ASEAN Financial Integration Support Regional Economic Growth and Financial Stability in The Region - Bank Sentral Republik Indonesia
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December 12, 2019



ASEAN Finance Ministers and Central Bank Governors reaffirm their commitment to reach financial integration in ASEAN to support economic growth and strengthen financial stability in the region. The following 3 (three) main commitments are reaffirmed and agreed in the 5th annual ASEAN Finance Ministers and Central Bank Governors’ Meeting today (5/4) in Chiang Rai, Thailand: 1

  1. Promote international trade and investment as the vital drive of regional economic growth and development. Significant infrastructure growth in several ASEAN member countries is believed to allow investment, consumption, and eventually, economic growth.
  2. Support financial technology utilization to increase financial inclusion and payment system in the region. ASEAN Finance Ministers and Central Bank Governors also agree to increase closer cooperation in sharing information on cyber risks.
  3. Strengthen Chiang Mai Initiative Multilateralisation (CMIM) financial cooperation as an effective regional financial safety net through surveillance and operational capability increase of ASEAN+3 Macroeconomic Research Office (AMRO).


In addition, in the annual ASEAN Central Bank Governors’ Meeting held today as well, the following 2 (two) main commitments are agreed: 2

  1. Boost the continuity of reliable, safe, and efficient payment system so that ASEAN may play the role as a more competitive economic block.
  2. Support initiative on cross-border payment system development among ASEAN countries, which is expected to promote trade and tourism within ASEAN.


Bank Indonesia Governor, Perry Warjiyo, said “Bank Indonesia supports the initiative discussed in the two ASEAN meetings, aiming to spur regional economic growth, primarily in utilizing digital economic development. According to the vision of ASEAN, the initiative also aims to reach financial system stability and inclusivity in the region.”

In the meeting themed “Advancing Partnership for Sustainability”, ASEAN Finance Ministers and Central Bank Governors underline these three main pillars to reach inclusive and sustainable growth, namely connectivity, sustainability, and resilience of economy and financial system. The meeting is also attended by International Monetary Fund (IMF) and ASEAN+3 Macroeconomic Research Office (AMRO) as ASEAN partners. The organizations are invited to exchange views on the latest global and regional economic condition.

Going forward, ASEAN Finance Ministers and Central Bank Governors will continuously strengthen regional financial cooperation to achieve more developed, resilient, and integrated ASEAN region.

Jakarta, 5 April 2019

Onny Widjanarko
Executive Director



1ASEAN Finance Minister and Central Bank Governors’ Meeting (AFMGM) is the meeting of Finance Ministers and Central Bank Governors in Southeast Asia aiming to discuss global and regional economic growth, policy challenges faced in ASEAN, and economic cooperation in ASEAN. AFMGM in 2019 is the fifth meeting held in Chiang Rai, Thailand. The host country of AFMGM as it holds ASEAN chairmanship in the current year.

2On the same day and in the same venue, ASEAN Central Bank Governors’ Meeting (ACGM) is also held, which is the meeting of Central Bank Governors in Southeast Asia aiming to discuss financial integration development and central bank issues in ASEAN, which in 2019 is the 15th meeting.



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