This international group is the product of two years of efforts by the Asian Financial Cooperation Association (AFCA), a Chinese non-profit body with the active support of the Chinese government. The Fintech Cooperation Committee aims to create a stream of knowledge transfer between Asian financial technology start-ups, financial institutions, and banks to exchange expertise in the flourishing financial technology industry.
Since its launch, 60 financial institutions from 12 countries and regions have enlisted as committee members. These include various banks, insurance companies, securities and asset management firms, and financial education institutions. In its first-ever session, the committee saw the attendance of Abu Dhabi Global Market, the Shanghai Stock Exchange, and various other fintech institutions. The members approved a technical standard for merchant QR codes in mobile payments along with a three-year work plan aimed at innovating the financial technology sector in Asia.
AFCA secretary-general Yang Zaiping informed the press that this committee is meant to uphold openness, inclusiveness, joint governance, and shared benefits “with Asian characteristics,” paving the way for communication and collaboration by regional fintech stakeholders. Asia exceeded the United States in venture capital financial technology deals and funding, raising more than $10 billion US dollars. Six out of every 29 global fintech unicorns are Asian. Among the Asian countries, it should be noted that Singapore has a friendly regulatory framework for financial technology and plays a key role in the global presence of Asian countries in the financial technology market. The Monetary Authority of Singapore has adopted a responsive and forward-looking regulatory approach to spur the development of promising financial technology innovation facilitating the invaluable experience for other Asian countries.
With recent development in the west, this was a much-needed step by Asian counterparts in safeguarding and developing homegrown financial technology that is beneficial for the entire continent. The committee has planned to organize regular meeting and discussions for financial institutions to gather and form strategic alliances for a brighter financial technology future ahead. With the likes of Chinese government proactively supporting AFCA and the committee, there are brighter days ahead for the financial technology space.