Distinguished guests, ladies and gentlemen,
It is a privilege to welcome you to the 4th AMRO Forum, co-organized with the Hong Kong Monetary Authority and the Bank for International Settlements. My deep appreciation goes to Eddie Yue and Zhang Tao for their partnership, to our distinguished speakers and panelists, and to all of you—joining us both in person and online—for being here today.
From Fragmentation to Resilience—this theme speaks directly to the realities facing the ASEAN+3 region and the global economy.
The world is undergoing structural change. Supply chains are being rewired, trade is increasingly shaped by strategic considerations, and technology has become contested terrain. The monetary and financial system is evolving—from growing interest in currency diversification to the emergence of parallel payment architectures and shifting capital flow patterns.
Yet the world remains deeply interconnected. Capital continues to move across borders. Policy decisions in major economies reverberate through our markets instantly. Financial institutions remain globally active, and our markets still react to the same global risk signals.
We are navigating a world in transition—no longer defined by the old rules of globalization, but not yet anchored in a new and stable order. Amid global fragmentation, the architecture of interconnection needs to evolve.
The implications are especially profound for ASEAN+3. Our region sits at the heart of global economic realignment and contributes more than 40% of global GDP growth. What happens in the world economy matters to us—and what we do as a region increasingly shapes global outcomes.
The choices ASEAN+3 makes now on integration, cooperation, and the future architecture of our financial system will influence not only our own trajectory but the stability and resilience of the global system.
Today’s discussions will confront these issues with candor and ambition.
This morning, we focus on navigating macroeconomic risks in a fragmented world. Fragmentation will continue—but deeper integration remains one of our strongest anchors. Strengthening buffers and aligning policies will reinforce the region’s collective resilience.
In the afternoon, we turn to finance. Markets are evolving rapidly, driven by non-bank intermediation and powerful waves of digital innovation. Just two weeks ago at the Singapore FinTech Festival, I witnessed firsthand how global innovators—from major financial institutions to cutting-edge start-ups—are reimaging payments, tokenization, and the very architecture of financial services. The message was unmistakable: technology is rewriting the nature of finance. These developments bring enormous opportunities for ASEAN+3 but they also open new channels for shocks. Our task is clear: harness innovation with confidence, while reinforcing the frameworks that keep our financial systems stable.
Across both sessions, one message will guide our discussion: resilience in ASEAN+3 is not achieved through isolation. It is built through adaptability, diversification, and the capacity to absorb shocks without losing cohesion.
To achieve this, ASEAN+3 must continue to move with purpose—deepen financial cooperation, accelerate investment in digital and payment infrastructure, and strengthen the institutions that enable collective action.
AMRO is fully committed to this cause. We will continue to enhance our surveillance, expand our technical assistance, and reinforce the region’s financial safety net in support of the region’s evolving needs.
The challenges are complex, but the expertise gathered here today—both on-site and online—is exceptional. I am confident that our discussions will yield concrete insights for the next phase of regional cooperation.
Let us use this Forum to think boldly—and to speak with the voice of a region that is shaping its own future.
Thank you.