Initiative of Board of Directors of Asian Financial Cooperation Association

Asian Financial Cooperation Association (AFCA) was initiated and established under our joint efforts with mutual trust and expectations. Today, the opening ceremony of AFCA is held here in Beijing, marking its debut in the financial sector.

The philosophy of AFCA 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, and jointly safeguarding regional financial stability, so as to prevent the recurrence of regional financial turbulence, and more effectively supporting the development of real economy in the region.

The Asian financial crisis 20 years ago and global financial crisis 9 years ago taught the international financial community a lesson that against accelerated economic globalization, the international community is moving towards a community of common destiny, and international financial cooperation has become increasingly pivotal for preventing and resolving international financial risks and promoting international financial stability.

Based on above understanding, we propose:

  • 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.

As an Asian saying goes, “Unity makes strength”. Let’s join hands to build and govern AFCA, go together for AFCA, and promote the integration and financial cooperation in this region, thus contributing to the stability and soundness of regional financial sector and real economy.