Kuala Lumpur: ASEAN finance ministers and central bank governors join forces to drive digital economy, aiming to connect regional payment systems. Mr. Paopum Rojanasakul, Deputy Minister of Finance, attended the 12th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFGM) and the 29th ASEAN Finance Ministers’ Meeting (AFMM) in Kuala Lumpur, Malaysia, under the main theme of “Inclusivity and Sustainability”. The details of the meeting are as follows:
According to Thai News Agency, the 29th AFMM Meeting followed up on the progress of ASEAN financial cooperation in various issues such as infrastructure financing, insurance cooperation, risk management and disaster risk insurance (ASEAN Disaster Risk Financing and Insurance: ADRFI), tax cooperation, ASEAN Single Window (ASW), progress in ASEAN capital market supervision (ASEAN Capital Markets Forum: ACMF), etc.
Mr. Paopum Rojanasakul, Deputy Minister of Finance, said that disaster finance and insurance are important mechanisms for risk management planning in ASEAN. He believes that reinsurance is a financial tool that not only protects the government budget but also helps strengthen community resilience before disasters strike. Thailand is ready to work with ASEAN member countries to cope with future disasters.
The 12th AFMGM endorsed the ASEAN Chair’s Priority Economic Deliverables for 2025 (PEDs), which consist of four strategic pillars: (1) promoting trade and investment; (2) fostering inclusive and sustainable participation; (3) enhancing economic integration and connectivity; and (4) becoming an ASEAN Community that is resilient to digital transformation.
Mr. Paopum Rojanasakul emphasized the importance of the role of technology in the operation under RIA-Fin, such as instant payment systems, digital account opening, and virtual banking services. He believed that financial connectivity can only happen if there are new mechanisms, infrastructure, and financial ecosystems that support cross-border services. He saw that the vision of establishing Thailand as a financial business hub (Thailand Financial Hub Initiative: FinHub) would promote the implementation of the ASEAN Finance Track.
In addition to the 29th AFMM and 12th AFMGM, Deputy Minister of Finance (Mr. Paopum Rojanasakul) attended meetings between AFMGM and the ASEAN Business Advisory Council (ABAC), the European Union-ASEAN Business Council (EUABC), and the United States-ASEAN Business Council (USABC) to discuss the transition to a digital economy, digital payments, funding climate change initiatives, strengthening supply chain security, etc.
The meeting reflected the importance of promoting fiscal and monetary cooperation in ASEAN, which must be carried out in conjunction with environmental sustainability and strengthening of strong supply chains, as well as an inclusive and connected financial system. Thailand is ready to develop fiscal and monetary linkages with ASEAN member countries, such as cross-border payments, establishing the Office for the Supervision and Promotion of Financial Hub Enterprises (OSA) as a single point of supervision, etc.
The next AFMM and AFMGM meetings are scheduled for 2026, hosted by the Republic of the Philippines.