Global warming, growing inequality of wealth and opportunity, and continued exploitation of natural resources, have elevated the issue of social responsibility across all players in the society. If we look at the Dow Jones Sustainability World Index (DJSI), which is used to measure sustainable performance of listed companies worldwide through analysis of various factors in economic, environmental, and social dimensions, we see only one bank from ASEAN included in the Index for the first time this year. I congratulate this Thai bank and certainly hope other ASEAN banks will soon follow. Sustainable banking encompasses wide-ranging areas from codes of business conduct, responsible lending, environmental policy and financial literacy, as well as financial inclusion. These initiatives have to be incorporated into banks' way of doing businesses. Banks as the main players in the allocation of resources, play a key role in ensuring sustainable growth of the whole economy. 4  A strong culture of ethics and responsibility of banks should also be in place. This ranges from employees’ integrity, customers’ data privacy, anti-bribery and corruption, to strictly complying with laws and regulations. Socially, banks’ responsibilities should start with the design of products that meet the needs of customers. Financial literacy will also increase customers’ financial discipline and understanding of financial products and associated risks. Nowadays, as banks also provide digital services, financial technology literacy is another aspect that needs to be deepened to improve awareness of cyber security and promote greater usage of digital products.

Increasing financial access is another channel through which to drive equal opportunity for all. ASEAN has a large population that is currently underserved with average exclusion level at 44%. Reducing this exclusion level means an increase in opportunities for people and businesses and contribute to sustainable growth of ASEAN. Lastly, ASEAN banks need to intensify our commitment to strengthening regional financial connectivity. The ASEAN region remains the world’s beacon of hope and a bright spot. One driver of growth in our region is the increased intensity of connectivity via trade, investment, and people as we reach our integration goals. Tangible benefits of increasing intraregional trade and investment have been witnessed; however, much work remains with regards to financial connectivity. More long-term benefits for regional growth need to be realized, and financial connectivity reinforced. There are a number of important initiatives that both regulators and bankers in ASEAN need to collaborate to further connect our ASEAN financial systems. There will be greater business opportunities through the strengthening of partnerships amongst ASEAN banks and increased usage of cross-border financial services by introducing proper infrastructure and fee structure. Expansions of banking presences through the Qualified ASEAN Banks (QABs) will enable greater efficiency and reduce costs of businesses for both bankers and customers alike. At present, Thailand is in the process of negotiating bilateral QAB frameworks with Malaysia and Indonesia. And yesterday, in Nay Pyi Taw, the Central Bank of Myanmar and Bank of Thailand signed a letter of intent to start the QAB negotiation process.