The Monetary Authority of Singapore published the joint statement of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, setting out agreed priorities to strengthen regional financial resilience and integration, accelerate cross-border payment connectivity, and scale sustainable finance and infrastructure funding. The statement also flagged risks from additional United States tariffs, with ASEAN committing not to impose retaliatory measures and indicating it is monitoring potential volatility in capital flows and exchange rates. On payments, the meeting endorsed a multi-year connectivity roadmap and 2025 targets to expand payment linkages from 18 to 25, increase QR payment transactions by 50%, and raise peer-to-peer fund transfers by 25%. It noted progress on multilateral payment connectivity through Project Nexus, with the scheme organisation “Nexus Global Payment” established in Singapore at end-March, and confirmed that regulators and banks agreed to collaborate on a regional ecosystem to combat fraud and scams that integrates pre- and post-scam mitigation strategies, alongside strengthened oversight and cybersecurity. For financial integration and backstops, participants looked forward to the reestablishment of the ASEAN Swap Arrangement and endorsed Model Operating Guidelines for a Local Currency Transaction Framework. The statement endorsed the ASEAN Infrastructure Fund Action Plan for 2025-2028, including proposed facilities such as a Regional Connectivity Project Readiness Facility, an ASEAN Power Grid Transition Finance Facility, and a pilot Islamic finance facility, and noted work on Version 4 of the ASEAN Taxonomy for Sustainable Finance with publication targeted by year-end. Delivery of the ASEAN Capital Markets Forum Action Plan 2026-2030 was also expected by year-end, and the meeting endorsed an ASEAN Cross-Sectoral Working Committee to oversee workstreams on disaster risk financing and health and to evaluate a proposed food security initiative.

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