As global uncertainty intensifies, finance leaders across Southeast Asia agreed to strengthen regional financial defenses, with ASEAN officials reaffirming commitments to closer coordination on stability, integration, and crisis preparedness.

The agreement emerged from the ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM), held virtually from 7 to 11 April 2026 under the Philippines’ chairmanship.

Several sessions were conducted online as member economies adjusted to energy-related constraints linked to tensions in the Middle East.

Rather than focusing solely on short-term risks, officials framed the discussions around long-term resilience. Finance Secretary

Resilient in the face of adversity

Frederick D. Go said cooperation is essential as external pressures mount. “As geopolitical tensions rise, standing together is more crucial than ever. Our collective resolve sends a strong signal to the rest of the world that we remain resilient in the face of adversity,” he said.

Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. emphasized that ASEAN’s strength lies in collective action at a time of global fragmentation. “In a more fragmented world, ASEAN’s edge is our strength in working together,” he said.

While economic growth in the region remains broadly stable, officials underscored the need for stronger policy coordination to shield economies from volatility in global markets.

Discussions covered macroeconomic risks, digital transformation, and the importance of maintaining financial stability amid rapid technological change.

Expanding cross-border payment systems

A key focus was the expansion of cross-border payment systems to make transactions across ASEAN faster and more efficient. Initiatives such as Project Nexus were highlighted, alongside ongoing efforts to improve interoperability, regulatory alignment, and consumer protection frameworks.

Authorities also discussed safeguards for emerging technologies, including artificial intelligence in financial services.

Sustainable finance

Sustainable finance was also given emphasis, with ministers and governors agreeing on the need to scale up private capital mobilization and improve climate risk management as part of long-term resilience planning.

The ASEAN+3 Finance and Central Bank Deputies Meeting brought together officials from ASEAN member states plus China, Japan, and South Korea, where they discussed reinforcing regional financial safety nets and developing deeper bond market cooperation.

Engagements with external partners, including the United States, European Union and ASEAN Business Councils, were also held alongside the main meetings.