On September 26, 2022, in Hanoi, the State Bank of Vietnam (SBV), in collaboration with Bank Indonesia and the Indonesian Financial Services Authority (OJK), organized the 12th Meeting of the Working Committee on ASEAN Banking Integration Framework (WC-ABIF).
The Working Committee on ASEAN Banking Integration Framework (WC-ABIF)
The Meeting was attended by representatives from the ASEAN central banks and the ASEAN Secretariat. This was the first time a WC-ABIF meeting was held offline, after a period of virtual meetings under the influence of the COVID-19 pandemic.
At the Meeting, the members of the WC-ABIF discussed the banking integration, including (i) reviewing and updating information on the priority activities for 2022, the Strategic Action Plan (SAP), the risk management table (RMT) and the key performance indicators (KPI) for the financial integration and financial stability; (ii) the orientations for achieving the set targets until 2025. Although the implementation progress of some activities is considered to be slower than expected, all of the member countries have put their best efforts into achieving these targets by 2025.
Within the WC-ABIF Meeting, on September 27, 2022 in Hanoi, the SBV, in coordination with the ASEAN Central Banks’ Steering Committee for Capacity Building (SCCB) and the Southeast Asian Central Banks (SEACEN) Research and Training Centre, organized a training workshop for the ASEAN central banks’ officers with the theme of “Credit risks and the application of the international financial report standards (IFRS9)”.
The training workshop was attended by officers from the Bank of the Lao People's Democratic Republic (BOL), the National Bank of Cambodia (NBC), the SBV, and the Banking Academy of Vietnam, together with several experienced lecturers/experts from SEACEN, Deloitte (Malaysia), and ICICI Bank (India). The training workshop was aimed to provide information and experience of the experts in the region on the process of developing and implementing IFRS9, as well as the challenges faced by the central banks in their supervision of the banking systems. This was one of the efforts of the ASEAN member countries towards the application of IFRS9 in the region by 2025.
Le Hang