[1] In 2016 the financial centres of Paris, Frankfurt and Moscow proposed the creation of a non-profit association to facilitate cooperation and promote good practice and exchange with international public authorities.
[6] The initial eleven members were joined by centers from other territories such as Japan, Hong Kong, Mauritius, Qatar and the United Kingdom to form an 20-member alliance today.
[7][8][9] In view of the contingency generated by the COVID-19 pandemic in 2020, the association expressed in a publication the need to "reconsider economic models and give a new priority to long-term prospects and sustainable economy".
Board member Hubertus Väth cited the financial centers of Tokyo and Hong Kong as examples for "successfully dealing with similar challenges in the past," referring to the 2002–2004 SARS outbreak.
[10][11] The text also called for concentrated efforts to develop technologies such as blockchain, artificial intelligence and cloud computing to address contingency challenges.