The Asian continent has become more and more important for the world economy and the banking sector has a key role to play in these developments. Experiencing robust economic growth in recent years, the region’s voice has grown on the international scene, with a third of G20 countries coming from Asia. On the policy front, Asia enjoys policymaker support for banking innovation and digitalization.

The region faces challenges, however, as some members are regulated as specialized banks and restricted to certain business activity in areas such as financial products or services and distribution channels. The region faces increasingly cut-throat competition as new financial service providers enter the banking landscape, including internet finance and more diverse banking business models.

The role of regional groups is to provide input to overall WSBI messages provided to G20 leaders. They advocate as necessary with regional parties, authorities and national regulatory bodies. It interacts and promote member best practice with key regional stakeholders, including the Asian Development Bank (ADB), Asia Pacific Economic Cooperation (APEC), Business Advisory Council Financial Inclusion Initiative and the Asia Microfinance Forum.

Knowledge sharing between Asia Regional Group members help boost their business development efforts. The group aims to promote members’ best practices, a powerful way to raise service, quality and reach in member markets. They look to identify best practices and seek to transfer the knowledge among Asian members, fostering regional cooperation – members helping members.