The ASEAN Finance and Central Bank Deputies’ Meeting (AFCDM) was held online in Hanoi on October 1 in preparation for the sixth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) scheduled for the following day.

The ASEAN Finance and Central Bank Deputies' Meeting (AFCDM)
takes place virtually on October 1.

Participants discussed the outcomes of cooperative initiatives within the framework of the ASEAN monetary-financial integration roadmap and other regional financial cooperation initiatives.

They were also updated on the regional economic situation, the results of the G20 Finance Ministers and Central Bank Governors’ meeting, and preparations for ASEAN 2021, and considered the approval of the draft Joint Statement of the sixth AFMGM.

Despite COVID-19, ASEAN has made important strides forward in the implementation of its monetary-financial integration roadmap, contributing to realising targets in the 2016-2025 comprehensive plan on financial integration and strengthening policy dialogue and financial collaboration with partner countries.

The working group on capital market development has continued to promote finance sustainably via the application of ASEAN standards, including standardising documents on infrastructure funding.

Recommendations in the group’s sustainable finance report will serve as a reference for ASEAN member states to devise policies.

With the aim of fully removing barriers to financial services in the bloc, including insurance, securities, and banking, the working group on financial services liberalisation has completed eight rounds of negotiations, with the ninth expected to be completed next year. After next year, ASEAN will build a Framework Agreement on Services (AFAS), containing wider commitments.

Last year the ASEAN Insurance Forum adopted a Roadmap to the ASEAN Insurance Integration Framework, with a target of liberalising insurance services and opening financial service markets in 2021.

ASEAN finance and central bank deputies also agreed to approve reports from working groups, which will be submitted to the sixth AFMGM, slated for October 2, for consideration.