Webinar: Developments in Secured Transactions Law in Asia

On 26 November 2025, the Centre for Banking & Finance Law (CBFL) at NUS Law was pleased to host a webinar entitled “Developments in Secured Transactions Law in Asia” in collaboration with the Centre for Corporate and Commercial Law of the University of Cambridge and NUS Law’s E W Barker Centre for Law & Business. This event was convened by Professor Louise Gullifer (University of Cambridge) and Associate Professor Dora Neo (National University of Singapore), editors of the volume, Secured Transactions in Asia: Principles, Perspectives and Reform (Hart Publishing, 2021). In the webinar, contributors to the volume shared updates on developments in secured transactions laws in their respective jurisdictions. Prof Gullifer began the webinar by discussing the desirable features of secured transactions law. These include low-cost creation with minimal formalities, wide coverage of assets including future assets, effective enforcement, effective means of publicity and clear priority rules. Assoc Prof Neo introduced the speakers and provided a snapshot of secured transactions law in the thirteen jurisdictions covered in the volume at the time of its publication. Of these, there were no significant developments since the publication of the volume in Singapore, South Korea and Taiwan. Malaysia was also mentioned. Although it was not covered in the original volume, recent developments in Malaysia, namely the preparation of a draft Movable Property Securities Bill, reflect a wider interest in secured transactions law reform.

The first group of speakers discussed developments in common law jurisdictions. Mr Junayed Chowdhury observed that Bangladesh has now implemented legislation on secured transactions. He was of the view that the implemented law is much weaker than the draft version, lacking key provisions on conflict-of-laws and transitional matters. Mr Debanshu Mukherjee discussed developments in India, including proposed amendments to its bankruptcy code, recent changes to factoring rules, and a court decision on the auction process for secured assets. Prof Gullifer then discussed developments in Pakistan, based on information provided by Ms Zahra Abid. Recent amendments have brought Pakistani law closer to the UNCITRAL Model Law on Secured Transactions, for instance, by improving definitions and processes for creating, registering, and acquiring security interests.

The next group of speakers covered developments in civil law jurisdictions. Dr Wang Lebing discussed China’s implementation of its new civil code, which split its previously unified law on secured transactions into various parts. The new code also introduced atypical security interests and reformed the system of registration. Dr Aria Suyudi noted that an amendment to the law of secured transactions in Indonesia is listed as a legislative priority for 2026. The creation of a new asset registration agency has proven to be popular. Professor Megumi Hara discussed changes introduced by new Japanese legislation in 2024 and 2025, principally focusing on the “joto-tanpo” legal form, which is now recognised as a security right. Prof Hara also noted that enforcement of security rights is now possible through private means.

Ms Griselda G Santos discussed developments in the Philippines where a register of personal property securities was operationalised in 2025. Dr Parawee Kasitinon noted that certain criminal offences under Thai law on security have now been replaced by regulatory penalties. Additionally, the Bank of Thailand is pursuing improvements to digital factoring in the country. Finally, Ms Huyen Pham discussed developments in Vietnam, noting the introduction of new legislative decrees on secured devices and registration of security interests. Ms Pham also noted that a recent resolution of Vietnam’s Politburo is encouraging the adoption of movables and supply chain finance, to support Vietnam’s SME sector.

The webinar concluded with questions from the online audience and closing remarks from Prof Gullifer and Assoc Prof Neo.

A recording of the webinar is available on the following platforms:
YouTube
Spotify
Apple Podcast