2015年-SWIFT环球同业银行金融电讯_Speeding_up_Financial_Integration_in_ASEAN_and_beyond_4页_393kb

Summary of "Speeding up Financial Integration in ASEAN and beyond"

Core Content

This document outlines the strategic approach and key initiatives aimed at accelerating financial integration in the ASEAN+3 region and beyond. It emphasizes the importance of leveraging existing infrastructure, adopting global standards, and fostering collaboration among stakeholders to enhance interoperability, transparency, and efficiency in financial markets.

Main Objectives

• Accelerate Financial Integration: Achieve faster integration of financial sectors in ASEAN+3 and extend it to the wider Asia Pacific region.
• Enhance Cross-Border Settlement: Develop a linkage model for cross-border bond and cash settlements using SWIFT infrastructure.
• Promote Common Standards: Establish a unified standard for financial transactions, particularly in payments and securities, to ensure interoperability and compliance.

Key Initiatives

Regional Settlement

• A linkage model is proposed to enable cross-border settlement of bonds in ASEAN+3 countries.
• This model will allow for seamless and secure transactions across borders, leveraging SWIFT’s infrastructure.

Closed User Groups (CUGs)

• A secure governing mechanism is needed to coordinate the financial community.
• CUGs will facilitate the reuse of SWIFT infrastructure in a coordinated and secure manner.
• Central institutions and government bond stakeholders should be included to ensure proper governance and reporting.

Global Interoperability

• Common messaging and data standards are essential for improving transparency, transaction visibility, and problem resolution in payments and securities.
• ISO 20022 is being considered as the standard for cross-border payments within ASEAN.
• The Working Committee on Payment & Settlement Systems (WCPSS) is working towards adopting ISO 20022.
• SWIFT’s MyStandards and Readiness Portal will support the community-wide adoption and implementation of ISO 20022.

Leverage Networks and Communications

• Establishing forums and councils is crucial for enhancing communication and coordination among stakeholders.
• A Council for ASEAN Payments (CAP) is proposed to set governance practices, standards, and develop a rulebook for cross-border payments.

Reuse Existing Infrastructure

• Reusing existing SWIFT infrastructure can significantly reduce costs and improve operational efficiency.
• Over 1,000 banks and corporations in ASEAN and 3,000 in the broader Asia Pacific are already using SWIFT.
• SWIFTNet is suggested as a platform for secure and efficient coordination of the integration process.

Key Benefits of Financial Integration

• Economic Growth: Enhances business opportunities and efficiency for companies in the region and beyond.
• Operational Efficiency: Reduces costs and improves transaction processing through automation and standardization.
• Regulatory Compliance: Supports the reporting requirements of regulatory bodies and facilitates smoother on-boarding to regional schemes.
• Innovation Support: Enables the financial community to accommodate new technologies and practices.

Role of SWIFT

• SWIFT is a member-owned cooperative with a global presence, connecting over 10,800 institutions in 200 countries and territories.
• It has a proven track record in supporting market infrastructure development and has successfully implemented projects such as SEPA and T2S.
• SWIFT provides tools and services like SWIFTNet and MyStandards to support the implementation of financial integration initiatives.
• It plays a vital role in community building, standard setting, and infrastructure reuse.

Conclusion

Financial integration in ASEAN and beyond is a complex but essential process that requires collaboration, standardization, and efficient use of existing infrastructure. By adopting ISO 20022, establishing CUGs, and utilizing SWIFT’s global expertise and tools, stakeholders can achieve more rapid and effective integration, leading to improved market accessibility, transparency, and operational efficiency.

Key Statistics

• 180+ market infrastructures globally use SWIFT
• 6 billion messages processed annually
• 10,800+ SWIFT users
• 11% increase in traffic
• 200+ countries and territories covered

Contact Information

• Alexandre Kech – Head of Securities Markets & Standards
  Email: alexandre.kech@swift.com
• Michael Moon – Head of Payments Markets
  Email: michaelmoon@swift.com