Working Committee on Capital Market Development (WC-CMD) Meeting
On 23/8/2024, within the framework of ASEAN financial cooperation, the Working Committee on Capital Market Development (WC-CMD) Meeting was held online.
The meeting was co-chaired by the Director General of the Securities and Exchange Commission of Cambodia and the Managing Director of the Monetary Authority of Singapore, with the active participation of representatives from 10 ASEAN countries. The Vietnamese delegation, led by Mr. Nguyen Dang Khoa - Deputy Head of the Regional Financial Integration Department, International Cooperation Department, together with Ms. Nguyen Khanh Linh (International Cooperation Department) and Ms. Dong Phan My Linh (Department of Finance for Banks and Financial Institutions) attended the meeting.
During the meeting, the ASEAN Secretariat presented an overview of the progress of the CMD Working Group within the framework of the ASEAN Economic Community 2025 implementation plan. The meeting noted the adoption of strategic objectives and in-depth discussions on the specific tasks of the CMD Working Group in the draft ASEAN Economic Community Blueprint 2026-2030. In particular, the ASEAN Secretariat has tasked the CMD Group to submit the plan to the Ministers for approval at the 28th Finance Ministers and Central Bank Governors Meeting in Malaysia in April 2025.
The representative from Cambodia, co-chair of CMD 2024, provided an update on the implementation of the group’s tasks in 2024 and highlighted priorities for 2025. The CMD Group noted notable achievements, including the issuance of the ASEAN Taxonomy Version 3 and the organization of two capacity building programmes to enhance ASEAN cohesion. In 2025, the group will continue to update the ASEAN Taxonomy Version 4, join the ASEAN Green Convertible Bonds Association, launch the ASEAN Sustainable Finance Support Centre, and collaborate with the ACMF Group to publish the ASEAN Transition Finance and Voluntary Carbon Market Guidelines.
The meeting also approved ASEAN’s plan to join the ASEAN Green Convertible Bond Association, an initiative initiated by the Japan Financial Services Agency (JFSA) with the aim of “Promoting and guiding finance in an orderly and equitable manner.” ASEAN’s objectives in joining the Association include developing a common approach to transition finance, facilitating transition finance to channel capital flows to developing regions in ASEAN, and seeking to promote the flow of transition finance between Japan and the ASEAN region.
Sharing experiences in developing capital markets for infrastructure construction, the Malaysian representative gave a knowledge-sharing presentation using the example of Malaysia’s East Coast Rail Link (ECRL) Project. The presentation provided insights into how Malaysia has applied innovative financial instruments to develop sustainable transport infrastructure, and provided lessons for ASEAN countries in applying green finance to infrastructure construction projects.
Within the framework of ASEAN-Germany financial cooperation, the ASEAN Secretariat updated the progress on the ASEAN Centre for Sustainable Finance. This is a cooperation initiative proposed and funded by GIZ. Currently, the CMD Working Group has approved the Content Document on the initiative to establish this Centre and is moving towards the project appraisal process. At the meeting, the parties continued to discuss and determine the key output targets of the project and set the target of drafting the Action Plan, drafting the legal documents for establishing the centre, and signing and approving these documents in the coming time./.
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