Intl bankers ex­pect AFCA to boost fi­nan­cial col­lab­o­ra­tion, ex­changes

China Daily (Hong Kong) - - CHINA - By ZHUAN TI zhuanti@chi­

The roll­out of the Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion on Mon­day has been widely ac­claimed in the in­ter­na­tional fi­nan­cial com­mu­nity.

Ha Yu ng - k u , ch a i r m a n of the Korea Fed­er­a­tion of Banks, said the AFCA and fi­nan­cial in­sti­tu­tions in South Korea can co­op­er­ate in a mu­tu­ally ben­e­fi­cial ap­proach, as the or­ga­ni­za­tion pro­vides greater sup­port to the growth of the bank­ing sec­tor in his home­land and South Korean bankers share prod­ucts and ex­pe­ri­ences with their peers in Asia.

T he South Korean fed - er­a­tion and Shin­han Bank, another fi­nan­cial in­sti­tu­tion from South Korea, are both found­ing mem­bers of the AFCA.

The AFCA is de­signed to sta­bi­lize the Asian fi­nan­cial mar­ket, the Ja­panese Broad­cast­ing Corp, more com­monly known as NHK, re­ported.

Ja­panese news­pa­per Nikkei re­ported that the new re­gional co­op­er­a­tion or­ga­ni­za­tion is ex­pected to pro­vide an Asian voice in the de­ci­sion-mak­ing process in the global fi­nan­cial com­mu­nity.

Six Ja­panese in­sti­tutes, in­clud­ing the Bank of Ti­jtiMit­subishi UFJ, Su­mit­omo Mit­sui Bank­ing Corp and Mizuho Bank, have joined the AFCA as its co-founders.

Janos Muller, chief ad­viser of the Hun­gar­ian Bank­ing As­so­ci­a­tion, a found­ing mem­ber of the AFCA, and Levente Ko­vacs, the HBA’s sec­re­tary­gen­eral, co-au­thored an ar­ti­cle ti­tled Hun­gary’s Link to Fi­nan­cial Co­op­er­a­tion with Asia, pub­lished on the Jour­nal of Eco­nomic Lit­er­a­ture based in Hun­gary last year.

There are op­por­tu­ni­ties for co­op­er­a­tion that serve the in­ter­ests of both the Eu­ro­pean Union and China, and the chances of es­tab­lish­ing such win-win col­lab­o­ra­tions should not be passed up, they said in the ar­ti­cle.

EU of­fi­cials paid close at­ten­tion to the AFCA’s prepara­tory work and learned about its found­ing mem­bers, com­mit­ments and re­la­tions with other in­ter­na­tional or­ga­ni­za­tions, such as the G20 and the In­ter­na­tional Mon­e­tary Fund.

Ten Eu­ro­pean fi­nan­cial in­sti­tu­tions, in­clud­ing Pru­den­tial, Lloyd’s and Stan­dard Char­tered, are among the AFCA mem­bers.

Zhou Xiaochuan, gover­nor of the Peo­ple’s Bank of China, the coun­try’s cen­tral bank, said at an in­ter­na­tional fo­rum in mid-May that the AFCA will of­fer ex­ten­sive sup­port to fi­nan­cial col­lab­o­ra­tion in the re­gion.

Tian Guoli, chair­man of Bank of China and the AFCA chair­man, said: “The AFCA will fol­low com­mon in­ter­na­tional prac­tices, im­prove the as­so­ci­a­tion’s gov­er­nance and pro­mote the stan­dard­iza­tion of its op­er­a­tional struc­ture.

“We en­cour­age the shar­ing of re­sources and achieve­ment among mem­bers and call for co­op­er­a­tion and ex­changes via var­i­ous means, such as es­tab­lish­ing spe­cial­ized com­mit­tees and pro­mot­ing the use of big data tech­nolo­gies.

“We are work­ing to make the AFCA a bridge link­ing Asia and the rest of the world, pro­vid­ing an in­dis­pens­able win­dow into the con­ti­nent.”

Yi Huiman, chair­man of In­dus­trial and Com­mer­cial Bank of China, said his bank took an ac­tive part in the as­so­ci­a­tion’s found­ing, and is com­mit­ted to ad­vanc­ing the con­struc­tion of the Asian fi­nan­cial mar­ket and con­tribut­ing more to en­hanc­ing re­gional co­op­er­a­tion in the in­dus­try.

Fi­nanciers and gov­ern­ment of­fi­cials from Hong Kong are the ear­li­est non-main­land group that turned their eyes to the AFCA’s es­tab­lish­ment. Shao Shanbo, chief ad­viser to the Hong Kong Spe­cial Ad­min­is­tra­tive Re­gion, vis­ited the AFCA found­ing team in July 2015 to ex­plore co­op­er­a­tion prob­a­bil­i­ties.

Ts an g Ch u n - w a h , th e n fi­nan­cial sec­re­tary of Hong Kong, said on a visit to the found­ing team at the end of 2015 that Hong Kong, as an in­ter­na­tional fi­nan­cial cen­ter, is ready for co­op­er­a­tion.

We are work­ing to make the AFCA a bridge link­ing Asia with the rest of the world, pro­vid­ing an in­dis­pens­able win­dow into the con­ti­nent.”

Tian Guoli, chair­man of the Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion

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