39th ASEAN Banking Council Meeting
Held on 20th November 2009 in Phnom Penh, Cambodia
On 18 and 19 November, 2009, the Association of Banks in Cambodia played host to more than 150 bankers on behalf of the ASEAN Bankers Association (ABA) at its 39th ASEAN Banking Council Meeting. This was a historic moment for Cambodia as this was the first time the country hosted the ASEAN Banking Council Meeting. The venue of this meeting was set in the luxurious InterContinental Hotel, Phnom Penh.
The ABA is an association of banks set up in 1976. The member countries in ABA are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The ASEAN Banking Council Meetings are held every year with the objective of bringing representatives from the 10 National Banking Associations to draw out ideas and to work towards the objectives of the Association, one of which is to foster friendship and cooperation amongst bankers in the ASEAN countries.
The meeting started with a welcome speech by Mr. Pung Kheav Se, Chairman of the Association of Banks in Cambodia and President & CEO of Canadia Bank PLC. Mr. Pung began by stressing that Cambodia and its banking system have benefited greatly from membership in Asean. He explained that the Royal Government and the private sector in Cambodia welcome new investment. In this context he said that agriculture and medium scale manufacturing should be particularly attractive areas for new ventures as the country seeks to diversify its economic base.
Mr. Apisak Tantivorawong, Chairman of Asean Bankers Association, Chairman of Thai Bankers Association and President of Krung Thai Bank, also delivered his opening remarks. Mr Apisak expressed his thanks to the Association of Banks in Cambodia for the effort and time spent in organising this important event.
This year, the ABA had the privilege of having Her Excellency, Neav Chanthana, Deputy Governor, National Bank of Cambodia, deliver the keynote address. HE Neav stressed the importance of intra- regional co-operation amongst central banks and regulators, as well as among commercial banking institutions. She also noted the need to monitor and implement new national and international regulations arising from the Basel II accord. In addition, she said that regulators and banks will have to update their “best practices” after the recent global financial crisis.
At the Council Meeting, the outcome on the implementation of the previous year’s programs were discussed, and new programs proposed by the three Permanent Committees were approved for implementation in 2010:
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Permanent Committee on Banking Education
- For a more cost effective access to training programs, the Committee plans to disseminate course syllabi via the website for access by the national associations, and to make courses available online.
- A US$54 million infrastructure financing opportunity involving a Hydropower Project in Vietnam was presented for members’ consideration.
- It was agreed that Singapore will host a workshop in 2010 to study the mitigation of risks arising from derivatives and other financial instruments in accordance with Basel II standards.
- A liaison and study mission which was earlier planned for August 2009 was deferred in view of the A(H1N1) virus outbreak and will be rescheduled. The purpose of the study trip will be to exchange experiences and information on banking practices as well as to strengthen regional ties.
Permanent Committee on Cooperation in Finance, Investment and Trade (COFIT)
Permanent Committee on ASEAN Inter-Regional Relations
The next ASEAN Banking Council Meeting and Conference will be hosted by the Indonesian Banks Association (Perbanas) in Bali, Indonesia from 10 to 12 November 2010.
Issued by:
Teh-Kwok Chui Lian (Mrs)
Secretary General
ASEAN Bankers Association
Email: aba@afcmb.com
Tel: (65) 62247155
Dear Fellow Bankers
It gives me great pleasure to extend a very warm welcome to all the delegates to the 39th ASEAN Banking Council Meeting to be held in Phnom Penh, Cambodia, from 19th to 20th November 2009.