This annual event of the regional banking community was attended by banking associations of ASEAN countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Phillippines, Singapore, Thailand and Vietnam.
At the meeting, members of the ASEAN Bankers Association (ABA) focused on discussing topics of regional bankers’ interest such as sustainable financial development, financial inclusion, application of modern technologies, human resource development, etc., as well as proposing initiatives for cooperation and action plans.
Speaking at the meeting, Mr. Le Luong Minh, ASEAN Secretary-General, said that in the process of integration and establishment of the ASEAN Economic Community (AEC), in order to formulate a single market and production base, as well as to help ASEAN integrate into the global commercial system, ASEAN has carried out national and regional initiatives, from the elimination of import duties within ASEAN to the simplification of procedures for cross-border trade. Moreover, the environment for business and investment in ASEAN has been improved through the implementation of common frameworks and initiatives to promote innovation and cooperation on such issues as competition policy, intellectual property rights and consumer protection.
According to ASEAN Secretary-General Le Luong Minh, financial integration is an important substance of the ASEAN economic integration agenda as set out in the comprehensive plan for ASEAN economic development. Financial integration is reflected in the first characteristic of the AEC towards 2025, which is an intensively integrated economy supporting the movement of goods, services, investment, capital and skilled workers within ASEAN. He also stated that the ASEAN Strategic Action Plans for Financial Integration from 2016-2025, which highlights the three main pillars of financial integration, financial inclusion and financial sustainability.
As the Chair of the meeting, Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) delivered a keynote speech at the meeting. She emphasized an increasingly important role of the banking sector in the ASEAN due to the fact that the banking industry plays the role of a bridge among economies to promote economic growth while ensuring safe and sound banking operations to face every potential risks. Therefore, in order to improve the cooperation effectiveness, the SBV Deputy Governor called for closer coordination between the private sector and the Government, as well as among commercial banks and enterprises in ASEAN; thereby seeking new opportunities, creating regional links in the finance and banking sector towards the realization of long-term goals for sustainable growth./.
Source: sbv.gov.vn