About ASEAN Finance Cooperation

Chair:

• H.E. Marzunisham bin Omar, Deputy Governor, Bank Negara Malaysia

A deputy-ministerial-level body of deputy governors of the 11 AMS, meeting annually on the sidelines of AFMGM.
The 21st ACDM took place in April 2025 (Kuala Lumpur). ACDM serves as a recommendatory body supporting financial integration, inclusion, and stability under the ASEAN 2025 vision and ACGM initiatives.

Chair:

• H.E. Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia

A ministerial-level meeting of central bank governors of the 11 AMS, held annually on the sidelines of AFMGM.
The 21st ACGM was held in April 2025 in Kuala Lumpur, Malaysia. ACGM focuses on ABIF, capital account liberalisation, capital market development, financial inclusion, financial services liberalisation, and payment & settlement systems.

Chair:

• Securities Commission Malaysia.

Overview
The ASEAN Capital Markets Forum is a grouping of capital market regulators from 10 ASEAN jurisdictions: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam. The ACMF meets twice a year.
Established in 2004 under the auspices of the ASEAN Finance Ministers, the ACMF’s primary responsibility is to develop a deep, liquid, and integrated regional capital market. Recognising differing stages of market development across AMS, ACMF uses a pragmatic, opt-in approach, allowing members to participate in initiatives based on readiness.

Latest Meeting
The 44th ACMF Chairs’ Meeting was held in November 2025 in Kuala Lumpur, Malaysia.
more : https://www.theacmf.org/

Co-Chairs:

• Ministry of Finance, Indonesia & Ministry of Health, Indonesia

A working-level coordinating body. Membership comprises relevant AMS authorities (e.g., finance ministries, central banks, financial regulators, agriculture and health ministries) and the ASEAN Secretariat.

Proposed at the 10th AFMGM, ACS-WC was established at the 29th AFMM (April 2025, Kuala Lumpur). It promotes information exchange and collaboration across sectoral bodies for cross-sectoral initiatives involving the Finance Process, while avoiding duplication with sector-specific work.

Co-Chairs:

• H.E. Johan Mahmood Merican, Secretary General of Treasury, Ministry of Finance, Malaysia
• H.E. Marzunisham bin Omar, Deputy Governor, Bank Negara Malaysia

A deputy-ministerial platform of finance and central bank deputies of the 11 AMS, meeting annually on the sidelines of AFMGM.
AFCDM was formally created in 2014, succeeding AFDM (1999–2013) and, before that, ASFOM (pre-1999). The 2025 AFCDM met in April 2025 in Kuala Lumpur. AFCDM advises on all aspects of finance and central bank cooperation guided by AEC Blueprint 2025 (and its successor), in support of AFMGM.

Co-Chairs:

• Mr. Zamzuri bin Abdul Aziz, Deputy Secretary General, Ministry of Finance Malaysia
• Ms. Ida Harniza binti Johar, Head of International Department, Bank Negara Malaysia

A senior-level body of finance ministries and central bank officials of the 11 AMS, meeting annually.
The 2025 AFCDM-WG was held in February in Penang, Malaysia. It is a key venue to discuss progress on RIA-Fin initiatives and senior/working-level work under AFDM, and to consider new proposals.

Chair:

• H.E. Johan Mahmood Merican, Secretary General of Treasury, Ministry of Finance, Malaysia

A deputy–ministerial platform of finance deputies from the 11 AMS that meets annually.
The 2025 AFDM took place in April in Kuala Lumpur, Malaysia. AFDM supports AFMM in strengthening fiscal and finance cooperation to advance economic integration, sustainability, and resilience.
Note: Progress on initiatives under the ASEAN Directors-General of Customs is regularly reported to the Finance Track via AFCDM-WG, AFDM, AFCDM, and AFMGM.

A ministerial-level platform comprising finance and health ministers of the 11 AMS. It typically meets biennially on the sidelines of the ASEAN Health Ministers’ Meeting.
The 2nd AFHMM was held in Vientiane, Lao PDR, in August 2024, and reaffirmed collaboration between finance and health sectors to advance sustainable healthcare financing and improve health outcomes across ASEAN.

