On August 31st, 2017, the State Bank of Vietnam (SBV) hosted the 3rd Meeting of the Working Committee on the ASEAN Regional Integration Framework (WC-ABIF) in Hanoi. The meeting was co-chaired by Ms. Hoang Thi Phuong Hanh - Deputy Director General of International Cooperation Department of SBV and Mr. Johnny Noe E. Ravalo - Assistant Governor of the central bank of Philippines (BSP).
Meeting overview
Attending the meeting were representatives from central banks of ASEAN countries, including Thailand, Philippines, Malaysia, Indonesia, Singapore, Brunei, Cambodia, Laos and Vietnam. WC-ABIF aimed to promote banking integration among ASEAN countries.
Ms. Hoang Thi Phuong Hanh - Deputy Director General of SBV’s International Cooperation Department and Mr. Johnny Noe E. Ravalo - Assistant Governor of the central bank of Philippines co-chaired the meeting
At the meeting, the ASEAN Secretariat (ASEC) reported the results of the ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) 2017 to WC-ABIF. WC-ABIF underscored discussions on contents of banking integration, including: (i) Reviewing and updating the Strategic Action Plan (SAP), Risk Management Tool (RMT) and Key Performance Indicator (KPI) on financial integration and financial stability; (ii) Discussing and endorsing the working plans of four Task Force Groups on Prudential Safety, Inspection, Data and Monitoring, and Capacity Building; (iii) Updating on outstanding developments and performance of ASEAN banking sector; (iv) Agreeing on contents reported to the ASEAN Senior Level Committee for Financial Integration (SLC) and the ASEAN Steering Committee on Capacity Building of Financial Integration (SCCB).
The meeting also noted the important progress of WC-ABIF in the implementation and deployment of the directions of the ASEAN governors regarding ASEAN regional banking integration. Other contents were also discussed, such as private sector participation in ASEAN banking integration and future meeting plans. This meeting is a good opportunity for the region’s central banks to review the integration process and to plan collaborative cooperation both in depth and width in the banking sector, towards achieving the goal of financial integration under the ASEAN Vision 2025.
Participants of 3rd WC-ABIF meeting in Hanoi
The whole meeting contents will be jointly carried out by central banks of ASEAN nations and reported to SLC, led by ASEAN Central Bank Deputy Governors, expected to take place in October 2018 in Luang Prabang, Laos.
VA