The concept of the International Banking Committee of the Financial and Business Association of Euro-Asian Cooperation (FBA EAC)
Relevance of the creation
is in overcoming international and cross-border challenges and in supporting the development of national businesses, increasing their role in the economic sector of the FBA EAC member countries.
The mission of the International Banking Committee is to unite and support the banking community for solving currently important problems in the Eurasian business cooperation; to create a platform for experience exchange, joint projects implementation, new investment attraction and interests of the association's members in the Eurasian arena promotion, contributing to the development of the region's financial system.
Strategic goals:
- solving business and financial issues, strengthening business ties of the Association;
- shaping the business agenda in the region, analysis of current trends;
- implementing the innovative promising projects related to the financial sector;
- creating the platform for constructive dialogue, cultural integration and experience exchange between financial institutes;
- establishing bilateral and multilateral relations;
- taking part in the state monetary and financial policy;
- creating the countermeasures to the unilateral restrictions in terms of monetary relations and facilitating the cross-border payments;
- attracting mutual investments;
- organizing the trade and economic cooperation of business units of the FBA EAC member countries;
- strengthening the Association's position in the international arena by representing and promoting the interests of banks and financial organizations—members of the FBA EAC—contributing to overall economic upswing.
Main tasks:
Analytical and predictive activity:
analysis of the banking state legislation and new proposal elaboration for its improvement for further developing the bilateral and multilateral relations in the banking and investment sectors of the participating countries.
Tech development:
development of banking technologies through digitalization and through application of the best financial innovative practices of the participating countries and international standards of the International Organization for Standardization of the United Nations (ISO).
Regulatory cooperation:
mutual exchange of current open information in banking investment business for the shared use and adaptation of legal acts of the participating countries.
Staffing:
organization of training using the best practices of banking and investment business, bilateral and multilateral exchanges of professional experience.
Fraud monitoring:
application of the best practices of fraud monitoring as well as countering money laundering, and countering extremism sponsoring and terrorism financing.
Improving the payment system:
building a system of mutual currency exchange between the banks of the participating countries based on synthetic units of charge and traditional payment instruments such as gold, platinum, other precious metals, as well as listed commodities such as oil, uranium, and wheat.
establishing settlement's schemes based on mutual credit limits and authorized deposits for banking transactions for both legal entities and individuals.
Support for economies:
increasing the national currencies settlements of the FBA EAC member countries in mutual trade, as well as the EAEU, SCO, BRICS and other countries using bilateral and multilateral agreements of the CIS countries;
formation and expansion of banking support for international trade relations;
free movement of services and capital in the economic space of the EAEU, SCO and BRICS countries.
Building connections:
establishment of direct correspondent relations between banks belonging to the IBC and other banks of the EAEU, SCO and BRICS countries.
Responsibilities
The Committee is responsible for the following:
International cooperation—development of contacts with partners from key Eurasian countries and the expansion of the network of international relations.
Investment activity—finance attraction to promising projects and startups.
Innovation and R&D—support of the advanced solutions.
Analytical activity—analysis of current trends.
Information activity—up-to-date information and media exposure about the business agenda of the region.
Promotion of interests—representation and protection of interests of the Association's members in the FBA EAC countries.
Resource provision
- Financial resources: contributions from Committee members, grants, and partnership programs.
- Information resources: FBA EAC database, industry-specific analytical platforms.
- Human resources: Committee experts, invited specialists, administrative support.
Expected results
Financing of projects for the banking sector development.
