New Asian group to promote regional financial institutions

An association to deepen financial cooperation in Asia is expected to be launched in July, according to Cai Esheng, head of the Preparatory Working Group of the Asian Financial Cooperation Association.

The AFCA aims to maintain regional financial stability, fight against risks and make the voice of Asian institutions louder in the global financial market.

It will also promote connectivity among its members, hold high-level forums to discuss the challenges they face, make standards on financial innovation and services and build a platform for cooperation in areas including financial infrastructure construction and risk management.