February 21, 2025, Boracay Island, Philippines: The Philippine Stock Exchange, Inc. (PSE) hosted the 38th ASEAN Exchanges CEOs Meeting which focused on priority initiatives to further showcase the region’s unique investment qualities and create a unified ecosystem for sustainability solutions among listed companies and capital market stakeholders.
To promote the ASEAN capital market, the group discussed activities that will continue to generate interest in investment products offered by the ASEAN Exchanges.
Following the signing of a Memorandum of Understanding (MOU) in November 2024 to collaborate on offering Depositary Receipts (DRs) on their respective exchanges, the ASEAN Exchanges discussed the performance of the ongoing DR collaboration between Singapore Exchange (SGX Group) and The Stock Exchange of Thailand (SET), and the steady progress of DR development in the other ASEAN markets. Since the launch of their DR program in 2023, SGX Group and SET have listed a combined total of 17 DRs and have more than doubled the AUM of these DRs in the past one year. The initiative has also generated additional trading volumes for both exchanges, adding to liquidity in the underlying market.
Given the encouraging performance of Thai and Singapore DRs, the rest of the ASEAN Exchanges have been actively working on regulations towards introducing DRs in their respective markets. Bursa Malaysia (BM), Indonesia Stock Exchange (IDX), PSE, and Vietnam Exchange (VNX) are in various stages of regulatory framework development and stakeholder engagement in line with the DR MOU’s goal to enhance investment opportunities by way of cross-border products.
The ASEAN Exchanges also remained steadfast in their joint promotion efforts by maximizing the use of the ASEAN Exchanges common website and planning marketing events with key market participants. The website content development strategy has expanded the website’s reach to institutional investors, which resulted in doubling visitor activity on the site.
The exchange leaders also plan to capitalize on the momentum of previous roadshows in New York, USA and Melbourne, Australia by potentially hosting the next ASEAN-themed roadshow in Hong Kong in the second half of the year.
On the sustainability front, following the November 2024 announcement, the ASEAN-Interconnected Sustainability Ecosystem (ASEAN-ISE) Participating Exchanges issued a Request for Information (RFI) in February 2025, receiving strong industry interest. A joint briefing on the RFI by the ASEAN Exchanges last week saw participation from more than 120 representatives from 35 organizations, which included solution providers, credit bureaus, technology firms, information vendors, and consultants.
The RFI seeks market insights to develop a unified ASEAN regional ecosystem which includes:
- Centralized Sustainability Data Infrastructure – Establish and harmonize a centralized yet interoperable data infrastructure, aligning with national regulatory frameworks while ensuring seamless integration.
- Digital Marketplace for Technology-based Sustainability Solutions – An open platform for technology-driven sustainability solutions to showcase their offerings, enabling over 4,000 public listed companies (PLCs) and their millions of suppliers to access plug-and-play or modular products, enhance reporting processes, and connect with solution providers across the region.
Submissions to the RFI close on 31 March 2025, 5:00 pm, GMT+8, and interested parties can respond to all or selected sections as applicable, either individually or as part of a consortium. For more information or to express interest, please contact isb@bursamalaysia.com.
PSE President and CEO Ramon S. Monzon said, “The initiatives we are pursuing form part of our response to the dynamic changes in the markets and the urgent need to implement sustainable programs and solutions. The early indicators of the DR program between SET and SGX highlight the potential of cross-border products to enhance market liquidity and investor interest in ASEAN. The steady progress of DR development across ASEAN markets underscores our collective effort to create a more integrated and vibrant regional asset class.”
CEOs and heads of delegation of BM, IDX, SGX Group, SET, and VNX attended the meeting, together with the acting Chairwoman of the Ho Chi Minh Stock Exchange, the CEO of the Hanoi Stock Exchange as well as the Vice Chairman and COO of Cambodia Securities Exchange (CSX) and the CEO of Lao Securities Exchange (LSX) as observers.
For more information on the ASEAN Exchanges, visit www.aseanexchanges.org.
Shown in photo (from left): SET President Asadej Kongsiri, IDX President Director Iman Rachman, BM CEO Datuk Muhamad Umar Swift, PSE President and CEO Ramon S. Monzon, SGX Group CEO Loh Boon Chye, and VNX Deputy CEO Quang Thuong Nguyen.
