Another concern for ASEAN financial sector is the implementation of Basle Accord II which has raised question of the readiness of the banking system. We should therefore continue strengthening collaboration between central banks, monetary authorities, bankers, and private sector. In this regard, central banks have to provide the infrastructure where financial markets rely on, so that the best practices can be adapted.
We also need to harmonized/standardized the financial institution structure, skill, and regulation in the region to face the Accord. Ladies and Gentlemen, On bilateral level, cooperation among bankers in the region is also essential in preparing the system for a more sophisticated and complex banking practice in the globalized era so that the region could still achieving financial stability.