ASEAN to further promote banking integration among member countries

KUALA LUMPUR (Xinhua) - The ASEAN Banking Integration Framework (AFIF) was concluded here on Saturday at the inaugural ASEAN Finance Ministers'and Central Bank Governors'Meeting, which represents a critical milestone for ASEAN towards achieving greater financial and economic integration.

According to a joint post-meeting statement, the immediate objective of ABIF is to achieve a more integrated banking market, spearheaded by Qualified ASEAN Banks (QABs).

With the ABIF, any two ASEAN countries may enter into reciprocal bilateral agreements to provide QANs with greater market access, and operational flexibilities consistent with those of domestic banks in the respective host countries, the statement said.

It also said that the implementation of the ABIF will be accompanied by the strengthening of home-host regulatory and supervision of QABs.