The French Banking Federation (FBF) and the China Banking Association (CBA) have signed a memorandum of understanding (MOU) with an aim to boost partnership and coordination.
The MOU "aims at establishing a regular dialogue and joint collaboration between the two banking associations, within the scope of their respective responsibilities," the FBF said on Tuesday.
Under the agreement, both parts will discuss banking industry in order to outline joint positions on international banking regulations. They are also expected to shed lights on ways to improve training for bank employees, green finance and digital technology's role in banking systems.
In addition, the cooperation accord offers opportunities for the two associations to exchange expertise and knowledge in a bid to reinforce economic partnership between Europe and Asia, according to the communique.
The FBF and CBA will meet at least once a year to coordinate implementation of the partnership, put together work plans and review their discussions, the statement added.
"The Chinese banking sector is playing an increasing role and we are very honored to develop cooperation with our sister banking association in China. It is an important move for the French Banking Federation, taking stock of a more diverse banking universe, and hoping that this diversity can be progressively recognized by international regulation," said Philippe Brassac, FBF chairman.
For his turn, Guangwei Pan, CBA's Chief Executive Officer said "China Banking Association is looking forward to developing more cooperative work with our French counterpart."
He noted that the two associations have much to share and cooperate in terms of green finance and international regulation.
The agreement on banking industry is part of "a high level economic and financial dialogue" between the two countries.