Incorporated as ASEAN FINANCE CORPORATION LIMITED in Singapore in 1981, the Bank
received its Merchant Banking Licence from the Monetary Authority of Singapore
in 1988 and assumed its business name of AFC Merchant Bank (AFC) in 1991. The
Bank operates from its sole office premise in Singapore.
Being the first truly ASEAN joint venture by the private sector, AFC's shareholders are leading banks and financial institutions from the five original members of ASEAN namely Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Mobilize financial resources to finance projects and assist in the promotion of industrialization and overall economic development in the ASEAN region.
The principal activities relate to merchant banking, currently focusing on the small and medium enterprises segment in ASEAN.
AFC is a participating financial institution of the International Enterprise of Singapore Internationalisation Finance Scheme (IFS). The IFS is a Singapore government assistance programme designed to help Singapore based companies to internationalise their business. It is administered by International Enterprise Singapore (IES).
ASEAN FINANCE CORPORATION LIMITED was the brainchild of the ASEAN Banking Council (ABC), the executive arm of the ASEAN BANKERS ASSOCIATION (ABA) which was founded in 1976. The ABA is an organisation comprising all the national banking associations in ASEAN. The ASEAN banking community was fully committed to the ideal of regional economic cooperation and ASEAN FINANCE CORPORATION LIMITED was the manifestation and the vehicle of the ABC to realise this ideal. In line with this, ASEAN FINANCE CORPORATION LIMITED, incorporated in 1981, was appointed the permanent secretariat of the ABA in 1982, with its office located in its premises. The President & CEO of ASEAN FINANCE CORPORATION LIMITED was also the Secretary – General of ABA until the relinquishment of this role in 2013.
ASEAN FINANCE CORPORATION LIMITED received its Merchant Banking Licence from the Monetary Authority of Singapore in 1988 and assumed its business name of AFC Merchant Bank in 1991.
The shareholders of ASEAN FINANCE CORPORATION LIMITED are mainly from major banks and financial institutions of the five original member countries within ASEAN, with each country having equal representation. The five original ASEAN countries are Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The objectives of the founders for ASEAN FINANCE CORPORATION LIMITED were:
Promotion of industrial development
As a catalyst for industrial development, it identifies and evaluates desirable projects for the ASEAN countries. It actively participates in attracting investments for these projects by providing seed capital and drawing interested ASEAN entities either singly or jointly with investors from the industrialized countries.
Promotion of intra-regional trade
To promote intra-regional trade and exports from ASEAN through the provision of advice and contacts as well as the development of the ASEAN Bankers’ Acceptance market originally initiated by the ABC.
Promotion of financial cooperation within ASEAN
To forge closer cooperation between financial institutions within ASEAN particularly in the pursuit of projects deemed desirable and related to finance and banking.
Mobilization of financial resources
To seek project funding on the best available terms as may be referred by the governments such as under the ASEAN Industrial Complementation (AIC) scheme and the ASEAN Industrial Joint Venture (AIJV) scheme. Funds would originate from development financial institutions, raised through the private capital market and from its own shareholders fund.