| Hakim Hayat |
THE Asia-Pacific Economic Cooperation (Apec) Business Advisory Council (Abac) Brunei convened the Asia-Pacific Financial Forum (APFF) at The Empire Hotel & Country Club yesterday in conjunction with the 40th Asean Insurance Council (AIC) meeting/17th Asean Insurance Regulators’ Meeting.
According to a press release from Abac Brunei, APFF is a regional platform for enhan-ced public-private collaboration in developing the region’s financial markets which was an initiative by Abac and partner institutions in March 2012, in response to the turbulent global economy.
The press release added that the APFF is intended to improve collaboration among financial regulators to help promote regional financial market integration and enhanced efficiency in capital market as the region would greatly benefit from an overarching framework for enhanced regional public-private collaboration that can effectively complement various ongoing regional initiatives to develop sound, efficient and integrated financial markets.
Thus, the collaborative framework aims to
be a platform for public-private sector collaboration in the development of robust financial markets across the region; the convergence of financial standards, regulations and practices; markets that will support the region’s sustained rapid growth; shaping global financial regulatory reforms in support of the region’s financial development goals through coordination of views on agreed areas of common regional concern; and ensuring that these concerns are adequately reflected in global financial standards and regulations.
The APFF interim report was officially endorsed by finance ministers during the Apec Finance Ministers Meeting that took place October 22 in Beijing. In a joint statement, there was a call for collaboration with APFF in developing capital markets, SME finance and long-term investments.
Speaking at the forum yesterday were Makoto Okubo, General Manager – International Affairs, Nippon Life Insurance and JC Parrenas, Senior Advisor, Nomura Securities.
Haslina Taib of Abac Brunei said, “This is an effort of Abac Brunei to create awareness of what it is doing with regards to infrastructure and insurance as long-term investment.”
Meanwhile, Hafimi Abdul Hadi of Abac also said the private sector should be encouraged to look at creative solutions that appeal to insurance and pensions funds through a multi-faceted approach to create longevity in investment and sustainable development.