The delegation of the Vietnam Banks Association (VNBA), led by Vice Chairman and Secretary General Dr. Nguyen Quoc Hung, comprised 10 members representing VietinBank, BIDV, Vietnam Credit Information Joint Stock Company (PCB), and the VNBA Secretariat.
Heads of delegations of the ASEAN Banking Association took photos with the President and Secretary General of the ASEAN Banking Association and guests.
Adoption of Reports by the Three Permanent Committees
During the 53rd ASEAN Banking Council Meeting, members adopted the proposals of the three permanent committees:
- The Committee on Financial, Investment, Trade and Technology Cooperation (COFITT)
- The ASEAN Inter-Regional Relations Committee (IRR)
- The Banking Education Committee
These committees had convened their meetings on 20 November.
Mr. Joe Teodoro K. Limcaoco, President of the ASEAN Bankers Association (ABA) speaking at the conference
Committee on Financial, Investment, Trade and Technology Cooperation (COFITT)
COFITT adopted a dispute resolution and operational framework for cross-border payment corridors within ASEAN. Developed jointly with ASEAN payment switch members under the Asia Payments Network (APN), the framework aims to enhance transparency and efficiency in resolving cross-border QR payment disputes. It outlines the specific responsibilities of all stakeholders—including consumers, banks, merchants, and payment switches—across the entire transaction process.
The committee also agreed to publish two thematic reports on fraud prevention across the ASEAN region:
- Report One, developed with the Asian Institute of Digital Finance, National University of Singapore (NUS-AIDF), provides a “toolkit” of anti-fraud measures for ASEAN banks, covering both common practices and country-specific approaches.
- Report Two focuses on the role of other digital economy stakeholders—telecom operators, social media platforms, e-commerce marketplaces, and digital payment providers—in strengthening fraud prevention, advocating for an ecosystem-wide approach with clearly defined responsibilities.
COFITT members committed to implementing the first report’s recommendations within their respective national banking sectors. The committee will also brief ASEAN Central Bank Governors and ASEAN Digital Ministers to seek support for ecosystem-level fraud prevention. Regular meetings will be held to share best practices, regulatory coordination experiences, and enhance collaboration among anti-fraud units of ASEAN banks.
The committee also received updates on the Regional Digital Trade Connectivity Initiative, aimed at promoting the full digitalization of cross-border trade processes.
ASEAN Inter-Regional Relations Committee (IRR)
The Malaysian Banking Association (ABM) successfully organized the ASEAN IRR Study Tour 2025 in Hong Kong (China), featuring sessions with the Hong Kong Association of Banks, the Hong Kong Monetary Authority, HKEX, ZA Bank, WeLab Bank, Mox Bank, Cyberport, and the Financial Services Development Council.
The committee agreed that the 2026 Study Tour will continue in physical format to further strengthen linkages and cooperation among ASEAN national banking associations.
Priority topics of interest include:
- Sustainable development (green finance, transition finance, climate action)
- Artificial intelligence
- Cross-border payment connectivity
- SME digitalization and supply chain finance
- Cybersecurity and ESG reporting
The IRR Secretariat will conduct a survey to select the host location for the 2026 Study Tour.
During discussions, sustainability remained a central theme, as members shared national updates on sustainable banking initiatives.
The committee also reviewed a proposed Memorandum of Understanding between the Hong Kong Association of Banks (HKAB) and the ASEAN Bankers Association (ABA). Members expressed full support for the MoU to promote knowledge exchange and sharing of best practices.
ABM reaffirmed its commitment to fostering cooperation and enhancing the industry’s role through practical initiatives such as the IRR Study Tour.
Banking Education Committee
The Banking Education Committee met with representatives from 10 ASEAN countries to review progress on regional banking education initiatives and set new directions for future collaboration.
A key outcome was the acknowledgment of NUS-AIDF’s readiness to establish direct partnerships with National Banking Associations (NBAs) or through the ASEAN Bankers Association, with members encouraged to begin discussions to expand academic and industry collaboration.
The committee confirmed that national associations may participate in the TCP Certification Program led by the Bankers Association of the Philippines (BAP), which has completed all preparatory requirements and is ready for ASEAN-wide implementation.
Members agreed to continue aligning with the Singapore Financial Services Skills Framework (FSSF), which helps countries identify strengths and emerging “centers of excellence” for interregional knowledge exchange. The committee aims to strengthen national banking competency frameworks toward a long-term vision of building a regional banking education ecosystem.
The ABA Training Portal will continue to be maintained with quarterly updates, restored access accounts, enhanced member engagement, and expanded functionalities, including storing NUS-AIDF reports and new content such as tokenisation.
The meeting also heard a range of new initiatives from ASEAN banking associations:
- Singapore presented a study on workforce transformation in the GenAI era
- Malaysia and Singapore shared joint efforts to develop a GenAI-based skills assessment tool
- Thailand committed to sharing its e-learning library and social media content to promote financial inclusion
- Indonesia and Malaysia introduced new training and scholarship programs
- Brunei, Indonesia, and Malaysia highlighted their emerging centers of excellence in Islamic finance
The committee stressed the importance of regular information-sharing and coordinated efforts in financial education, with particular focus on consumer safety and fraud prevention.
Statements from VNBA
During the closing session, Vice Chairman and Secretary General Dr. Nguyen Quoc Hung, on behalf of the Vietnam Banks Association, expressed sincere appreciation to the organizers for their warm hospitality and effective preparations, which contributed significantly to the success of the 24th ASEAN Banking Conference and the 53rd ASEAN Banking Council Meeting.
“The discussions at this year’s meetings have provided us with valuable insights into advancing banking activities in the digital era—particularly in digital transformation, risk management, and fraud prevention in payments. We firmly believe that the spirit of unity, cooperation, and shared commitment among ASEAN member countries will help build a safer, stronger, and more resilient regional banking and financial system,” he noted.
Looking Ahead
The 54th ASEAN Banking Council Meeting will be hosted by the Bankers Association of the Philippines (BAP) in the fourth quarter of next year.
VNBA News
