Asean finance ministers agree to banking flexibility
Asean finance ministers have agreed to open banking and securities sectors on a voluntary basis.
An agreement was signed on Friday at the Asean Finance Ministers’ and Central Bank Governors’ Meeting in Chiang Rai, north of Thailand.
The signing of the 8th Protocol marks the occasion where all Asean member states adopt the commitment resulting from the 8th round of negotiation, said the Asean statement issued on Friday .
Under the agreement, multiple countries have bilaterally agreed on “Qualified Asean Banks” or OABs.
The agreement adds flexibility to the establishment of Asean banks in Asean member states.
Progress has also been made in non-life insurance, including marine, aviation, and transit or MAT insurance.
Restriction in the securities sector have also been further removed as Thailand agreed to allow foreign investors to hold up to 100 per cent of stakes in asset management business, mutual fund management, private fund management, security brokerage for investment unit, dealing in securities, investment advisory and venture capital.
Assistant governor of the Bank of Thailand, Alisara Mahasandana, said that Thailand has been negotiating with Indonesia, Myanmar and Philippines on banking liberalisation.