ASEAN, or the Association of Southeast Asian Nations, is a political and economic organisation created on 8 August 1967. It now consists of ten member countries: Singapore, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, Vietnam, Laos, Cambodia and Brunei Darussalam.</p> It was conceived to accelerate economic growth and social progress amongst its members, and to provide a platform for member countries to resolve their differences peacefully.</p> Here are the ten key facts about this emerging powerhouse that delegates should be aware of before attending Sibos:</p> • With a population of over 620 million, the region is projected to average a GDP growth rate of 5.4% per annum between 2014 and 2018 (</p> </svg> pocket%20edition%20saeo2014.pdf </a> </p> </div> </div> ). A combined GDP of over US$2.3 trillion last year has put the ASEAN economy ahead of Brazil, India and Canada • The ASEAN Economic Community </a>(AEC) is aiming for full regional economic integration. It was established to create a single market and production base, facilitating the free movement of goods, services, investment, labour and, perhaps of greatest relevance to Sibos attendees, flows of capital.</p> • On 31 December 2015 the AEC will officially come ‘on-stream’. At present, it is estimated that member countries will have achieved 85% readiness in their legislative and logistical preparations. Commentators, including </p> </svg> tax-itax-the-asean-economic-community-2015.pdf </a> </p> </div> </div> , have rightly heralded this achievement. It highlights the sheer scale of the endeavor, realising harmonisation while tackling the huge economic and social diversity within the region. • The region is looking to become an export-driven powerhouse. Such policies are supported by free trade agreements with partners based regionally, and with ASEAN inclusion in the Transatlantic Trade and Investment Partnership (TTIP) and the Regional Comprehensive Economic Partnership (RCEP). These activities have seen trading activity grow to US$2.5 trillion in 2013.</p> • This is in parallel with a rapidly expanding consumer base, estimated by Nielsen</a> to represent 50% of the global middle class by 2020, with more than US$2 trillion in new consumption in Southeast Asia alone.</p> • There have been calls for regional communications campaigns to educate businesses and citizens on the benefits of the AEC. At the beginning of 2015, the Bangkok Post </a>suggested that only 50% of businesses in ASEAN had taken advantage of the tariff reductions under the free trade agreements. Nevertheless, with the commitment of member governments, the AEC is expected to gain momentum and gather pace as its positive impact is felt among its citizens.</p> • Integrated financial and capital markets are key to the AEC. Financial services liberalisation is crucial to the viable development of the community. In practice, this includes the removal of capital controls, and the development of a currency swap facility by the end of 2015.</p> • Joint research by ASEAN and the Asian Development Bank in 2013 showed that 24 local commercial banks held around 82% percent of financial assets in ASEAN. While they are considered relatively small global players, their growth trajectory is very much upwards!</p> • The AEC is moving towards the dismantling of non-tariff barriers for entrants to their respective domestic bank markets, with regulatory harmonisation and policy coordination. However, for wider regional bank integration, the stringent rules currently in place require a large injection of resources. These rules have limited access for regional players, with foreign entry into domestic markets led by the larger Western institutions – for example Standard Chartered Bank has a presence in all ten markets.</p> • Local banks are working hard to develop within their existing countries and expand their product range and services. They are pressing forward to keep pace with their ripening market and the enhanced sophistication of their client base.</p> At Sibos 2015 Singapore, we will be hosting ASEAN Day on Thursday 15 October. This special one-day forum will focus on economic harmonisation, integration, and the growing reality of an ASEAN Economic Committee. It will give delegates the perfect platform to debate and discuss the growing economic significance of this dynamic region.</p> Explore our special ASEAN package </a>and register now to get involved in this exciting story.</p>