will have a multilateral framework as a broad basis. this will underpin bilateral agreements between home and host countries as to which banks will become qabs. we have had a long discussion among central banks of all ten countries on this framework, and i am glad to inform you that the framework of the qab is being finalized and bilateral discussions should start once this is done. 6. the second one is on the linking of asean capital markets : we have linked up stock markets of bangkok, kuala lumpur and singapore since 2012, and more exchanges are joining up. right now, an investor in bangkok can buy shares in bis central bankers ’ speeches listed companies in these two bourses and vice versa. while a front - office platform has been established, we still need to integrate their back offices to create seamless trading, clearing, custody and settlement of shares. we are currently developing this framework under the “ asean capital market infrastructure blueprint ”, which has already received approval from our finance ministers earlier this year. asean as a platform to asean + 3 connectivity ladies and gentlemen, 7. asean does not see itself as an exclusive club but rather as a platform to increase ties with our plus three partners in the region : china, japan and korea, which also represent important global economic powerhouses. let me now draw attention to two key developments in this front. 8. first is the development under the asean + 3 ’ s asian bond market initiative or abmi. recently, the abmi has created a credit guarantee and investment facility or cgif which has supported the issuance of corporate bonds in asean + 3 by providing credit enhancement to allow eligible issuers to access local currency bond markets. since its inception in 2010, the cgif has guaranteed bond issuances including a recent one that allowed a singapore - listed and hong kong - based firm to issue thai baht bonds in the thai market. 9. work under abmi has also focused on establishing the asian bond online to provide comprehensive information on sovereign and corporate bonds to both regional and international investors. 10. second, is on infrastructure financing : we have recently created the asean infrastructure fund or aif with an initial endowment of almost half a billion dollars and will be issuing bonds to finance its operations. it has already begun lending with a $ 25 million loan to finance power links in indonesia last year and is expected to carry out about six projects each year throughout 2015 totaling $ 1 billion. 11. the aif should be complementary to the

is you who will be using these financial and infrastructure linkages. i would therefore urge you all to tap onto this tremendous opportunity that is arising by, for example, • venturing abroad to invest in new markets in asean ; • expanding your businesses through our linked capital markets ; and • taking part in the new regional logistics based sector. ladies and gentlemen, 16. i am very pleased to learn that tomorrow you as representatives of 36 banks from asean + 3 countries will be signing the “ bangkok declaration ” to bolster your mutual cooperation. this demonstrates that the private sector has already taken the cue from us in the public sector to tap on opportunities in the region. i congratulate you all in advance and hope that other industries would follow suit. thank you very much for your attention. bis central bankers ’ speeches