This paper examines the evolving role of non-bank financial institution (NBFI) in Asian government debt markets and the associated regulatory and systemic challenges. It begins by defining and classifying NBFI, highlighting their growing importance in debt intermediation and providing an overview of government debt markets across key Asian economies, including China (Mainland), Japan, India, Hong Kong Special Administrative Region (Hereinafter SAR), and Singapore. Asia provides an early-warning environment where sovereign–NBFI linkages are growing before crisis-scale amplification seen in advanced economies […]