Background
The ASEAN Working Committee on Capital Market Development (WC-CMD) is the ASEAN technical committee that coordinates capital market development initiatives among member states and supports regional alignment of regulatory and market-building measures.
On 26 August 2026, the Securities and Exchange Regulator of Cambodia (SERC), represented by H.E. Sou Socheat, and the Monetary Authority of Singapore (MAS), represented by Ms. Dawn Chew, co‑chaired the WC‑CMD meeting held at Hyatt Regency Phnom Penh in a hybrid format. The meeting agenda included the AEC Strategic Plan 2026–2030, progress on the ASEAN Sustainable Finance Support Hub, adoption of the Term of Reference for a Project-Steering Committee, and the ASEAN Bond Market Development Scorecard and Risk Monitoring Template.
Key Developments
- WC-CMD reviewed progress on the ASEAN Economic Community (AEC) Strategic Plan 2026–2030 as it relates to capital markets integration.
- Participants received a progress report on the ASEAN Sustainable Finance Support Hub and discussed potential future workstreams on sustainable finance.
- The meeting adopted the Term of Reference for a Project-Steering Committee, and approved the ASEAN Bond Market Development Scorecard and Risk Monitoring Template.
- Delegates exchanged updates on Project Revive and prepared a progress report for the ASEAN Senior Level Committee (SLC).
Institutional Role
The meeting was coordinated by the ASEAN Secretariat (ASEC) and attended by WC-CMD representatives from all 11 ASEAN member states alongside the Sustainable Finance Institute Asia and GIZ. Attendance by these institutions underscores the WC-CMD’s role as a regional platform for technical cooperation among securities regulators and central banks on capital market policy and implementation.
Market Impact
Adoption of the Bond Market Development Scorecard and Risk Monitoring Template establishes a common monitoring framework intended to standardize metrics for bond market progress across ASEAN. The approved Term of Reference for a Project-Steering Committee sets the governance arrangements for implementing WC-CMD workstreams related to sustainable finance and market development.
