ASEAN finance ministers, central bank governors discuss financial integration
The sixth ASEAN Finance Ministers and Central Bank Governors’ Meeting highlighted the need to step up technological application and digital transformation in financial-banking services to increase resilience to shocks similar to COVID-19.
The sixth ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM), the most important event in a series of regional finance-banking cooperation activities hosted by Viet Nam this year, was held online in Ha Noi on Frirday.
The AFMGM was co-chaired by Finance Minister Dinh Tien Dung and Governor of the State Bank of Vietnam Le Minh Hung.
Participants discussed global and regional macro-economic situation, COVID-19 response policies as well as measures to support economic recovery following the pandemic. They also considered the launch of cooperation initiatives within the framework of the ASEAN monetary-financial integration roadmap.
Due to uncertainties caused by the pandemic, they highlighted the need to step up technological application and digital transformation in financial-banking services which, they said, would contribute to a sustainable regional economy resilient to shocks similar to COVID-19.
About regional financial cooperation initiatives, officials lauded progress made by working groups. On capital market development, they approved a report on promoting sustainable finance in ASEAN with valuable recommendations for member states.
They also acknowledged negotiation outcomes of the Working Group on Financial Services Liberalisation and the ninth package of financial commitments under the ASEAN Framework Agreement on Services.
The meeting adopted the draft revised Roadmap to the ASEAN Insurance Integration Framework, spoke highly of cooperation outcomes of working groups in the banking sector with almost all the targets set early this year being met.
Central bank governors also approved a number of cooperation initiatives, including a report on the role of the central banks in climate and environment risks, principles of Sustainable Banking in ASEAN proposed by Viet Nam, and the cyber security risk information sharing programme (CRISP), among others.
With high consensus, delegates approved a Joint Statement of the sixth AFMGM.
Later, Finance Minister Dung and State Bank Governor Hung co-chaired a press conference announcing the outcomes of the meeting. — VNS
