THE country’s flagship Bank Islam Brunei Darussalam (BIDB) recently attended the 6th CAIBA (China Asean Inter-bank Association) Executive Board Meeting and Seminar themed ‘The Role of CAIBA under the China-Asean Cooperation Framework’.
BIBD was represented at the meeting and seminar by Haji Minorhadi bin Haji Mirhassan, Head of Government Relations and Special Projects, along with Klaus Tay, the Head of BIBD’s Singapore Representative Office, according to a press release.
The board meeting and seminar focused on areas of cooperation between China and Asean, which included the development of financial product innovations and RMB business, opportunities for capacity and infrastructure cooperation, as well as promotions for inclusive and trade finance.
China is the largest single trading partner of Asean where, in 2015, Asean’s trade with China accounted for over US$345 billion in exports and imports, representing 15 per cent of total trade from the region.
The 6th CAIBA Board Meeting and Seminar focused on areas of cooperation between China and Asean, which included the development of financial product innovations and RMB business, opportunities for capacity and infrastructure cooperation. – BIBD
The meeting also saw another milestone for the association as its members signed a proposal for CAIBA to be integrated into the Framework of the China-Asean Summit, which will directly increase the impact of the association’s relationship with high-level exchanges between China and Asean.
The inclusion will also see CAIBA allow for better promotion of financial cooperation between China and Asean.
The meeting and seminar was launched by Hu Huaibang, Chairman of China Development Bank Corporation, as the current chair of CAIBA.
BIBD, the Chair for CAIBA for two years between 2014 and 2015, is part of the 11-member association, consisting of leading financial institutions from all the Asean member countries and China.
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