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49th ASEAN BANKING COUNCIL MEETING SUCCESSFULLY HELD IN PHNOM PENH, KINGDOM OF CAMBODIA<\/h3>\n

The 49th ASEAN Banking Council Meeting was successfully held on 27 November 2019 at Sokha Phnom Penh Hotel, Phnom Penh, Kingdom of Cambodia. The meeting was hosted by The Association of Banks in Cambodia (ABC) and was well attended by over 150 senior banking executives from the 10 ASEAN countries.<\/p>\n

At the Council Meeting, members endorsed the proposals of its three permanent committees – Cooperation in Finance, Investment, Trade and Technology, ASEAN Inter-Regional Relations and Banking Education which met on 26 November.<\/p>\n

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Committee on Cooperation in Finance, Investment, Trade and Technology (COFITT)<\/h3>\n

A project to enable interoperability of QR payment codes across ASEAN was endorsed by the ASEAN Banking Council, on the recommendation by COFITT, which had formed a taskforce to look into the business and technical feasibility of the initiative over the past few months. The initiative will boost financial inclusion by enabling ASEAN consumers to make e-payments at overseas merchants in ASEAN with their domestic payment mobile apps.<\/p>\n

Another item on the digitalisation agenda was a proposal to digitalise cross-border trade practices and processes across the region. The initiative, which would enhance ASEAN economic development and competitiveness, and bring various benefits to banks, involves the establishment of national digital trade platforms that can connect digitally with their counterparts in the region.<\/p>\n

In the area of sustainable and responsible financing, COFITT will continue to build on its momentum in capacity building across the ASEAN banking sector. It will do this through localised workshops, as well as by harnessing e-learning technology to accelerate ESG training across the region.<\/p>\n

The Committee also discussed how banks could address outsourcing risks more efficiently by adopting a common controls standard across ASEAN.<\/p>\n

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Committee on ASEAN Inter-Regional Relations (IRR)<\/h3>\n

The Committee noted the following progress and status update as presented by The Thai Bankers Association (\u201cTBA\u201d):-<\/p>\n

ASEAN-BAC<\/h4>\n

A memorandum of understanding (\u201cMOU\u201d) was signed between the ASEAN Bankers\u2019 Association (\u201cABA\u201d) and ASEAN-BAC in January 2019. One of the collaborations between ABA and ASEAN-BAC for 2019 is on the Seamless Connectivity which is in line with ABA\u2019s project on Interoperability of QR Code for ASEAN. One other project which is in the pipeline is on the Digital Trade Connectivity which will be tabled for discussion at the COFITT meeting in November 2019.<\/p>\n

ABAC <\/strong>
\nASEAN Financial Innovation Network (\u201cAFIN\u201d)\/Application Programming Interface Exchange (\u201cAPIX\u201d) projects have been included in several discussions of Asia Pacific Economic Financial Forum (\u201cAPFF\u201d) and ABAC in 2018 and 2019 as a good example for regional collaboration project and the project that would support FinTech and Start-up.<\/p>\n

Other initiatives and potential collaboration are as follows:-<\/strong><\/p>\n