STRATEGIES for accelerating Asean’s economic integration and development through enabling digital financial services and enhancing disaster resilience were the key themes in meetings between the US-Asean Business Council delegation and the Asean Finance Ministers and Central Bank Governors over the past two days.
The meetings, which took place in Singapore as part of the annual Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), were the 19th annual engagement between the Asean Finance Ministers and the US-Asean Business Council and the fourth year to also include the Asean Central Bank Governors.
The delegation included 14 leading American financial services companies led by Alexander Feldman, President & CEO of the US-Asean Business Council; Ambassador Michael Michalak, Council Senior Vice President & Regional Managing Director; and the co-chairs of the Council’s Financial Services Committee, Amol Gupte, Asean Head and Citi Country Officer for Singapore; and Paul McNamee, Senior Vice President and Regional President for the Asia Pacific at Chubb.
The delegation emphasised the priority of supporting and adapting to new digital trends and supporting innovative technology in financial systems and the growing FinTech industry, which can help advance financial integration and financial inclusion.
They also noted that supporting data-driven developments in natural catastrophe insurance is critical to sustainable and resilient development in a region prone to natural disasters.
In advancing these themes, the delegation drew attention to the importance of developing and harmonising regulations across Asean that are suitable for the digital age.
This includes balancing risk management and innovation, formulating comprehensive data management policies, and public-private collaboration to promote FinTech solutions. The delegates highlighted that creating a conducive policy environment for digital finance can accelerate financial integration and inclusion, unlocking regional economic growth.
“Our engagement with the Asean Finance Ministers and Central Bank Governors reaffirms the American private sector’s commitment to the region and to our shared desire to see Asean continue to grow and prosper,” said Feldman.
“American financial services firms play an important role in contributing to Asean’s development, driving the modernisation of its financial services sector, finding innovative ways to transact and protect the financial system, facilitating investment into the region, and broadening the number of people in Southeast Asia who participate in and benefit from financial services.
“We are also starting a new conversation on how we can work with Asean policy makers to improve natural catastrophe insurance, which can support Asean’s goal to strengthen resilience and sustainability”.
“Digitalisation in financial services drives the need for the sector to rapidly innovate without compromising resilience and stability. We are keen to partner with Asean policy makers and businesses to adapt to this dynamic environment and take advantage of arising opportunities by increasing efficiency, enhancing transparency and promoting greater inclusion which in turn drives progress and economic growth for the region,” added Gupt.
“We are honoured to be invited again this year to meet with the Asean Finance Ministers and Central Bank Governors,” said McNamee.
“This year, we are continuing our discussions of how the insurance industry can better reach and serve Asean’s consumers, including through new innovative products and channels”.
“Collaboration between the public and private sectors to build a modern, inclusive, and competitive financial system is essential to the success of the Asean Economic Community,” added Michalak. “We hope today’s dialogue will help Asean take advantage of the emerging trends in the financial sector.”
In addition to formal events with the AFMGM, delegates also engaged the Ministers and Governors bilaterally to discuss mutual integration and investment interests.
The post US firms join Asean Meetings to present for advancing financial innovation strategies appeared first on Borneo Bulletin Online.