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The 11th Executive Board Meeting of China-ASEAN Inter-Bank Association & the 2nd Executive Board Meeting of ASEAN Plus Three Inter-Bank Cooperation Mechanism Held Through Video Link

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Time:2021-11-03  Source:CDB

On November 1, 2021, the 11th Executive Board Meeting of China-ASEAN Inter-Bank Association (CAIBA) & the 2nd Executive Board Meeting of ASEAN Plus Three Inter-Bank Cooperation Mechanism (APTIBCM) was held through video link. The meeting was co-hosted by China Development Bank (CDB) and Bank Islam Brunei Darussalam (BIBD) and attended by 13 member banks and four observer banks. Mr. Zhou Xuedong, Vice President of CDB and Mr. Sofian Mohammad Jani, a member of the BIBD Board of Directors, participated in the meeting and delivered speeches. Ms. Rokiah Badar, Managing Director of Brunei Darussalam Central Bank and Mr. Deng Xijun, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to ASEAN, were invited to attend and address the meeting.

Zhou Xuedong noted that this year marks the 30th anniversary of the establishment of China-ASEAN dialogue relations and it is the start of the second decade of CAIBA. In the past decade, CAIBA has become an important multilateral financial cooperation mechanism between China and ASEAN countries. Over the past two years since its inception, APTIBCM has also played a key role in deepening financial cooperation across East Asia. The COVID-19 pandemic is still raging all over the world. To better leverage the roles of CAIBA and APTIBCM as platforms and bridges, further unleash the potential of multilateral cooperation, and jointly make global development more balanced, coordinated and inclusive, it is recommended that the two mechanisms should: First, push forward pragmatic cooperation with a focus on financial inclusion; second, promote financial innovation driven by green transformation; third, build up development momentum under the guidance of digital economy; fourth, improve cooperation mechanisms on the basis of openness and connectivity.

Sofian Mohammad Jani pointed out that the banking industry must adapt to the changing situation and proactively embrace new opportunities brought by digital transformation as the COVID-19 pandemic is still spreading in the ASEAN region. CAIBA and APTIBCM have achieved remarkable results in strengthening cooperation in key areas and tapping the potential for regional development. All member banks should continue to focus on the United Nations Sustainable Development Goals (SDGs) and deepen financial cooperation in a joint fight against the COVID-19 pandemic, contributing to the high-quality development of the financial governance systems in the region.

Deng Xijun stated that since its establishment in 2010, CAIBA has carried out effective cooperation in such fields as mechanism building, business cooperation and exchanges and training, thus becoming an important platform and leverage for China-ASEAN financial cooperation. APTIBCM has functioned as another regional financial cooperation platform to finance China-Japan-Korea cooperation in third-party markets. Deng Xijun hoped that countries in the region could unleash the potential for cooperation in new areas of e-commerce, artificial intelligence, smart cities, green finance and renewable energy through practical financial cooperation. He also expressed the hope that the two mechanisms could offer targeted and effective financial support for related projects, play bigger roles in improving regional financial governance and contribute to the sustainable and resilient recovery of the economy of the region.

Rokiah Badar remarked that ASEAN focuses on resilient and inclusive development and aims to build itself into a region featuring digitalization and sustainable development. She hoped that financial institutions could deepen cooperation with governments, implement ESG practices and initiatives by enhancing capacities, and strengthen regulatory cooperation across the region to safeguard regional financial security. She said that, in the context of the COVID-19 pandemic, all member banks should step up efforts in advancing digital transformation, make innovations in risk management and products and services, and embrace new opportunities and challenges with a higher level of open cooperation.

The theme of the meeting is “Empowering the Future with Sustainability and Digitalization”. The participants discussed a wide range of topics, including accelerating digital transformation under the background of COVID-19, integrating ESG concepts into banking practices, inspiring next-generation bankers to achieve sustainability goals, and innovating financial solutions to stimulate inclusive development. It was confirmed at the meeting that the Canadia Bank of Cambodia should be the rotating Chairman Bank of CAIBA and APTIBCM in 2022.

CAIBA was founded at the 13th ASEAN-China Summit held in October 2010. Its initial member banks are some of the most influential financial institutions in China and ASEAN countries, including Bank Islam Brunei Darussalam, Cambodia’s Canadia Bank, Indonesia’s Bank Mandiri, Lao Development Bank, Malaysia’s CIMB Bank, Myanmar Foreign Trade Bank, Philippines’ BDO Unibank, Thailand’s Kasikornbank, Development Bank of Singapore, and Joint Stock Commercial Bank for Investment and Development of Vietnam, and CDB.

APTIBCM was set up at the 22nd ASEAN Plus Three Summit hosted in October 2019. In addition to the 10 member banks from ASEAN countries that also participate in CAIBA, APTIBCM is joined by CDB, Japan Bank for International Cooperation (JBIC), and the Korea Development Bank (KDB). Since its inception, APTIBCM has conducted many successful cooperation projects in mechanism building, business cooperation and exchanges and training, as well as provided financial support for major and key projects and cooperation in third-party markets in the region, facilitating regional economic development.