With wide participation by banking institutions in Malaysia, Indonesia, Thailand and Singapore, such infrastructure can be extended to enhance the efficiency and cost-effectiveness of intra-region card electronic payments and remittances. The Real Time Gross Settlement (RTGS) systems of Bank Negara Malaysia (RENTAS) and the Hong Kong Monetary Authority, have been linked to facilitate faster and more efficient forms of payments. Further linkages could be pursued among the broader Asian community to link more RTGS systems, thereby facilitating faster and more efficient form of payments. Fourth, while greater financial integration brings about many benefits, its associated risks have to be anticipated and managed. In relation to this, cooperation among the region's financial regulators and central banks need to be further strengthened. There is already extensive cooperation and collaborative mechanisms in place. More specifically, there is improved regional surveillance that facilitates early detection of emerging risks and potential contagion at the regional level. In addition, institutional arrangements and a framework for financial crisis containment, management and resolution is now being put in place. These infrastructure have been reinforced by infrastructure development in the areas of financial markets, payments systems, and regulatory framework. With significant strides already accomplished, a key challenge for Asia will be in intensifying this positive momentum for cooperation and collaboration. Over the next few years, the focus will be on the implementation of the next set of recommendations that are embodied in the region's road map produced in 2006 , which outlines the strategic direction of regional cooperation.

However, despite the considerable progress in financial integration in Asia, it is still low compared to the European Union-16 (2007: 56% as a share of total portfolio investment). Asia going forward The current global crisis, considered to be the most severe in the post-World War II period, has revealed weaknesses to the current global system. In the aftermath of the crisis, the global economic and financial landscapes are expected to change significantly. While signs of stabilisation are now emerging, prospects for recovery in the advanced economies are expected to be gradual. The general consensus is that the emerging economies in Asia, in particular China and India, will lead the global recovery moving forward. Several structural factors will support growth in Asia, including the growth-enhancing reforms and greater regional integration that have been undertaken in the recent decade. In addition, Asia's relatively strong and resilient financial systems, which have remained relatively unaffected in this current global financial crisis, are in a sound position to provide financing to support domestic economic activity. Indeed, this trend will accelerate the formation of more multipolar global landscape in the future. For continued progress and development, the strategies for Asia are adapting to the changing landscape; leveraging on regional strengths and addressing current weaknesses and future risks. Two key principles have contributed to Asia's earlier success, namely the regional and global integration of the economy and inclusive development. Asia has always embraced openness. While greater integration beyond national borders will likely continue, the pattern of integration will change.