Finance leaders from Southeast Asia are in talks to strengthen the region’s resilience against global risks as the Association of Southeast Asian Nations (ASEAN) discusses ways to improve the connectivity of the region’s payment systems.
Despite projected positive growth this year, ASEAN policymakers remain vigilant and prepared for potential external challenges that may cause turbulence in the regional economies.
The forum also aims to reduce volatility and exposure to major currencies by increasing the use of local currencies for settlements.
Additionally, officials are discussing the implementation of stricter regulations to prevent a repeat of the Asian financial crisis in the late 1990s. Cryptocurrencies and central bank digital currencies are also on the agenda.