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The 16th ASEAN Senior Financial Sector Integration Committee Meeting

On Thursday, October 18, 2018, H.E. Neav Chanthana, Deputy Governor of the National Bank of Cambodia, led a delegation from the National Bank of Cambodia to attend the 16th ASEAN Senior Level Committee for Financial Sector in Sabah, Malaysia, as the co-chair of the meeting along with H.E. Abdul Rasheed Ghaffour, Deputy Governor of the Bank Negara Malaysia. The meeting focused on key issues, including: i/. Macroeconomic condition in the region ii/. Progress of the ASEAN Finance Sector Integration Sub-committees, and iii/. Initiative to organize Cybersecurity Information Sharing Platform among ASEAN Member States.

The meeting was participated by all the co-chairs of ASEAN working committees on financial sector integration including: ASEAN Banking Integration Framework (ABIF), Capital Account Liberalization (CAL), Capital Market Development (CMD), Financial Inclusion (FINC), Financial Service Liberalization (FSL), Payments and Settlement Systems (PSS), and Steering Committee on Capacity Building (SCCB).

After a whole day discussion, the meeting noted that most of the ASEAN Sub-Committees had achieved almost all their set targets up to this year and had already set priorities and key performance indicators for 2019.

For the macroeconomic and financial condition in the region, the meeting noted that the region's economic growth continued to be strong, but could be sluggish next year due to major risks stemming from trade war and the tightening of global financial condition.

The meeting also agreed to consider the platform for information sharing on cybersecurity among ASEAN member countries, as there has been a continuous rise in cybercrime incidents. The cyber attacks have caused significant losses such as the losses of critical data, financial losses, disruption of businesses and more. These risks from cyber threats can have a negative impact on the future of ASEAN's financial sector integration process, which require the urgent attention from all member countries.