Vietnam Banks Association attends the 52nd ASEAN Banking Council Meeting in Kuala Lumpur, Malaysia

The 52nd ASEAN Banking Council Meeting was hosted by the Association of Malaysian Banks (ABM) and was attended by more than 200 senior bankers from 10 ASEAN countries. The delegation of the Vietnam Banks Association attending the conference was led by Vice President cum General Secretary Nguyen Quoc Hung, including 17 members from the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), the Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Standing Office of the Association.

On December 4th, 2024, prior to the Council meeting, the 3 Standing Committees - Cooperation in Finance, Investment, Trade and Technology (COFITT); ASEAN Inter-Regional Relations (IRR) and Banking Education met on topics selected by the 10 member countries' banking associations and presented directly at the meeting.

At the Council Meeting on December 5th, 2024, members heard reports and approved proposals from the 3 Standing Committees, specifically:

For the Committee on Cooperation in Finance, Investment, Trade and Technology (COFITT)

In order to increase greater trust and confidence in payment transactions between customers and merchants, the Committee discussed progress made in the initiative to enhance transparency and efficiency in resolving cross-border payment disputes in ASEAN. Following a review of existing dispute resolution processes, the next phase of the project will develop harmonized best practice recommendations for addressing cross-border QR payments to be presented to national regulators.

The Committee also agreed on the need for a regional collective effort to combat cyber fraud by criminal syndicates exploiting digital platforms, including e-payment infrastructure, across borders. A task force will be established to explore and promote collaboration in anti-fraud efforts, with an initial focus on:

Sharing knowledge on current practices for detecting, retaining and recovering fraudulent proceeds to provide recommendations to banks;

Fostering ASEAN policy consensus that an ecosystem approach is necessary to protect consumers from fraud and maintain trust in digital payment services. While banks must do their part to combat fraud, all other parties who benefit from the digital economy, from telecommunications companies to social media, mobile device operating system owners and consumers, have a corresponding obligation to protect the digital ecosystem from criminal abuse.

The COFITT Committee also provided updates on a number of ongoing initiatives, including: (i) Project Nexus, an initiative to accelerate cross-border payment connectivity by linking countries’ real-time payment systems through a multilateral network; (ii) Preparations for the release of a COFITT-developed ASEAN Interoperability Framework (IDF) implementation guidance document, to be completed by 2023; (iii) the Regional Digital Trade Connectivity Initiative, which seeks to digitize end-to-end activities and processes involved in cross-border trade transactions.

For the ASEAN Inter-Regional Relations Committee (IRR)

As the Chair of the IRR Committee, the Association of Malaysian Banks (ABM) successfully hosted the 2024 virtual study tour, which included key meetings with the Glasgow Finance Alliance for Net Zero (GFANZ) and the ASEAN Secretariat.

On 8 August 2024, GFANZ highlighted the financial sector’s journey towards achieving net zero emissions at a panel discussion, sharing insights on strategies and challenges in combating climate change.

On 25 September 2024, Mr. Hazremi Hamid, Senior Officer of the ASEAN Secretariat, presented the ASEAN Guidelines on Governance and Ethics of Artificial Intelligence (AI), highlighting responsible AI as a driver for progress.

In terms of activities in 2025, the IRR Committee agreed to re-organize the study tours (instead of online) to enhance connectivity and collaboration among ASEAN Banking Association members. Suggested destinations include Singapore, China, Europe, and the United States, with key themes focusing on AI, digital technology, sustainability, food security, and energy — areas of growing importance to the global banking industry.

During the Committee’s discussion, sustainability was a key focus, with all 10 member Banking Associations updating their national sustainable banking initiatives. The Malaysian Banking Association remains committed to fostering collaboration and enhancing the role of the banking sector through impactful programs such as study tours.

For the Banking Education Committee

The Committee focused on promoting regional cooperation in the field of banking education, with the main topics of discussion being the linkage of certifications, skills development and communication between national banking associations. In presenting the Committee’s Report to the ASEAN Banking Council, the ASEAN Banking Council affirmed its support for cross-recognition of certifications in certain banking professions. The Council also directed the Committee to include soft banking skills for a holistic approach to the banking human resource skills development initiative.

A significant outcome of the Committee meeting was the adoption of the proposal by the Bankers Association of the Philippines (BAP) to establish bilateral agreements for the recognition of capital profession certifications among ASEAN member countries. The Committee outlined action steps to implement this initiative, including collaboration through the BAP Capital Accreditation Subcommittee and direct engagement with the National Bank Associations. These efforts aim to address the significant need for professional certification, particularly in Vietnam and Cambodia, and enhance the mobility of skilled and highly skilled workers across the region.

The adoption of the Singapore Financial Services Skills Framework (SFFS) was another important area of discussion. The framework, presented by the Institute of Banking and Finance of Singapore, provides comprehensive guidance on skills development and workforce planning. National Bank Associations are encouraged to localize the framework by adapting it to market needs and regulatory environments, leveraging digital resources, and partnering with training providers. To ensure long-term competitiveness, members are encouraged to incorporate emerging skills, such as AI integration, into their workforce strategies.

To enhance collaboration, the Banking Education Committee has approved the establishment of an open communication channel via WhatsApp for continuous knowledge sharing on trends, programmes and initiatives. In addition, the Committee also plans to organize a study tour to the Singapore Institute of Banking and Finance in 2025 to gain a deeper understanding of the SFFS framework and its applications. With these concrete steps, the Committee has reaffirmed its commitment to building a more skilled and adaptable banking workforce across ASEAN.

Also during the meeting, the ASEAN Banking Council agreed to hold the 53rd ASEAN Banking Council Meeting and the 24th ASEAN Banking Conference in the fourth quarter of 2025 in Myanmar, hosted by the Myanmar Bankers Association.

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