The ASEAN Finance and Central Bank Deputies Working Group Meeting (AFCDM-WG) was renamed in 2015 reflecting the adoption of new names of subsidiary body of the ASEAN Finance and Central Bank Deputies Meeting (AFCDM).

The AFCDM-WG is a senior-level body of Director General-level officials of the ASEAN finance ministries, central banks and monetary authorities that shall serve as a recommendatory body on all aspects of ASEAN finance and central bank cooperation, guided by the AFCDM.

The AFCDM-WG shall support the AFCDM by providing recommendations on matters elevated by the WCs/WGs under its purview and guidance on various initiatives and activities to support financial integration, financial inclusion and financial stability towards AEC 2025.

The AFCDM-WG is comprised of senior officials from the finance ministries, central banks, monetary authorities, or their designated representatives authorized by the AMS to make decisions on all matters under their purview.

It is currently co-chaired by the Ministry Of Economy and Finance Cambodia; and National Bank of Cambodia .

The ASEAN Senior Level Committee (SLC) on financial integration is as a high‐level committee of ASEAN Central Bank Deputies and Officials which provides guidance on ASEAN financial integration to achieve the goals set forth in the 2025 Vision for Financial Integration.

The SLC comprises of (i) the Deputy Governors of the Troika; (ii) central banks Chair/ Co-Chairs of Working Committee on ASEAN Banking Integration Frameworks; Working Committee on Capital Account Liberalisation, Working Committee on Capital Market Development, Working Committee on Financial Inclusion. Working Committee on Financial Services Liberalisation, Working Committee on Payment and Settlement Systems and the Steering Committee on Capacity Building (SCCB) to support ASEAN financial integration.

The SLC meets twice a year, and is currently co-chaired by the Bank of Lao and the Monetary Authority of Singapore.

ASEAN Capital Markets Forum (ACMF) is a high-level grouping of capital market regulators from all 10 ASEAN jurisdictions, namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Established in 2004 under the auspices of the ASEAN Finance Ministers, the primary responsibility of the ACMF is to develop a deep, liquid and integrated regional capital market.

Recognising the differing levels of development of member states, ACMF adopts a pragmatic approach in implementing its capital market initiatives whereby member countries opt-in to join the initiatives based on their market readiness.

The ACMF meets twice a year, and is currently chaired by the Autoriti Monetari Brunei Darussalam.

The ASEAN Cross-Sectoral Coordinating Committee on  Disaster Risk Financing and Insurance (ACSCC-DRFI) was established in 2013 by the ASEAN Finance Ministers with the objectives of (i) facilitating the implementation of the ASEAN Disaster Risk Financing Roadmap; (ii) enhancing the collaboration among the relevant sectoral bodies and ensure the effectiveness in implementing the ADRFI Roadmap; and (iii) monitoring the progress of initiatives under the work plan of the ADRFI Program.

The ADRFI comprises of the Chairs and/or Vice-chairs of the AFCDM, AIRM, and the ACDM supported by the ASEAN Secretariat.  To date, the ADRFI is chaired by Insurance Regulator Cambodia.

The ASEAN Forum on Taxation was established in April 2010 by the AFMM to serve as a mechanism to address  tax-related issues pertaining to regional economic integration.

The objective of the AFT is to provide a platform to support regional dialogue on and cooperation on taxation issues for regional economic integration including the creation of sub-groups as deemed necessary by the ASEAN Member States.

The AFT is comprised of of officials from agencies directly involved in tax related matters such as the revenue agencies and policy units of Ministry/Department of Finance, Securities and Exchange Commission, and related agencies. The Ministry of Finance and Economy of Brunei Darussalam is the current chair of the AFT to serve as mechanism to address tax-related issues pertaining to regional economic integration. It builds on the mandate given by the ASEAN Finance Ministers in April 2010 to form a working group on taxation, as well as to strengthen cooperation in taxation matters among ASEAN countries.

AFT is currently co-chaired by the Department of Law, Tax Policy and International Tax Cooperation, General Department of Taxation of Cambodia..

The ASEAN Infrastructure Fund Limited (AIF) is the largest initiative of the Association of Southeast Asian Nations (ASEAN) in its history based on the member countries’ funding contributions. The ASEAN members founded the AIF, an ASEAN regional infrastructure financing institution, as a safe and liquid investment vehicle to channel funds to well-structured infrastructure projects.  the AIF’s policy objectives (i) fostering infrastructure development in the ASEAN region; and (ii) promoting the use of ASEAN savings in the financing of such infrastructure with a view toward an eventual issuance of bonds eligible for central bank reserves investment.

The AIF is administered by the Asian Development Bank. ADB has established a bank-wide administration team to undertake all aspects of day-to-day operations of the AIF. Accordingly, ADB’s policies and procedures will apply to all projects financed by AIF.

The ASEAN Insurance Forum was established in 2011 to facilitates collaboration between WC-FSL and AIRM, as well as leveraging on the private sector, to help achieve significant progress in ASEAN insurance integration.

The AIFo published a handbook for ASEAN Insurers offering Cross-Border Marine, Aviation and Goods in Transit (MAT) Insurance in 2019. The Handbook serves as a reference to provide greater clarity to industry on MAT definition, regulatory framework and procedures for offering the cross-border MAT insurance, and consumer protection mechanisms among AMS.

Recently, it has finalized the ASEAN Insurance Integration Framework’s Roadmap which serves as a proposed phases of ASEAN insurance liberalisation by 2021. The Guiding Principles was also developed to guide the implementation of the AIIF.

