Asean to launch banking integration framework

Asean Financial Integration allows greater flexibilites.

This was emphasized by Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz.

The Asean central banks are in the final stages to launch the framework for banking sector integration.

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.

"The framework allows flexibility for Asean countries to participate in the integration process based on their readiness and willingness," she noted.

Zeti explained that under the framework, qualifying Asean banks with the capacity and were 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," she added.

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