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Working Committee on Capital Market Development (WC-CMD) Handover Meeting

Phnom Penh, July 2, 2024 – The Securities and Exchange Regulator of Cambodia (SERC) has been approved to represent the Kingdom of Cambodia as the Co-Chair of the ASEAN Capital Market Development Working Committee (WC-CMD) alongside the Monetary Authority of Singapore (MAS) for a two-year term from July 2024 to June 2026.

On the afternoon of Monday, July 1, 2024, Sou Socheat, Delegate of the Royal Government in charge as Director General of the SERC, along with Dr. Vin Pheakdey, Deputy Director General of SERC, led the WC-CMD secretariat of the SERC in a virtual handover meeting. This meeting aimed to transfer ongoing work and projects, as well as share experiences in organizing WC-CMD meetings, from the Ministry of Finance and Economy of Brunei Darussalam (MOFE Brunei) and the Securities and Exchange Commission of the Philippines (PSEC), the Co-Chairs of WC-CMD from 2022 to June 2024. The meeting also included participants from the Sustainable Financial Institute of Asia (SFIA), the WC-CMD Working Group, MAS (chair of the Sustainable Finance Working Group), Securities Commission Malaysia (chair of the Infrastructure Finance Working Group), and the ASEAN Secretariat (ASEC).

Established by the ASEAN Finance Ministers' Meeting (AFMM) in Manila, Philippines, in 2003, WC-CMD aims to build capacity and lay the infrastructure for the development of ASEAN capital markets. The long-term goal is to achieve cross-border collaboration among various capital markets within ASEAN. WC-CMD reports progress to the ASEAN Finance and Central Bank Deputies' Meeting (AFCDM) through the AFCDM Working Group Meeting and to the ASEAN Senior Level Committee (SLC) on Financial Integration and the Steering Committee for Capacity Building (SCCB).

In the meeting, Delegate Sou Socheat stated, “We are committed to working closely with all member states and stakeholders to achieve these objectives. Together, we can create a dynamic, inclusive, resilient, and sustainable capital market that supports sustainable economic growth and development across ASEAN.”

The meeting concluded with a strong sense of responsibility and cooperation, as well as a commitment from the SERC and MAS as the WC-CMD Co-Chairs, to focus on priority work to achieve the vision and goals for sustainable capital market development in ASEAN.

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