After Barclays became the first bank to settle with US and UK regulators for a record fine for its conviction of manipulating Libor, global officials have called into question the way global interbank lending rates and submitted, calculated and monitored.

In the UK, Bank of England's governor Sir Mervyn King pledged to gather together with many central banking officials from around the world in September to discuss "radical reforms of the Libor system are needed" – he said.

Other jurisdictions, such as US and Canada are also seeking for an alternative to Libor after the self-reporting process has been subject of abuse and collusion.

Meanwhile, in Asia, different country regulators are conducting their own investigations into many domestic and global banks on interbank lending rate rigging.

Japan has already suspended operations for UBS and Citi following rate fixing scandals of their own, while Singapore is also reviewing banks that are involved with setting Sibor rates.

South Korea is also investigating banks for the same reason, while Hong Kong is reviewing both the structure and the fixing mechanism in its key benchmark lending rate known as Hibor.

I'm Lianna Brinded. For more Business and Economy news and for THIS full story check out our website:

Written and Presented by Lianna Brinded.