The 29th ASEAN Senior Level Committee Meeting for Financial Integration took place yesterday in Malaysia. Deputy Governor of the Central Bank of Myanmar Dr Lin Aung alongside officials participated virtually.

The meeting commenced with opening remarks from representatives of the Central Banks of Vietnam and Indonesia, who co-chaired the session. The Malaysian Central Bank, holding the ASEAN chairmanship for 2024, presented key financial integration priorities. Representatives from the International Monetary Fund and the ASEAN+3 Macroeconomic Research Office provided insights into the current macroeconomic and financial developments at both global and regional levels.

The ASEAN Secretariat then outlined progress on ongoing financial integration initiatives, updates on the ASEAN Economic Community’s financial sector and developments related to the AEC Blueprint 2026-2030 and financial sector strategic plans. Deputy Governors from various central banks discussed necessary recommendations.

Subsequently, the meeting covered measures to strengthen cooperation among central banks and financial ministries, including a proposed framework for enhanced collaboration. The Malaysian Central Bank presented the draft agreement and terms of reference for the Senior Level Committee, which were then endorsed by the Deputy Governors.

Co-chairs of various financial integration task forces also provided updates on key areas such as banking integration, financial liberalization, capital market development, inclusive finance, financial services, payment and settlement systems and regulatory oversight.

In the afternoon session, the financial committees presented risk assessment reports, followed by discussions on long-term financial stability and crisis resilience strategies. The Malaysian Central Bank explained the meeting on ASEAN’s cybersecurity initiatives, including measures to counter cyber threats and establish a secure information-sharing platform. The Philippine Central Bank reported on the ASEAN Currency Exchange Initiative with plans to formalize the agreement by 2025.

The ASEAN Bankers Association then outlined frameworks for financial data exchange between ASEAN nations, while Deputy Governors provided guidance.

The Bank of Thailand presented a summary of a secure and inclusive digital financial framework, followed by closing remarks from the Central Banks of Vietnam and Indonesia as co-chairs of the 29th ASEAN Senior-Level Committee on Financial Integration.

MNA/KZL

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