The Asian Financial Services Association (AFSA)
Asian Financial Services Association (AFSA) is a federation of financial services companies and associations operating in the region.
It was formed in 1982 as Asian Leasing Association (Asialease). The association changed its name from Asian Leasing Association to Asian Leasing & Finance Association (ALFA, on July 26, 2005 and from Asian Leasing & Finance Association (ALFA) to ASIAN FINANCIAL SERVICES ASSOCIATION (AFSA) on 4thJune 2010.
The changes of name were in line with the growth and the maturity of the Asian economies, the Leasing companies as well as to cater the changing needs of the members. This enabled the members to expand the range of services to include Leasing, Hire-Purchase, Debt Factoring, Consumer Financing, the issuance of credit cards, insurance, banks, etc.
At present the members are from the following countries:
All members of AFSA make up the General Assembly which holds the power over the general policies of the Association, the election of officers, and the approval of amendments to the Constitution and By-Laws as recommended by the Governing Council. Decisions of the Assembly are arrived at by majority vote of member countries present and voting.
The management committee of AFSA is the Governing Council which includes two representatives from each member country. The two representatives, who are the ‘Vice President’ and ‘Second Representative’ from each member country are elected by AFSA member from that country. At the helm of the Association is the President who is elected from among the Governing Council officers.
- To function as a regional communication forum for companies and associations engaged in the expanded range of financial services such as Leasing, Hire-Purchase, Debt Factoring, Consumer Financing, the issuance of credit cards, insurance, banks, etc.
- To provide the organizational framework for regional co-operation in the study and research on the subject of its services, especially in the matter of laws and regulations.
- To promote the exchange and dissemination of information about its business practices, legislation and regulation among the member countries.
- To publish journals or bulletins or The Asian Leasing Yearbook (ALY) for the furtherance of the above objectives.
- To organize conferences, symposia, study tours and seminars, to facilitate internship program in furtherance of the above objectives.
- To co-operate with international, regional, national or other organizations in furtherance of the above objectives.
- To promote closer relations, co-operation and mutual understanding among the members in order to promote its services as a medium of finance in Asia - this can also contribute significantly to the economic progress of the region.
The daily operations of the Association are handled by the Secretariat headed by the Secretary-General. The Secretariat which is presently located in Indonesia keeps records of the Association as well as handles collections and disbursements. All meetings of the Governing Council and the General Assembly are co-coordinated by the Secretary-General.