Kuala Lumpur: Asia-Pacific Economic Cooperation (APEC) Finance Ministers are preparing to introduce a new roadmap this October, replacing the Cebu Action Plan and establishing priorities for the Finance Ministers’ Process (FMP) over the coming five years, according to Deputy Finance Minister Lim Hui Ying. The roadmap is designed to support APEC’s Putrajaya Vision, focusing on building an open, dynamic, resilient, and peaceful Asia-Pacific community.

According to BERNAMA News Agency, Lim emphasized the importance of collaboration among ASEAN members within APEC to ensure that Southeast Asia’s priorities are integrated into the new roadmap. She stressed the need for consistency and mutual support between ASEAN and APEC initiatives. Lim delivered these remarks during her keynote address at the Southeast Asia Conference hosted by the APEC Business Advisory Council (ABAC), ASEAN Business Advisory Council (ASEAN-BAC), and the Asia-Pacific Financial Forum (APFF).

Lim highlighted the critical roles that APEC and ASEAN play in fostering coordinated action and enhancing engagement between governments, regulators, and the private sector. She noted that emerging business models and technological advancements, such as blockchain, artificial intelligence (AI), and quantum computing, can help redesign financing solutions for micro, small, and medium enterprises, as well as marginalized consumers.

Lim acknowledged the potential risks associated with these technologies, emphasizing the need for legal, policy, and regulatory reforms to ensure their safe and effective deployment. She called for collaborative efforts to educate consumers, industry practitioners, and regulators about these innovations.

Looking ahead, Lim expressed Malaysia’s anticipation for the recommendations from the conference, themed ‘Financing Southeast Asia’s Development Priorities: Identifying Medium-Term Deliverables for Public-Private Collaboration.’ She also noted the importance of ongoing collaboration with ASEAN-BAC and expressed optimism for productive discussions at the upcoming annual working lunch dialogue between ABAC and APEC Finance Ministers in Incheon this October.