Attendants are in Financial Leaders Roundtable of the Boao Forum for Asia (BFA) annual conference in Boao, south China's Hainan Province, March 24, 2016. (Photo from official website of Boao Forum for Asia annual conference 2016)

The Asian Financial Cooperation Association will be launched in July of this year, according to Yang Zaiping, a top official, in a recent interview with ThePaper.cn.

A total of 38 parties, including financial institutions from the U.S. and the E.U., are confirmed as future members of the association, Yang, executive vice-president of the China Banking Association, said on Thursday.

Yang explained that the association is a sort of friend circle for the finance industry, saying that members can not only exchange experiences but also discuss work that requires cooperation, such as trading and syndicated loans.

As a non-governmental organization, Yang said the association will be exceptionally familiar with the market and can find common areas of interests for its members, to the benefit of both parties. Yang also said that the association will be run according to the principles of joint development and joint governance.

During a seminar on the role of China's banking industry in the Belt and Road initiative on March 14, Yang said that relevant arrangements are already underway. A meeting of the founding member institutions will be held on March 25.

In his keynote speech at the Boao Forum for Asia on Thursday, China's premier, Li Keqiang, urged Asian economies to advance economic and financial cooperation, utilizing dialogue to ward off potential risks and contribute to world economic recovery. In particular, Premier Li proposed an Asian financial cooperation association to "improve markets and prevent financial turmoil."

Yang said that China first proposed the association last year in an effort to appeal to the financial industry. "Currently, global finance is governed primarily by rules established by European economies and the U.S., but those rules may not be suitable for Asian economies," Yang said.

"It is no good for Asia and no good for the stability of international finance if Asia doesn’t have a voice," Yang added. "The association is a very necessary platform.”

Yang said in the interview that at least 50 members are needed to launch the association. The meeting held on March 25 will discuss initiating a letter of intent. After the meeting, a constitution will be set and member institutions will be confirmed.

“Wellington Fund from the U.S., as well as Hungary's Banking Association, the Czech Banking Association and the Union of Arab Banks will all attend the meeting for founding institutions," promised Yang.

The Asian Infrastructure Investment Bank is a leading government investment bank that undertakes practical works, and the upcoming association is being launched to serve as a platform for public demands and coordinate the Belt and Road initiative, Yang said.