SEC targets faster ASEAN financial link
SEC and MOFE took over the leadership of the WC-CMD from the Ministry of Finance of Indonesia and Myanmar’s SEC in a virtual handover event
Daily TribuneSEC and MOFE took over the leadership of the WC-CMD from the Ministry of Finance of Indonesia and Myanmar’s SEC in a virtual handover event
One money network Delegates to the 37th ASEAN Capital Markets Forum discussed ways to speed up the crucial integration of the financial systems of members of the economic community. | Photograph COURTESY OF ASEAN
The regulator Securities and Exchange Commission, as co-chair of an Association of Southeast Asian Nations body to achieve cross-border collaboration among capital markets, seeks to speed up financial system integration in the economic bloc.
The ASEAN Working Committee-Capital Market Development is a committee established with the vision of achieving ASEAN financial integration.
SEC and MOFE took over the leadership of the WC-CMD from the Ministry of Finance of Indonesia and Myanmar's SEC in a virtual handover event.
"In the past two years, as the WC-CMD's activities heightened and collaboration among its members increased, notable feats in sustainable finance have been achieved, giving way for regional economic stability despite other external factors," SEC Commissioner Kelvin Lester Lee said.
Significant dev't in 2023
"We acknowledge that collaboration is important in the process to ensure that WC-CMD will produce valuable and significant deliverables next year, as well as remarkable milestones in sustainable finance activities in the ASEAN," Nella Hendriyetty, director of the Center for Regional and Bilateral Policy of Indonesia's Ministry of Finance's Fiscal Policy Agency, said.
The WC-CMD has collaborated with the working groups of the ASEAN Capital Markets Forum on infrastructure and sustainable financing to enhance regional cooperation and integration among capital markets in the ASEAN.
It also came up with a sustainable finance report focusing on government and quasi-government sectors in the ASEAN.
These efforts are part of the working committee's endeavor to achieve its six priorities for the year 2022.
Other priorities laid out during the handover include the further refinement of the ASEAN Taxonomy for Sustainable Finance; further development of the ASEAN Transition Standards; further engagement with the joint sustainable finance working group with the ACMF; the preparation of a whitepaper as part of stakeholder engagement; and the finalization of the conversation on sustainable finance, which it completed in March.
Cooperation speeds up goal
Following the handover event, the WC-CMD reconvened on 14 September to discuss various developments in cross-sectoral cooperation including updates on the ASEAN Bond Market Development Scorecard, the Risk Monitoring Template, and the successful socialization of the Conversation Pack of Sustainable Finance First for Sustainable Projects' Initiative.
The conversation pack is a key tool for the working committee to achieve sustainable finance goals as it aims to kickstart discussions with the relevant ministries, government agencies, project owners, and promoters to consider using sustainable finance as the first choice for financing sustainable projects.
It encourages further involvement of relevant government bodies to be part of the sustainable finance agenda.
Apart from the WC-CMD, SEC's active regional involvement in sustainable finance and capital market development can also be felt in the ACMF.
SEC has also participated in the ACMF Deputies Meeting held on 19 September which provided updates on matters such as bond standards, sustainable finance, and the ASEAN Taxonomy for Sustainable Finance.
