Southeast Asian capital market regulators are seeking closer cooperation with their counterparts in Central Asia, a move that could open new channels for cross-border investment and sustainable finance as emerging economies look to diversify sources of capital.
The ASEAN Capital Markets Forum (ACMF), chaired this year by the Philippines’ Securities and Exchange Commission (SEC), is exploring collaboration with the Central Asia Regional Economic Cooperation (CAREC) Capital Markets Development Forum, according to the Philippine SEC. The initiative is backed by the Asian Development Bank (ADB).
The discussions took place during the 59th Annual Meeting of the ADB Board of Governors in Samarkand, Uzbekistan, where SEC Commissioner McJill Bryant Fernandez joined regulators and financial industry representatives from Kazakhstan, Mongolia, Luxembourg and Asia to discuss regional capital market integration.
The ACMF is widely regarded as one of Asia’s more established platforms for regulatory cooperation, having developed common standards aimed at facilitating cross-border investment and improving market connectivity.
Philippine regulators said the partnership could help CAREC countries build similar frameworks while creating opportunities for greater engagement between Southeast Asia and Central Asia.
Fernandez said the ACMF’s experience in developing interoperable regional standards had helped strengthen investor confidence and expand the investor base for Philippine issuers.
The Philippines has emerged as the region’s second-largest issuer of ASEAN-labelled thematic bonds, according to the SEC.
The regulators also discussed ways to strengthen sustainable finance ecosystems, improve capacity building and mobilise private capital for climate resilience and infrastructure development.
The Philippine SEC said it would continue supporting closer cooperation between the two regional groups as part of the country’s 2026 ASEAN chairmanship, with the broader goal of reinforcing ASEAN’s attractiveness as an investment destination.
While the initiative does not immediately create new investment products or market access arrangements, it signals a broader trend among emerging markets to build regional capital market alliances outside traditional financial centres.
For crowdfunding platforms, fintech firms, and alternative investment managers, greater regulatory convergence could eventually reduce barriers to cross-border fundraising and sustainable investment opportunities.
The involvement of the ADB also suggests development finance institutions are increasingly viewing capital market integration as a tool for mobilising private capital alongside public funding for climate and infrastructure projects.