The Myanmar Banks Association and ASEAN Bankers Association jointly organized the 24th ASEAN Banking Conference and 53rd ASEAN Banking Council Meeting at Novotel Yangon Max Hotel in Yangon yesterday.
Speaking at the meeting, Governor of the Central Bank of Myanmar Daw Than Than Swe said the theme of the conference, “Optimizing Banking in a Digital Age: Successes and Challenges”, completely reflects the current situation. Although the advancement of digital technology has supported inclusiveness in the financial sector of ASEAN countries, enabled more efficient services, and improved cross-border payment systems, it has also brought new risks such as cybersecurity attacks, fraud, and data security threats. The ASEAN financial community has made progress in collaboration through initiatives such as ASEAN payment connectivity, cross-border QR code payments, and the regional open banking framework. The ASEAN member states also work to develop an ecosystem where both traditional banking and digital systems can coexist. She then discussed the implementation of the National QR Code, MMQR, which has facilitated smoother domestic payments and enabled cross-border transactions.
She added that ASEAN countries need a stronger fundamental framework to prevent risks arising from rapid digital development.
The relevant experts coordinated the discussion under different topics, such as macroeconomic outlooks in the ASEAN, changes and advancements in global banking and financial systems and the tasks ASEAN nations should perform, the future of financial services in the digital era, challenges and potential successes in offering banking services in a digital age, and online scams related to payment systems.
The 24th ASEAN Banking Conference and the 53rd ASEAN Banking Council Meeting and related meetings will continue from 19 to 21 November at the Novotel Yangon Max Hotel in Yangon.
MNA/KTZH
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