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"For example, we believe now is actually a good opportunity to accelerate digital and online platforms and enhance internal competence, such as in learning and training," he said.

"Having reviewed the circumstances surrounding Mr al-Araibi, it is clear that human error occurred within the ABF process," Commissioner Michael Outram told a Senate hearing on Monday night.

"Good products and good brands always succeed," said Froehlich.

"Foreign firms tend to have extensive international experience and they are strong in business areas such as principal securities trading (where the securities firms use their own capital for capital market investments to realize higher profits), capital and fixed-income, foreign exchange and commodities markets. Their presence will bring more competition and force local securities firms to accelerate development, which will help energize the Chinese market, and boost the regulator's goal to further open the financial industry," Zhang said.

"Global governance is totally unfit for 21st-century purpose and not least for fighting this pandemic. This thing is developing, not least within the southern hemisphere in places like Africa. These countries are going to need massive support. We are not seeing any of that," he said.