Chinese financial architecture takes form

Deputy Premier Ma Kai gave the keynote speech at the launch, while  Jin Liqin, the President of Asian Infrastructure Investment Bank (AIIB) and the Bank of Thailand Governor Veerathai Santiprabhob also spoke.
There are currently over 100 members of AFCA and Bangkok Bank is a founding member. I was fortunate to join the launch in Beijing together with President Chartsiri Sophonpanich and Dr Thanathpong Pratheepthaweephon, also from Bangkok Bank.
Even though it is two decades since the Asian financial crisis, the memories of it are still very fresh and we certainly don’t want to go through something like that again. However, the danger remains as financial systems around the world have become even more interconnected which has the potential to cause a systemic risk whereby problems in one country affect many others. 
The exchange and cooperation platform being built by AFCA for Asian financial institutions aims to reduce such risks as it will provide an early warning system and a means of cooperation. Although AFCA is initially focused on Asia, it may later be extended to cover other emerging markets.
The cooperation will include various factors such as a liaison mechanism for promoting connectivity between members, a platform for sharing regional financial information and regional think tanks and financial forums. These mechanisms will help to support the stability and development of the regional economy while also protecting against systemic risks. 
AFCA will also support efforts towards joint governance by encouraging best practices in areas such as financial inclusion, green finance and consumer protection and it will add a distinctive Asian voice to forums addressing international financial governance. One of the officials involved in setting up the AFCA Yang Zaiping said that the current global finance system is governed primarily by rules established by European economies and the US, but these may not be suitable for Asian economies.
It is early days yet and there are many issues for consideration such as how to keep information 
confidential and who owns the information that is 
collected. 
To try to address such concerns the governance of AFCA will be shared by all members and it will be based on principles of openness, inclusiveness, connectivity, cooperation, co-construction, co-governance and co-sharing.
It will also have a strong business role as members will be able to discuss work that requires collaboration, such as trading and syndicated loans. This will be helpful as when the Belt and Road Initiative gathers momentum, very big projects will require partnerships between banks.