Southeast Asian nations complete pact to allow qualified banks to operate freely in the region
{{#rendered}} {{/rendered}}Southeast Asian nations have finalized a key agreement allowing qualified banks to operate freely in each other's countries in a push toward greater financial and economic integration.
The regional banking integration framework is part of efforts to create an economic community by the end of the year, making the 10-member Association of Southeast Asian Nations a single market and production base.
ASEAN finance ministers and central bank governors said in a joint statement that qualified ASEAN banks can now operate with greater market access and be accorded flexibilities similar with those of domestic banks in the host country.
{{#rendered}} {{/rendered}}They said Saturday after a two-day meeting that this will help accelerate the pace of regional financial integration and boost cross-border trade and investment.