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The best student credit cards in Canada for 2023 + MORE Sep 2nd
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It’s Time to Get Smart about Your Credit Oct 17th
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Southeast Asian nations complete pact to allow qualified banks to operate freely in the region
– canadianbusiness.com
KUALA LUMPUR, Malaysia – Southeast Asian nations Saturday wrapped up a key agreement allowing qualified banks to operate freely in each other’s countries in a push toward greater financial and economic integration.
The regional banking integration framework is part of efforts to create an economic community by the end of the year, making the 10-member Association of Southeast Asian Nations a single market and production base.
ASEAN finance ministers and central bank governors said in a joint statement after a two-day meeting that qualified ASEAN banks can now operate with greater market access and be accorded flexibilities similar to those of domestic banks in the host country.
They said this will help accelerate the pace of regional financial integration and boost cross-border trade and investment.
“It took us five years from conception to operationalize this. This is very exciting. This is something concrete, it’s a major progress for ASEAN,” Malaysian central bank governor Zeti Akhtar Aziz told reporters…
The regional banking integration framework is part of efforts to create an economic community by the end of the year, making the 10-member Association of Southeast Asian Nations a single market and production base.
ASEAN finance ministers and central bank governors said in a joint statement after a two-day meeting that qualified ASEAN banks can now operate with greater market access and be accorded flexibilities similar to those of domestic banks in the host country.
They said this will help accelerate the pace of regional financial integration and boost cross-border trade and investment.
“It took us five years from conception to operationalize this. This is very exciting. This is something concrete, it’s a major progress for ASEAN,” Malaysian central bank governor Zeti Akhtar Aziz told reporters…