The ASEAN Insurance Regulators Meeting (AIRM) was established in 1998 by the ASEAN Finance Ministers with the objectives of: (i) assisting the ASEAN Finance Ministers implement the Ministerial Understanding on ASEAN Cooperation in Finance, particularly on Insurance matters; (ii) strengthen ASEAN cooperation in the field of insurance and to advise the ASEAN Finance Ministers on possible apooproaches and areas of cooperation; (iii) executing and implementing the decisions of the ASEAN Finance Ministers on insurance and insurance-related matters; and (iv) performing other duties as requested by the ASEAN Finance Ministers.

The AIRM comprises of the ASEAN Insurance Commissioners or their alternates.  To date, the AIRM is chaired by the Monetary Authority of Singapore and the Insurance Commission of Thailand.

The Working Committee on ASEAN Banking Integration Framework (WC-ABIF) focus on facilitating (i) effective operationalization of the banking integration process; (ii) initiatives to promote improvement in regulatory frameworks; (iii) cooperation and financial stability arrangement for regional financial integration.

The WC-ABIF comprises of senior officials, from prudential regulations, banking supervision, financial surveillance and/or financial sector development of the central banks and/or banking authorities.

The WC-ABIF meets twice a year, and is currently co-chaired by the Bank Indonesia and the State Bank of Vietnam.

The Working Committee on Capital Account Liberalisation (WC-CAL) is tasked to implement the Strategic Action Plan to achieve a substantial degree of AMS’ capital account liberalisation and strengthen policy dialogue and information exchange mechanism on capital flows statistics and capital flow measures among AMS. To meet these goals, the WC‐CAL shall monitor and participate in discussions on issues and progress of capital account liberalisation among AMS.

The WC‐CAL comprises of representatives from ASEAN central banks and/or finance ministries. It meets twice a year, and is currently co-chaired by the National Bank of Cambodia and the Bank of Thailand.

Current Capital Account Liberalisation (CAL) Policies

The Working Committee on Capital Market Development (WC-CMD) was established in 2003 to build capacity and lay the infrastructure for development of ASEAN capital markets, with a long-term goal of achieving cross-border collaboration among the various capital markets in ASEAN.

It comprises of representatives from relevant authorities from ASEAN Member States, such as from the Finance Ministries, Securities Exchange Commissions, and Central Banks; as well as the ASEAN Secretariat.

The WC-CMD meets twice a year, and is currently co-chaired by the Ministry of Finance and Economy Brunei Darussalam and the Securities and Exchange Commission of Philippines.

The Working Committee on Financial Inclusion (WC-FINC) was established in 2016 to to deliberate and effectively coordinate initiatives to advance financial inclusion in ASEAN through close collaboration with relevant working committees and working groups. It also serves as a platform for sharing of country experiences, expertise and information to facilitate member countries to develop or enhance their national financial inclusion strategies and initiatives.

The WC-FINC comprises of senior officials from the Ministries of Finance and/or Monetary Authorities, Central Banks, financial regulators and relevant sectoral bodies. It meets twice a year, and is currently co-chaired by the Bank of Lao PDR and the Monetary Authority of Singapore. http://aseanwcfinc.com/

The Working Committee on Financial Services Liberalization (WC-FSL) was established in 2003.  Guided by the ASEAN Economic Community Blueprint 2025, and the Strategic Action Plan for financial services liberalization and taking into account ASEAN centrality, the WC-FSL sees as an end-game goal a more integrated financial services sector through enhanced and progressive financial liberalization among ASEAN Member States and with Dialogue Partners.

The WC-FSL’s objectives are as follow:

To provide a forum for ASEAN Member States to share information and exchange experiences of financial services liberalization among AMS;

To carry out the process of financial services liberalization among AMS; and

To facilitate financial servicers liberalization by ASEAN with its Dialogue Partners.

The WC-FSL comprises of  representatives from Finance Ministries, Central Banks or Monetary Authorities, and other relevant agencies of AMS.  It is currently Co-chaired by the Ministry of Economy and Finance Cambodia and the Bank Negara Malaysia.

The Working Committee on Payment and Settlement System (WC-PSS) was established to 2010 to prepare the payment and settlement systems of ASEAN member states in embracing the ASEAN Economic Blueprint 2025 by conducting studies and providing policy recommendations for the development of the payment and settlement systems, as well as the harmonization of the ASEAN payment and settlement systems.

The WC-PSS comprises of representatives from all the ASEAN Central Banks and Monetary Authorities and meets, at minimum, twice a year to prepare the required deliverables. It is currently co-chaired by the Bank of Thailand and the State Bank of Vietnam.

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The ASEAN Taxonomy Board (ATB) was established to develop, maintain and promote a multi-tiered ASEAN Taxonomy that provides an overarching guide for all ASEAN Member States, complementing their respective national sustainability initiatives, and serves as ASEAN’s common language for sustainable finance. The ATB is established by the ASEAN Capital Markets Forum (ACMF), ASEAN Insurance Regulators’ Meeting (AIRM), ASEAN Senior Level Committee on Financial Integration (SLC), and ASEAN Working Committee on Capital Market Development (WC-CMD), under the auspices of the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM). The 7th AFMGM on 30 March 2021 endorsed the establishment of the ATB and the development of a multi-tiered taxonomy that takes into account the region’s needs, as well as international aspirations and goals, and facilitate an orderly and effective transition towards a sustainable ASEAN.