In navigating the intricacies of the evolving landscape, understanding the differences in each member country’s economic and governance structure, historical context and stage of economic development is crucial, said Managing Director of Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar.
She said this during the 27th ASEAN Insurance Regulators’ Meeting (AIRM) and the 50th ASEAN Insurance Council (AIC) Meeting at The Empire Brunei yesterday.
Hajah Rokiah said, “The modern financial system is becoming increasingly dynamic. It is also more complex and diverse than ever before. Over the past decade, the global regulatory reforms have played a crucial role in creating a resilient financial sector. With a focus on building strong institutions, these reforms have undoubtedly contributed to strengthening resilience of the financial sector in withstanding various shocks encountered in recent years.”
She also outlined the changes that will need to be addressed namely, the emergence of new drivers of change, the growing complexity of the financial sector exposing multiple layers of risk, advancement of technological transformation to aid efficiencies and expand customer outreach and the evolution of regulations.
Themed ‘Bridging Resilience and Innovation in ASEAN Insurance Landscape’, the AIRM serves as a platform to strengthen insurance cooperation in the development of insurance regulatory and supervisory frameworks as well as research and capacity building through the ASEAN Insurance Training and Research Institute (AITRI).
Meanwhile, the AIC Meeting aims to foster cooperation and development among insurance markets in the ASEAN region. Throughout the week, several other insurance industry related events will be held, culminating in a joint plenary meeting held between the AIRM and AIC.
Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid, who is also the chairman of BDCB’s Board of Directors, officiated the event and delivered a keynote address. – James Kon
