Executives at ASEAN exchanges have agreed on four proof-of-concepts to follow over the next three years, continuing their sustainability initiatives.
The objectives, determined at the 37th ASEAN Exchanges CEOs Meeting, hosted by Bursa Malaysia, include the establishment of a harmonised ASEAN data infrastructure, creating a standardised ASEAN ESG curriculum to support listed issuers, driving transition financing for corporates’ suppliers through incentivised quality reporting, and the inauguration of ASEAN ESG awards.
Sustainability has already improved in the region over 2024, the exchanges stated. The ASEAN-Interconnected Sustainability Ecosystem (ASEAN-ISE), formalised through a memorandum of understanding earlier this year, has already expanded from three to five member exchanges, signifying the area’s commitment to improvements in the ESG space, they commented.
In addition, the exchanges agreed that they would collaborate to offer depository receipts in their respective exchanges to more easily facilitate cross-border investments in the region.
CEOs and presidents from Bursa Malaysia, the Indonesia Stock Exchange (IDX), the Philippine Stock Exchange (PSE), the Singapore Exchange Group (SGX) and the Stock Exchange of Thailand (SET), the deputy CEO of the Vietnam Exchange, and representatives from the Cambodia Stock Exchange and Lao Securities Exchange attended the meeting.
Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, said: “The agreed-upon proof-of-concepts focus our collective energy and resources on exploring and deploying workable models in targeted strategic areas. These areas aim to elevate competitiveness by developing common data infrastructure, enhancing capacity building capabilities through economies of scale, and building an inter-connected marketplace to facilitate transition financing and capital deployment into businesses with superior ESG practices. We envisage a three-year glide-path and are open to exploring commercially viable business models or fit-for-purpose partnerships to accelerate this journey.”
Ramon Monzon, PSE CEO, added: “Sustainability is a collective endeavour and we believe ASEAN-ISE provides us an opportunity to contribute to the development and implementation of ESG initiatives in the region. We are excited to collaborate with our peer exchanges in creating programs that will elevate the level of sustainability in ASEAN markets.”
©Markets Media Europe 2024
