Bank Negara Malaysia published the joint statement of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, setting out agreed priorities and endorsed initiatives to strengthen regional financial resilience, accelerate cross-border payment connectivity and scale sustainable finance across ASEAN. The statement highlighted external risks from additional United States tariffs, with members committing not to impose retaliatory measures and signalling readiness to address potential volatility in capital flows and exchange rates. On payments, the meeting endorsed a multi-year roadmap with 2025 quantitative targets, including expanding cross-border payment linkages from 18 to 25, increasing QR payment transactions by 50% and peer-to-peer fund transfers by 25%, and noted 21 operational linkages as well as progress on Project Nexus, with “Nexus Global Payment” established in Singapore at end-March. Financial regulators and banks also agreed to collaborate on a regional ecosystem to combat fraud and scams using pre- and post-scam mitigation strategies. On financial resilience and integration, the meeting looked forward to the reestablishment of the ASEAN Swap Arrangement and endorsed Model Operating Guidelines for a Local Currency Transaction Framework, while also endorsing the ASEAN Infrastructure Fund Action Plan for 2025-2028 and proposed new financing facilities including a Regional Connectivity Project Readiness Facility, an ASEAN Power Grid Transition Finance Facility and a pilot Islamic finance facility. Delivery of the ASEAN Capital Markets Forum Action Plan 2026-2030 and publication of Version 4 of the ASEAN Taxonomy for Sustainable Finance are targeted by year-end, while the cross-border payment connectivity targets are set for achievement in 2025.
Bank Negara Malaysia 2025-04-10
Bank Negara Malaysia co-chairs ASEAN finance and central bank governors meeting endorsing 2025 cross-border payment targets and regional anti-scam collaboration
Bank Negara Malaysia released the joint statement from the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, emphasizing financial resilience, cross-border payment connectivity, and sustainable finance. Key initiatives include a roadmap with 2025 targets for expanding cross-border payment linkages and increasing QR and peer-to-peer transactions, alongside efforts to combat fraud. The meeting also endorsed the ASEAN Infrastructure Fund Action Plan and proposed new financing facilities for regional projects.