ASEAN integration drives development of independent regional financial system: Malaysian analyst
An independent and resilient regional financial system will help reduce reliance on external currencies and enhance monetary stability across Southeast Asia.
Kuala Lumpur (VNA) – Greater economic integration among the members of the Asso💙ciation of Southeast Asian Nations (ASEAN) is accelerating efforts to build an independent and resilient regional financial system, said Lee Pei May, a political expert at the International Islamic University Malaysia.
Speaking in a recent interview with Xinhua, Lee said that the independent and resilient regional financial system will help reduce reliance on external currencies and enhance monetary stability across Southeast Asia.
According to her, these moves are not meant to target any specific country but rather reflect a desire to move away from external financial volatility and facilitate transactions using local currencies for intra-ASEAN trade, which will enable seamless cross-border transactions, provide greater market access for micro, small and medium enterprises (MSMEs), and also boost regional tourism.
The expert said that the push for the use of local currencies has been ongoing for some time, as it helps strengthen the economic integration of ASEAN member states - an important goal that ASEAN seeks to pursue.
In fact, other regions are also moving away from relying too heavily on a single foreign currency, such as the US. dollar, as external interest rates and shifting government policies may cause significant volatility in currency exchange.
Lee said the Regional Payment Connectivity (RPC) initiative was first established to strengthen payment connectivity among the five ASEAN members, notably Malaysia, Thailand, Singapore, Indonesia and the Philippines. To date, the initiative has expanded to include Vietnam, Laos, Brunei and Cambodia.
Under the local currency settlement framework, many national payment systems have been linked, such as that between Malaysia and Indonesia, she said.
Lee also noted that the ASEAN push for local currencies and reduced dependency on external monetary systems has gained momentum amid increasingly unpredictable global developments. Lee emphasised current risks require the region to build an independent and resilient financial system./.
Although non-tariff and technical trade barriers aim to protect health, the environment and consumers, if they lack transparency or are not consistent, they can become invisible barriers that increase costs, prolong customs clearance times and create risks for businesses.
In their statement, the ministers expressed concern over the escalation of tensions in the Middle East since June 13 and welcomed the ceasefire between Israel and Iran on June 24. They called on all parties to respect the ceasefire and avoid further escalation of the conflict.
Themed “emerging trends in terrorism and violent extremism”, the event drew over 200 participants from domestic and international agencies, discussing the rapid evolution of terrorism and the need for stronger regional and global cooperation.
In the absence of a deal, Washington could impose a 36% tariff on all imports from Thailand as soon as July 9, compared with the 10% baseline tariff in effect now.
According to the official, the digital economy has played a key role in lifting the Thai economy. In the past five months, the value of digital exports tallied 860 billion THB (26.54 billion USD), up 35% year-on-year.
The event underscored Vietnam’s proactive role in advancing human rights in the context of climate change, helped strengthen its network of partners, and shared practical lessons with the international community.
SEA Games 33 is scheduled for December 9–20 in Bangkok, Chon Buri, and Songkhla, while the ASEAN Para Games 13 will take place from January 20–26, 2026, in Nakhon Ratchasima
Danantara CEO Rosan Roeslani said the collaboration could help Indonesia achieve its renewable energy targets, including a 34% renewable energy mix by 2034 and 87% by 2060.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to hold discussions with the Bank of Thailand, the National Economic and Social Development Council (NESDC), the Finance Ministry and the Commerce Ministry to realign economic priorities given the limited available resources, with a focus on the next 6-12 months.
Currently, Indonesia's daily oil consumption stands at 1.6 million barrels and it sets an ambitious target of achieving 1 million barrels of oil per day by 2029 or 2030.
In its first year, Tomorrowland will hold a 2-3 day event, offering exclusive packages, pre- and post-tours, and hotel accommodations. This model will resemble Tomorrowland in Belgium, which will significantly boost Thailand’s tourism industry.
The police has taken appropriate measures to ensure high preparedness ahead of this meeting, and the main focus is on the security of VIPs, traffic control and handling emergencies, he said, adding the team will use sophisticated technologies such as facial recognition systems and explosives detection to ensure the event runs smoothly.
At a press briefing on July 3, Indonesia's national search and rescue agency chief Mohammad Syafii confirmed that five people died in the incident and 25 are still missing.
Thai Deputy Prime Minister and Interior Minister Phumtham Wechayachai was assigned Acting Prime Minister, replacing caretaker Prime Minister Suriya Juangroongruangkit, following a special Cabinet meeting on July 3.
Under the new regulations, only pedestrians and users of personal mobility aids (PMAs), such as electric wheelchairs, are allowed on pedestrian-only paths, which are marked with the words “pedestrians only.” Cycling paths, by contrast, are painted red.
The two-tier local government model will serve as a key driver for Vietnam’s green economic development and enhanced governance capacity amid the Fourth Industrial Revolution and deep international integration, according to Prensa Latina.
The Indonesia Manufacturing Purchasing Managers’ Index (PMI) from S&P Global, released on July 1, dropped to a reading of 46.9 in June from 47.4 in May, indicating a further deterioration in the health of goods-producing industries.
From July 1, 2025 to December 31, 2026, the new tariff in Malaysia aims to boost electricity costs by 10-14% before surcharges for major consumers such as data centres.
Indonesia plays an important role in the ASEAN digital ecosystem, with a population of 280 million people, or around 40% of the ASEAN population, and makes a substantial contribution to the region's digital economy.
