BANKING leaders across Southeast Asia will explore ways to strengthen regional cooperation on artificial intelligence (AI) as financial institutions face common challenges involving cybersecurity, customer protection and the responsible use of emerging technologies.
The 54th Asean Banking Council Meeting, to be hosted by the Bankers Association of the Philippines (BAP) in Manila on Nov. 12 to 14, will bring together banking leaders to discuss how the region can maximize AI’s potential while ensuring that technological advances do not compromise the security, reliability and trust underpinning financial services.
As AI becomes increasingly integrated into banking operations, financial institutions are exploring its use to improve customer experiences, streamline processes, strengthen fraud detection and enhance risk assessments.
However, the technology also raises concerns over data privacy, cybersecurity, accountability and the governance of AI-driven systems, making cooperation among financial institutions increasingly important as digital financial services become more interconnected across markets.
The BAP said regional collaboration could help banks exchange expertise, strengthen risk management and promote responsible approaches to adopting new technologies.
“As host, the BAP aims to contribute to the continued exchange of ideas and perspectives among Asean banking leaders at a time when technology is reshaping the industry’s priorities,” BAP said in a statement on Monday.
This marks the third time the Philippines will host the Asean Banking Council Meeting, following previous meetings in Cebu in September 2004 and in November 2014.
The 2004 meeting carried the theme “Asean+3: Challenges & Opportunities,” while the 2014 gathering focused on “Asean Financial Integration: Moving Ahead to 2015 and Beyond.”
The meeting will be held under the umbrella of the Asean Bankers Association (ABA), which brings together banking associations from 11 member states: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam and Timor-Leste.
BAP said this meeting “reinforces the importance of the ABA as a platform for regional banking associations to engage on shared concerns and work toward a more connected, resilient, and future-ready banking sector.”
Through the ABA, regional banking associations promote cooperation and knowledge-sharing on developments and priorities affecting the financial sector.
“For a region with diverse banking systems and different stages of digital development, collaboration can help ensure that the benefits of AI are pursued alongside sound governance, customer protection, and financial stability,” the BAP said.
“Regional dialogue also creates opportunities for banking leaders to exchange perspectives on common challenges and consider how their institutions can adapt to technological change while preserving confidence in the financial system,” it added.
