KUALA LUMPUR (Nov, 8 2012): The Asean central banks, which endorsed the
Asean Financial Integration Framework in 2011, are in the final stages to
launch the framework for banking sector integration, said Bank Negara Malaysia
(BNM) Governor Tan Sri Dr Zeti Akhtar Aziz.
She said the framework will pave
the way for a more meaningful presence of qualifying Asean banks within the
region, while promoting regional financial stability.
"Recognising the diversity
of Asean economies and the varying stages of financial sector development, the
framework allows flexibility for Asean countries to participate in the
integration process based on their readiness and willingness," she said in
her keynote address at the 19th Asean Banking Conference here yesterday.
Under the framework, qualifying
Asean banks with the capacity and are well-managed will serve as the regional
standard bearers, and will be accorded more flexible access into regional
markets.
"Greater flexibilities will
also be given to facilitate the regional expansion plans of qualifying Asean
banks to become important conduits of financial intermediation in the region.
"Tremendous opportunities
can be harvested from this new framework. Hence, I welcome and look forward to
the greater participation by financial institutions from all Asean countries in
this process," she added.
Zeti said Asean banks play a
significant role in supporting the financial integration process of the Asean
Economic Community by 2015.
"Over the recent decade, we
have witnessed the rising prominence of Asean financial institutions within the
region, driven by the growing regional business fundamentals and the
strengthened capacity of the financial institutions.
"Asean commercial banks are
predominant mobilisers of financial funds and as our experience shows, the
banking sector is the most matured component in the financial sector of most
jurisdictions," she said.
Bernama
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