21 October 2014 - Bank Islam Brunei Darussalam (BIBD), the presiding bank of the China ASEAN Inter-Bank Association (CAIBA), will bring together leading banks from ASEAN and China to further explore long-term cooperative relationship at the 4th CAIBA Executive Board Meeting and Seminar. Held at The Empire Hotel & Country Club, it is a part of ongoing efforts to enhance cooperation within ASEAN and with China, and comes ahead of the implementation of the ASEAN Economic Community (AEC) next year as well as China's ambitions to increase investment in the Southeast Asian region to USD150 billion by 2020.

Given the complexity and rapid development in the global economy and geopolitics, as well as the coming implementation of the AEC, there is a need for China and ASEAN to work closer together to address the upcoming challenges that could arise from the evolution of a single Southeast Asian market such as the availability of solid commercial and financial infrastructure. In the 4th CAIBA Executive Board Meeting, possible areas for strategic collaboration between member banks will be identified, discussed, and formulated into action plans.
Mr. Javed Ahmad, Managing Director of BIBD commented, Through the 4th CAIBA meeting, we will develop common understanding on the development and the status of various initiatives that have been undertaken through ASEAN and ASEAN-China cooperation. With the combined experience and expertise of our member banks, we are positive that that the concepts and ideas that have been discussed in previous CAIBA meetings will be transformed into actionable plans.

Following the 4th CAIBA Executive Board Meeting, a seminar on SME Development and Micro Financing will be conducted to prepare member banks to respond actively to the opportunities and challenges brought about by economic globalisation. Apart from the seminar, other training activities are currently being planned and these will be organised throughout the year by member banks. These are intended to prepare member banks to contribute to national and regional development through increasing microfinance penetration among the poor (according to a recent report, microfinance penetration in countries with ADB support remains low at nearly 20% of the population at the end of 2011).

These training programs are perfectly in line with BIBD's own plans to support the development of Brunei as a nation,commented Mr. Ahmad. SMEs are the backbone of ASEAN as they account for more than 96% of all enterprises and 50% to 85% of domestic employment, making the development of SMEs integral to achieving long-run and sustainable economic growth, he continued.

Taking over China Development Bank as the Presiding Bank of CAIBA, Brunei's flagship bank will hold the position until 17 May 2016. The Managing Director of BIBD effectively serves as the Chairman of CAIBA during the two-year period.

We are delighted that BIBD will be representing Brunei as Chair of CAIBA for the next two years, and that we are host of this year's Board Meeting and Seminars. BIBD is deeply humbled and honoured to be given this opportunity, and we will continue to work towards building a long-term cooperative relationship between China and ASEAN countries, added Mr. Ahmad.