Asia-Pacific Financial Forum (APFF)


A regional platform for enhanced public-private collaboration in developing the region's financial markets


In November 2011, APEC Finance Ministers in Honolulu pledged to take coordinated action to strengthen global recovery, reinforce financial stability, maintain open markets and build a foundation for strong, sustainable and balanced growth. Ministers welcomed ABAC’s recommendation on improving collaboration among financial regulators to help promote regional financial market integration and enhanced efficiency in capital market.

Taking up that challenge, ABAC and partner institutions convened a forum in March 2012 in Melbourne, Australia, attended by senior representatives from financial authorities, the region’s financial industry and key international bodies. The issues identified in the Forum suggested that the region would greatly benefit from an overarching framework for enhanced regional public-private collaboration that can effectively complement various ongoing regional initiatives to help the region develop sound, efficient and integrated financial markets.

This collaborative framework, named the Asia-Pacific Financial Forum (APFF) is envisioned to be a platform for public-private sector collaboration in:

  • the development of robust financial markets across the region; the convergence of financial standards, regulations and practices; and connectivity for facilitating cross-border financial flows, to create dynamic and integrated financial markets that will support the region’s sustained rapid growth; and

  • shaping global financial regulatory reforms in support of the region’s financial development goals, through coordination of views on agreed areas of common regional concern and ensuring that these concerns are adequately reflected in global financial standards and regulations.

 
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Key Documents
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APFF concept note

2014 APEC Finance Ministerial Meeting Statement


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Recent Activities
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Asia-Pacific Financial Forum Rountable on Financial Regulations
January 27, 2015, HK, The Grand Hyatt Hong Kong


APFF Insurance and Retirement Income Workstream Meeting, 24 June, 2014, HK, Citi's Hong Kong Office



APEC Finance Ministers to review APFF proposal at APEC Finance Ministerial Meetings, September 20-21, 2013

     

Private Sector collaboration

It is proposed that the APFF be open to participation from interested relevant bodies, including finance ministries, central banks and financial regulators from APEC economies, multilateral and international institutions and standard setters, regional and international financial industry groups, major financial institutions and leading academic experts.

It would utilize the strengths of APEC, particularly the strong engagement of the private sector, to identify measures that support and complement ongoing efforts, fill in gaps and help overcome the fragmentation of the region’s markets.

It would be a multi-year informal pathfinder initiative to be coordinated in partnership among ABAC and interested relevant multilateral organizations and private and public sector bodies, including APEC FMP or individual finance ministries.

Through the APFF, ABAC will seek to expand constructive private sector engagement with the public sector. ABAC believes that such a structure will facilitate more active and regular collaboration of experts representing investors in long-term debt instruments such as major insurance companies and pension funds, in addition to banks and other financial intermediaries from throughout the region.

The APFF is intended to support, enhance and assist in the development of the region’s financial markets, without unnecessarily duplicating the work of other institutions and organizations, including ongoing regional collaboration to develop bond markets.


Achievement

In 2013, the APEC Fiance Ministers adopted the APFF as one of their offical policy initiatives and entrusted its management to ABAC. 

In response to the support of APEC Finance Ministers in their 2012 Joint Statement to this initiative, the Australian Government and ABAC co-hosted a symposium in April 2013 to explore the creation of the APFF.  A work program based on the discussion at the Symposium was proposed for APEC Finance Ministers' endorsement at the APEC Finance Ministerial Meetings in Bali in Septembe 2013.

In 2014, the Ministers endorsed the APFF's Interim Report, which drew from the work of more than 270 senior representatives and experts from 137 major private and public institutions. 


 



Recent activity highlights

APFF Symposium held in Sydney

A symposium to explore the creation of the APFF was held on April 10-11, 2013 in Sydney, Australia. The event was jontly sponsored by ABAC and the Australia Treasury Australian Government.

About 98 Attendees from public and private sectors across APEC participated in the event and offered thoughts and suggestions to develop concrete ideas on the structure, participation and future activities of the Forum, and how these activities can be coordinated with other ongoing regional initiatives. A work program has been proposed and will be presented to AEPC Finance Ministers at the APEC Ministerial Meetings in Septmber in Bali for their endorsement of the initiative.
 

APFF introduced at the Asia Financial Forum

TPG President and HK ABAC representative Anthony Nightingale spoke at the annual Asia Financial Forum on January 15, 2013. He shared his thoughts on financial market integration and cooperation in Asia. In particular, he highlighted a new APEC proposal of creating a regional body Asia-Pacific Financial Forum (APFF). This new platform is suggested to develop the Asian bond markets and improve harmonisation across the region. The membership of the APFF will include professionals, academics and organisations like the IMF and ABAC.

  • Download Nightingale's speech.

  • Click on the video to watch Nightingale's interview with the Hong Kong Trade Development Council (HKTDC)