Co-Chairs:

• H.E. Amir Hamzah Azizan, Minister of Finance II, Ministry of Finance, Malaysia
• H.E. Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia

AFMGM is the lead body of the ASEAN Finance Track, bringing together finance ministers and central bank governors from all 11 AMS. It convenes annually.
The 12th AFMGM took place in April 2025 in Kuala Lumpur, Malaysia. Discussions covered the regional economic outlook, inclusive and sustainable growth, ASEAN’s role in regional cooperation and global engagement, regional financial integration and resilience, digital and financial innovation, and scaling up sustainable finance for a just transition.
AFMGM maintains regular engagements with the private sector and international/regional financial institutions (e.g., ASEAN-BAC, EU-ABC, US-ABC, AMRO, World Bank, IMF, ADB, and others).

Chair:

• H.E. Amir Hamzah Azizan, Minister of Finance II, Ministry of Finance, Malaysia

A ministerial body of finance ministers from the 11 AMS that meets annually.
The 29th AFMM was held in April 2025 in Kuala Lumpur, Malaysia. AFMM’s agenda spans ASEAN financial cooperation priorities, including infrastructure finance, insurance cooperation, disaster risk financing and insurance, taxation, customs cooperation, and the ASEAN Single Window.

Chair of AFT:

• John Patrick Antonysamy, Under-Secretary, Tax Division, Ministry of Finance, Malaysia

Chair of SF-ET:

• Mr. Taufiq Ralip, MyCT Unit, Tax Division, Ministry of Finance, Malaysia

A senior-level platform of tax officials from the 11 AMS, meeting twice a year.
The 21st AFT & SF-ET took place in October 2025 in Penang, Malaysia.
AFT addresses tax issues relevant to regional integration, including withholding tax and double taxation, information sharing and best practices, understanding differences in national tax rules, and supporting a network of DTAs among AMS.
SF-ET, under AFT, facilitates coordination on excise policy and administration, including data sharing, knowledge exchange, exploring common interests (e.g., product definitions, procedural standards, minimum burdens), improving administration, and capacity building.

Chair:

• Mr. Pg Shahrulazmi Pg Ismail, Executive Director Regulatory I, Regulatory & Supervision Department, BDCB

Vice Chair:

• Mr. Bou Chanphirou, Director General, Insurance Regulator of Cambodia

A senior-level platform for insurance regulators of the 11 AMS, meeting annually.
The 27th AIRM took place in Brunei Darussalam in November 2024. Established in 1998 under AFMM, AIRM assists the ministers in executing insurance cooperation, advises on approaches and areas for collaboration, implements ministerial decisions on insurance matters, and undertakes related tasks. AIRM also works closely with the private sector via the ASEAN Insurance Council (AIC); the annual AIRM features meetings such as:

• AIC & AIC-AIRM Joint Plenary
• The ASEAN Insurance Training and Research Institute (AITRI)
• ASEAN Council of Bureaux (COB)
• ASEAN Natural Disaster Research and Works Sharing (ANDREWS)
• ASEAN Insurance Education Committee (AIEC)
• ASEAN Reinsurance Working Committee (ARWC)
• ASEAN Takaful/Retakaful Working Committee (ATRWC)
• ASEAN Health and Medical Insurance Committee (AHMIC)
• Working Group on Disaster Risk Financing and Insurance (WG-DRF)

More:

• AIC’s website: https://aseaninsurancecouncil.org/
• AITRI’s website: https://www.aitri.org/aitri/
• COB’s website: https://www.aseancob.org/

Overview
The progress of initiatives under the purview of the ASEAN Directors-General of Customs Meeting is regularly reported to the Finance Track through the AFCDM-WG, AFDM, AFCDM, and AFMGM.
More: https://asean.org/tag/asean-directors-general-of-customs/

Co-Chairs:

• Ms. Filianingsih Hendarta, Deputy Governor, Bank Indonesia
• Mr. Pham Thanh Ha, Deputy Governor, State Bank of Viet Nam

A senior-level committee of ASEAN central bank deputies and officials, meeting twice a year.
The 30th SLC was held in September 2025 in Yogyakarta, Indonesia. SLC provides strategic guidance on ASEAN financial integration toward the ASEAN 2025 vision and beyond.

