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Asia-PacificApril 1 2016

The AEC: what difference does it make?

The launch of the Asean Economic Community has opened up a new wave of opportunities. However, with Western banks pulling back from Asia and domestic banks all-powerful in the region's more developed markets, it may only be the Greater Mekong region that sees any discernible change to its financial landscape in the near future.
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Commercial banks in communist Laos may start talking to each other soon, thanks to the advent of the Asean Economic Community (AEC). “If you open up a national payments system, banks can talk to each other,” says Tammy Medard, chief executive of ANZ Bank (Lao).

As part of its commitment to the AEC, which officially came into being on January 1, 2016, Laos has started to set up a national payments system that will facilitate not just domestic intra-banking activities but also cross-border banking and foreign investment in the emerging market.

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