HSBC and Standard Chartered are supporting a new UK-Southeast Asia partnership designed to address issues in the financial services sector.

The Association of Southeast Asian Nations (ASEAN) -UK Financial Services Collaboration Package is a set of initiatives designed by UK-based experts to achieve deeper financial integration across Southeast Asia.

The package will focus on three areas – market infrastructure, green finance, and inclusion – which the government says are key to the global financial services trade.

Surendra Rosha, co-chief executive of HSBC Asia-Pacific said that the UK and ASEAN are natural partners when it comes to financial inclusion, sustainable finance and market infrastructure.

“ASEAN is one of the world’s fastest growing trade blocs and one of the most promising digital economies, with a big role to play helping the world get to net zero,” he added. “As one of the largest financial groups in the UK, with deep roots throughout Southeast Asia, HSBC is proud to support this cooperation, which will undoubtedly benefit our customers.”

Standard Chartered also welcomed the partnership.

“This Package reflects the close partnership between the UK public and private sectors to support ASEAN’s ambitions in financial integration, financial inclusion, and green finance”, said Patrick Lee, cluster chief executive for Singapore and ASEAN markets, Standard Chartered.

He continued: “The benefits of this collaboration for us and our clients in the region are clear: we believe it will bring greater regional connectivity, grow opportunities for green investments, and enhance access to financial services in the region.

On market infrastructure, the UK will share its policy experience to ensure that ASEAN is building a resilient and framework to keep up with global regulatory trends.

It will also support the region in developing green finance, as adopting greener practices can increase profits and lower operating costs. The government said it will share its expertise to help ASEAN meet international standards and increase the flow of green capital.

Lastly, the partnership is set to help boost inclusion and access to financial products which meet the needs of ASEAN’s growing markets. The measures will focus on supporting small businesses and those currently underserved by traditional financial institutions.

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