Since the Asian Financial Crisis of 1997 – 1998, the Association of Southeast Asian Nations (ASEAN) has continuously worked towards regional integration in the region’s financial and capital markets, with the complement of financial inclusion and financial stability. ASEAN’s ambition first became formalized in 2003 when ASEAN Finance Ministers endorsed the Roadmap for Monetary and Financial Integration of ASEAN (RIA-FIN). The RIA-FIN covers the three primary financial areas of financial services liberalization, capital account liberalization, and capital market development.
Later on, ASEAN endorsed two ASEAN Economic Community (AEC) blueprints for different timelines, (2007–2015 and 2016–2025); both of which sought to guide the bloc in their ambitious goal of creating a single market and production base by 2025. Both blueprints incorporated major elements of financial integration and taxation cooperation. Subsequently, in April 2016, ASEAN Finance Ministers and Central Bank Governors approved the Strategic Action Plans (SAPs) for Financial Integration 2016–2025 in Vientiane, Lao PDR. The SAPs were aimed towards the complementary goals of promoting financial integration, financial inclusion, and financial stability.
