that could unlock India’s potential to accelerate towards a USD10 trillion economy.

We are also thrilled to present our Japan Outbound Investment Guide, which provides articles that gather advice from legal experts around the region and further afield. Its purpose is to keep Japanese in-house counsel and senior management well-informed about the matters they must consider when venturing into specific territories.

Additionally, we bring you our Regional guide on AI regulation laws. Here, you will find practical advice from legal experts in different jurisdictions offering the newest insights and trends in AI regulations within Asia.

This issue also features two in our popular Head to Head series, focusing on digital banking and data privacy. The data privacy articles offer a side-by-side comparison of the laws that control technology and personal rights in Japan, Thailand and the Philippines. Meanwhile, the digital banking series looks at how regulation and compliance in Japan and South Korea are swiftly changing in this crucial financial area.

Our Expert briefing explores the evolving landscape of the Goods and Services Tax (GST) in India and its impact on taxpayers. The discussion navigates into several key developments, providing a detailed assessment of the current state of India’s GST framework.

We also invite you to explore the Thailand Law Firm Awards 2024, where we acknowledge the country’s leading law firms for their excellence in the past year. Awards were presented to Baker McKenzie as the Law Firm of the Year, as well as four standout firms for Best Overall Law Firm, with the Best New Law Firm and various law firms excelling across 26 categories.

Finally be sure not to miss our annual Taiwan A-List, where we showcase the top 100 lawyers in the country. These legal experts are chosen through nominations from clients both in Taiwan and around the world, as well as by accolades from their international peers.