Co-Chairs:

• Ms. Reaksmy Mak, Director, Regulatory Policy & Risk Management Assessment Department, National Bank of Cambodia
• Mr. Harizal Alias, Director, Financial Development & Innovation Department, Bank Negara Malaysia

A working-level committee of central bank officials from all 11 AMS, meeting twice a year.
The 18th WC-ABIF was held in August 2025 in Phnom Penh, Cambodia. The ABIF Task Force was upgraded to a formal WC in 2015 (SLC approval) and endorsed by ASEAN Central Bank Governors in April 2016. WC-ABIF facilitates the operationalisation of banking integration, promotes regulatory framework improvements, and supports cooperation/financial-stability arrangements for regional integration.

Co-Chairs:

• Mr. Vatthana Sanoubane, Deputy Director General, Foreign Exchange Department, Bank of the Lao PDR
• Mr. Thomas Benjamin Marcelo, Managing Director, Bangko Sentral ng Pilipinas

A working-level committee of central bank officials from the 11 AMS, meeting twice a year.
The 50th WC-CAL took place in August 2025 in Vientiane, Lao PDR. WC-CAL implements the Strategic Action Plan to advance capital account liberalisation, and reinforces dialogue and information exchange on capital flows statistics and measures across AMS.

Co-Chairs:

• H.E. Sou Socheat, Director General, Securities and Exchange Regulator of Cambodia
• Ms. Dawn Chew, Executive Director, International Department, Monetary Authority of Singapore

A working-level committee of capital market authorities, finance ministries, and central bank officials of the 11 AMS, meeting twice a year.
The 2025S2 WC-CMD meeting was held in September in Singapore. Established in 2003, WC-CMD builds capacity and lays the groundwork for capital market development, with the long-term goal of fostering cross-border collaboration among ASEAN markets.

Co-Chairs:

• Mr. Roaizan Johari, Head of Financial Development, Brunei Darussalam Central Bank
• Ms. Nuttathum Chutasripanich, Director, Financial Institutions Strategy Department, Bank of Thailand

A working-level committee of finance ministry and central bank officials of the 11 AMS, meeting twice a year.
The 20th WC-FINC took place in August 2025 in Bangkok, Thailand. Established in 2016, WC-FINC advances regional financial inclusion through coordinated initiatives, collaboration with relevant bodies, and sharing of experiences to support national financial inclusion strategies and programs.

Co-Chairs:

• Mrs. Phengkhiem Xayakeo, Deputy Director General, International Finance & Cooperation Department, Ministry of Finance, Lao PDR
• Ms. Carolyn Diaz, Director III, International Finance Policy Office, Department of Finance, The Philippines

A working-level committee of relevant authorities across the 11 AMS.
The 82nd WC-FSL was held in September 2025 in Bangkok, Thailand. Established in 2003 and guided by AEC Blueprint 2025 and the Strategic Action Plan for Financial Services Liberalisation (and their successors), WC-FSL seeks a more integrated financial services sector through progressive liberalisation, information sharing, and facilitation of ASEAN’s engagements with Dialogue Partners.

Co-Chairs:

• Ms. Faadzilah Abu Bakar, Executive Director, Regulatory II (Capital Markets & Payment Services), Brunei Darussalam Central Bank
• Mr. Qaiser Iskandar bin Anwarudin, Director, Payment Services Policy Department, Bank Negara Malaysia

A working-level committee of central bank officials of the 11 AMS, meeting twice a year.
The 31st WC-PSS was held in August 2025 in Hanoi, Viet Nam. Established in 2010, WC-PSS studies and recommends policies for the development and harmonisation of ASEAN payment and settlement systems in support of the ASEAN Economic Blueprint 2025 (and successor documents).

Chair:

• Ministry of Finance, Malaysia

A working-level body of finance ministry officials from all 11 AMS. Meets twice a year on the sidelines of AFCDM-WG and AIRM.
Formerly the ACSCC-DRFI, it was re-established as WG-DRFI in February 2025 (19th ACSCC-DRFI, Penang). WG-DRFI facilitates implementation of the ADRFI Roadmap, strengthens collaboration among sectoral bodies to ensure effective delivery, and monitors/assesses progress of ADRFI workplans.

Co-Chairs:

• Ministry of Finance, Indonesia & Ministry of Health, Indonesia

A working-level body of finance and health officials across the 11 AMS.
WG-FH was established at the 2nd AFHMM (August 2024, Vientiane). The inaugural meeting is scheduled for December 2025. Its tasks include establishing regular coordination between finance and health bodies; collaborating with international organisations/dialogue partners for capacity building; coordinating with other sectoral WGs; commissioning research/policy studies on financing health challenges; and monitoring the WG-FH workplan.