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The regional coordination toward financial integration of the ASEAN economies started from the aftermath of the 1997 Asian crisis. This paper assesses the degree of the ASEAN regional financial integration by investigating the convergence properties of banking market competitiveness level. The banking market competitiveness is modelled by the new empirical industrial organization (NEIO) non-structural approach, Panzar- Rosse (PR) reduced-form revenue model. The degree of similarity in banking market competitiveness across major ASEAN countries is assessed by applying the ß- and s- convergence tests on the estimated H-statistics. We have found some evidence for convergence tendency in the banking markets. However, the actual degree of competitiveness still vary significantly from country to country and have not improved in general over the past two decades. The ASEAN banking markets are still quite sensitive to the global environment and the current degree of banking market integration is still relatively low in this region. [ABSTRACT FROM AUTHOR]