Report by the Permanent Committee on Asean Inter-Regional Relations

STUDY TOUR TO BRUSSELS, BELGIUM

Monday, 17 October & Tuesday, 18 October 2011

The Association of Banks in Malaysia (ABM) as the chair of the Permanent Committee on ASEAN Inter-Regional Relations took the cue from last year’s ASEAN Banking Council meeting themed, “Towards One ASEAN Market – Enhancing and Strengthening the Collaboration among ASEAN Countries” as the topic for this year’s study tour to see

what knowledge and lessons can be shared from their journey towards the creation of a single market for banking and financial services.

After due consultation with other members of the ASEAN Banking Association, Brussels, Belgium which hosts the European Commission headquarters was selected as the venue for this year’s study visit.

Thirteen delegates comprising senior bankers from Singapore, Vietnam and Malaysia participated in the two day study tour. The primary purpose of the study tour was to build and foster inter-regional relations and close cooperation with Belgian banks, industry associations and members of the banking and wider financial services.

After due consultation with ASEAN national banking associations, the following topics were identified and discussed in detail by our hosts:

a. Belgian Bankers’ Association (Febelfin) and its member banks

Visit to	Topics / Areas Covered
Febelfin	Overview of the banking industry in Belgium and the European Union (EU)
BNP Paribas Fortis	Economic outlook for the Eurozone Integration of European capital markets Domestic and international payment platforms
ING	Belgium European payments landscape

b. Related financial services

Visit to	Topics / Areas Covered
SWIFT	High-value payments market infrastructure – Target/2 Low-value payments market infrastructure – Single Euro Payment Area (SEPA) Securities market infrastructure

c. European Commission

Visit to	Topics / Areas Covered
Directorate General Internal Market and Services	Principles of mutual recognition and the “single passport” in the area of financial services Developing integrated EU capital markets, how and why? Promotion of financial and social inclusion for consumers Single Euro Payment Area IFRS, a common set of accounting standards for listed EU companies
Directorate General employment Social affairs and Equal opportunity	Free Movement of Workers in the European Union

The feedback for the study tour from the participants was positive as it had benefitted them with both the knowledge and insight to the European banking and financial markets.

Much appreciation goes out to various parties who made this study trip possible and a success. To the delegates for their participation and camaderie and to our gracious Belgian hosts for their warm hospitality and engaging sessions.

Malaysia

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