US-ASEAN Business Council Engages with ASEAN Finance Ministers and Central Bank Governors in Kuala Lumpur to Accelerate ASEAN’s Digital and Financial Transformation Agenda and Discuss Tariffs

(Kuala Lumpur, Malaysia) On April 8-10, 2025, the US-ASEAN Business Council (USABC) led a delegation of U.S. businesses to the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM). The Council’s delegation was co-led by Ambassador Brian D. McFeeters (ret.), USABC Senior Vice President and Regional Managing Director, along with Amol Gupte, Chair of the USABC Financial Services Committee and Asia South Head, Citi.

During the AFMGM’s special consultation session, the Council and its members presented a white paper titled “Accelerating ASEAN’s Digital and Financial Transformation Agenda” to the Ministers and Governors, which addresses digital transformation, including AI, digital payments, and ASEAN-wide digital rules. Amb. McFeeters highlighted, "In line with Malaysia’s Chairmanship priorities, the white paper provides a range of recommendations and highlights opportunities on digital payments, artificial intelligence, energy transition finance, regulatory insurance, and the importance of ASEAN's Digital Economy Framework Agreement. This is a part of our continuous efforts to support financial service growth in ASEAN.”

USABC members reaffirmed their commitment to partnering with ASEAN governments to drive resilient digital economic growth. “For countries to remain competitive and resilient in these unprecedented times, financial sector partnership with governments and regulators is of paramount importance. USABC remains committed to collaboration in attracting investment and fostering continued growth of companies in ASEAN,” said Amol Gupte.

On the sidelines of the annual plenary session during the AFMGM, the USABC delegation held a series of bilateral engagements with officials from Brunei, Indonesia, Malaysia, the Philippines, Singapore, Vietnam, the ASEAN Secretariat, the ASEAN Business Advisory Council, the Asian Development Bank, and the United States Department of the Treasury.

One of the main discussions during this year’s AFMGM centered on the U.S.-ASEAN trade outlook and U.S. tariffs. USABC is fully committed to remaining a reliable partner for ASEAN member states in their efforts to hold dialogues on tariff and non-tariff issues with the U.S. government, with many of these issues being important to member companies.

Companies participating in the mission included Chubb, Citi, DGA Group-ASG, J.P. Morgan, Manulife, Mastercard, Microsoft, Moody’s, S&P Global, Stripe, and Visa.