Raymond Yung, Vice President of AMTD Global Advisory Committee, attends the inaugural ceremony of Asian Financial Cooperation Association to promote “Connectivity, Cooperation, Joint Governance and Shared Benefits” among Asia’s financial institutions

On 24th July, the inaugural ceremony of Asian Financial Cooperation Association was officially held in Diaoyutai State Guesthouse in Beijing, China. Chinese Premier Li Keqiang sent a congratulatory letter. Vice Premier Ma Kai attended and addressed the inaugural ceremony. Chen Yuan, Vice Chairperson of the Chinese People's Political Consultative Conference spoke at the ceremony. As a representative of founders of Asian Financial Cooperation Association, Raymond Yung, Vice president of Global Advisory Committee and CEO of L.R. Capital Group was invited to the ceremony.

The Asian Financial Cooperation Association is mainly composed of financial institutions, financial industry organizations, relevant professional service organizations and relevant experts and scholars in the field of financial in Asian countries and regions. Located in Beijing, it is a regional international non-governmental and non-profit social organization. Its mission and philosophy is “Connectivity, Cooperation, Joint Governance and Shared Benefits”. AFCA has 107 institutions from 27 countries around the world as founding members, covering banking, securities, insurance, funds, asset management, financial education and financial services. Mr. Tian Guoli, Chairman of Bank of China, serving as the first Chairman of AFCA.

The Asian Financial Cooperation Association is mainly composed of financial institutions, financial industry organizations, relevant professional service organizations and relevant experts and scholars in the field of financial in Asian countries and regions. Located in Beijing, it is a regional international non-governmental and non-profit social organization. Its mission and philosophy is “Connectivity, Cooperation, Joint Governance and Shared Benefits”. AFCA has 107 institutions from 27 countries around the world as founding members, covering banking, securities, insurance, funds, asset management, financial education and financial services. Mr. Tian Guoli, Chairman of Bank of China, serving as the first Chairman of AFCA.

Echoing Premier Li's remarks, Vice Premier Ma stressed the new opportunities and challenges in the area when addressing the ceremony. Strengthening the cooperation among global financial institutions will deepen regional cooperation, prevent and resolve financial risks and maintain healthy development of the economy. Establishment of AFCA is the result of carrying out President Xi Jinping’s proposal at 2015 Bo’ao Forum for Asia and is another regional financial organization proposed by China following the Asian Infrastructure Investment Bank. AFCA is a proactive effort made by China to provide public goods for Asia’s and global financial industry and is therefore of profound significance.

Present at this ceremony are representatives of regulatory institutions and founding members from 27 countries and regions including Guo Shuqing, Chairman of the China Banking Regulatory Commission, Jin Liqun, President of the Asian Infrastructure Investment Bank, Norman Chan, Chief Executive of the Hong Kong Monetary Authority, Yung Ku Ha, Chairman of the Korea Federation of Banks, Levente Kovacs, Secretary General of the Hungarian Banking Association and Veerathai Santiprabhob, Governor of Bank of Thailand. Industry Associations attending include China Banking Association, The Securities Association of China, The Insurance Association of China, Korea Federation of Banks and The Hungarian Banking Association. Chinese Financial Institutions attending include Bank of China, CITIC Group, and China Everbright Group. Overseas Financial Institutions attending include Standard Chartered from Britain, DBS Bank from Singapore, MUFG Bank from Japan, SHINHAN Bank from Korea, CIMB Bank from Malaysian, Yuanta Securities from Taiwan and BMCE Bank from Morocco, Africa.

Raymond Yung, CEO of L.R. Capital and Vice Chairman of Global Advisory Committee of AMTD Group, when interviewed by Xinhua News Agency, said that Asia previously has always lacked a platform for financial institutions to exchange and cooperate. Around the world, financial industry associations to maintain market stability and manage risks have been established in all regions including the Institute of International Finance established in 1983, located in Washington D.C., European Finance Association based in Europe as well as American and African’s financial associations. Asian Financial Cooperation Association provides a very good platform for global financial institutions, especially in Asia to share information and gain mutual benefits. Sharing experience to prevent problems and sharing data for the comprehensive understanding of financial markets will strengthen exchange and cooperation among regional financial institutions and prevent regional financial risks. AFCA will provide an Asian perspective, promote the Asian voice in global financial markets and fulfil the philosophy of “Connectivity, Cooperation, Joint Governance and Shared Benefits”. As always, AMTD will fully support AFCA and its critical role in maintaining the stability of regional and global markets and promoting regional mutual prosperity.

As a Hong Kong-based and China-backed financial institution with global influence, AMTD has been committed to serving and integrating the capital and resources between Hong Kong, China, and the world, gathering wisdom and talents around the world and operating financial power from a global perspective. AMTD has always been devoted to bridging Chinese and Hong Kong enterprises with Asia’s Capital Markets with in-depth communication and cooperation. In the future, AMTD will actively support AFCA to make profound contributions for the long-term development of Asia’s financial markets.