One time zone for all of Asean?

At Davos summit, minister also tells of open Asean banking.

KUALA LUMPUR: Freer banking and a common time zone for Asean were among issues brought up at the World Economic Forum summit in Davos, according to a media report.

With Malaysia holding the rotating chairmanship of Asean this year, the Malaysian delegation brought up the two issues at a panel session on the 10-nation regional community, the New Straits Times reported.

There are three time zones in Asean spanning a 90-minute difference. Myanmar is on GMT+6:30hr, Thailand, Indochina and West Indonesia on GMT+7:00hr, and Malaysia, the Philippines and Eastern Indonesia on GMT+8:00hr.

At the Asean panel session, minister in the Prime Minister’s Department Abdul Wahid Omar Wahid represented prime minister Najib Razak who left to attend the funeral of Saudi Arabia’s King Abdullah Abdulaziz.

Wahid said there was a need to hasten integration of the regional banking system, following an agreement last year between Indonesian and Malaysian central banks for an Asean banking framework that will enable Asean banks to easily venture into each other’s countries.

“This is important as banks have an important role to play in facilitating intra-Asean investments,” Wahid said.