ASEAN banking integration focussed on 2020 with major step in 2013

The ASEAN task-force for the formulation of a framework for banking integration by 2020, chaired by Bank Indonesia and Bank Negara Malaysia, is monitoring the economic and financial benefits for each member country.

"The level of the banking integration will be measured by the number of Qualified ASEAN Banks (QABs) running cross-border operations throughout ASEAN countries," Bank Indonesia Director of Banking Research and Regulation, Wimboh Santoso, says.

In 2013, all ASEAN banks may set up branches in other ASEAN countries provided that the corresponding countries apply similar regulations. Singapore and Indonesia are regarded as liberalising faster than others.

"We are readying [Indonesian] banks to be competitive anywhere," Mr Santoso told Viva News

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