Overview
Introduction
Asian Financial Cooperation Association
(hereinafter referred to as “AFCA”) shall be a regional non-government and
non-profit international organization registered with China’s Ministry of Civil
Affairs, mainly composed of financial institutions, associations of the
financial industry, government related agencies, and relevant professional
service agencies as well as individuals in financial field from Asian countries
and regions on a voluntary basis.
Initiation and Establishment
President Xi Jinping first proposed to
explore the possibility of establishing a communication and cooperation
platform for Asian financial institutions at Boao Forum for Asia 2015. Premier
Li Keqiang has then, on various occasions including Leaders' Meetings on East
Asia Cooperation, Boao Forum for Asia and ASEAN Plus Three (China, Japan and
the ROK) Leaders’ Meeting, expressed that China actively supports the
establishment of AFCA.
This initiative has obtained wide attention and active response from the
international financial community. On March 25, 2016, 38 financial institutions
in 12 countries and regions from Asia, Europe and America attended AFCA
Originating Institutions’ Meeting in Hainan and signed Letter of Intent for
Originating the Asian Financial Cooperation Association. On May 11, 2017, the
Working Meeting on the Establishment of Asian Financial Cooperation Association
was held in Beijing, during which 13 proposals were reviewed and passed,
including Articles of Asian Financial Cooperation Association, Recommendations
and List for First Term of Directors, Supervisors and Senior Executives of
Asian Financial Cooperation Association. The successful conclusion of the
working meeting indicated that the preparatory work of AFCA had been largely
completed. The establishment of AFCA was listed into the achievements of Belt
and Road Forum for International Cooperation.
AFCA’s Philosophy
AFCA’s philosophy is “Connectivity, Cooperation, Joint Governance and Shared
Benefits”. AFCA is devoted to building an exchange and cooperation platform for
Asian financial institutions, strengthening exchanges among regional financial
institutions and financial resources integration, jointly safeguarding regional
financial stability, and supporting the development of real economy in the
region. Meanwhile, AFCA is aimed at facilitating joint governance with shared
benefits for all members through sound governance structure and institutional
arrangement.
Work Scope
- To establish a liaison mechanism, promote
communications among members, strengthen industry bonding, thus building a
regional financier circle.
- To push members to move beyond “Information Island”,
explore information intersections, integrate information and data, thus
creating a regional financial information-sharing platform.
- To host high-level regional financial forums, issue
regional financial development reports, create regional financial think
tanks, thus building a regional financial idea-exchange platform.
- To facilitate cross-border financial infrastructure
and business development, serve as an effective and unique link, thus
building a regional financial cooperation platform.
- To summarize and promote best practices in regional
financial inclusion, green finance and consumer protection, thus building
a regional leading Corporate Social Responsibility platform for the
financial industry.
- To organize or represent members to communicate and
exchange with regional and global inter-governmental and non-governmental
financial cooperation organizations, voice out the interest of the region,
contribute regional wisdom and solutions, thus building an engagement
platform for international financial governance.
Governance Structure
In terms of organizational structure, AFCA is composed of the General Meeting, the Board of Directors, the Executive Board, the Board of Supervisors, and the Secretariat. The 3rd Board of Directors has 44 members, the 3rd Executive Board has 14 members, and the 3rd Board of Supervisors has 5 members.
Members Composition
With its foothold in Asia, AFCA follows the philosophy of openness and
inclusiveness. AFCA’s members are primarily financial institutions,
associations of the financial industry, government related agencies, relevant
professional service agencies and influential executives, senior specialists
and scholars in Asian countries and regions. Meanwhile, similar financial
institutions and experts beyond Asia are also welcomed to join AFCA. Up to now, AFCA members cover banks, securities companies, insurance companies, fund management companies, asset management companies, futures, international financial centers, industry associations, fintech and financial services companies.Institutions and experts in Asia and
beyond with influence as well as willingness to comply with AFCA’s Articles are
welcomed to join AFCA.