If we revisit the underpinnings of ASEAN market integration, we find that its vision is premised literally on the concept of building a community. And like all communities, the ASEAN Community is itself built around different components, specifically, developing a Political-Security Community, a Socio-Cultural Community and an Economic Community.
With the establishment of the ASEAN Economic Community or AEC in 2015, we are now at that phase of formally consolidating the 10 ASEAN markets into a single economic base. To achieve this, it is necessary that we have an integrated and well-functioning regional financial system. This is defined under the ASEAN Financial Integration Framework or AFIF.