60 financial institutions from 12 countries and regions have joined the Fintech Cooperation Committee a new pan-Asia network to bringing together Asian fintech start-ups, financial institutions and banks to trade knowledge and expertise.
The first session of the committee, which also took place yesterday, was chaired by the Abu Dhabi Global Market and the Shanghai Stock Exchange. At the session, committee members approved technical specifications for merchant QR codes in mobile payments and a three-year work plan. The committee was the product of a two-year push by the Asian Financial Cooperation Association (AFCA), a Chinese non-profit body launched in 2016 with the active support of the Chinese government. AFCA secretary-general Yang Zaiping said the setting up of the 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. AdChoices