Third party funding has long been recognised in several Western jurisdictions as an effective risk management tool that can curb the potential losses and soaring costs associated with large and complex judicial and arbitral proceedings.This is particularly true of investment arbitration which has seen a steady escalation in the quantum of claims and the costs of protracted proceedings over more complex disputes.The year 2017 marked a turning point in Asia through carefully crafted legislation for the financing of legal claims by third party funders in Hong Kong and Singapore.This chapter gives a practical overview of the legislation in both jurisdictions and its intended impact on the legal landscape.The consequential amendments to secondary rules within these jurisdictions are analysed, with a particular focus on Hong Kong and its position to mainland China.Practical considerations as to whether this change in the industry augurs well for the eventual extension of the practice beyond the realm of arbitration are also covered.Finally, several ethical issues are addressed that will feature in the operation of third-party funding in these jurisdictions such as disclosure, control and cost implications.