- About Us
- Our Impact
The Financial Services Volunteer Corps (FSVC) is a not-for-profit, private-public partnership that helps to build sound financial systems in transition and emerging market countries. Sound financial infrastructure is essential to support private entrepreneurship, promote job creation, mobilize domestic savings, attract foreign investment and create conditions that promote lasting economic opportunity.
FSVC was founded at U.S. Presidential initiative in 1990 by the late Cyrus Vance, former U.S. Secretary of State, and the late John Whitehead, former U.S. Deputy Secretary of State and former Co-Chairman of Goldman Sachs. FSVC’s Board is currently chaired by William Donaldson, Chairman and CEO of Donaldson Enterprises, Inc., and former Chairman of the U.S. Securities and Exchange Commission. Paul Volcker, former Chairman of the Board of Governors of the Federal Reserve System, is the Honorary Chairman of the Board. Julian Schroeder, co-founder and former Principal of Credit Renaissance Partners, LLC., serves as Vice Chairman of the Board. Andrew Spindler, formerly Senior Vice President at the Federal Reserve Bank of New York, is FSVC’s President and CEO.
FSVC’s core work concentrates on strengthening central bank capacity, building commercial banking systems and developing capital markets. Major additional areas of work include improving access to financial services for small and medium-sized enterprises (SMEs), financial inclusion, and combating money laundering and the financing of terrorism. Another critical area of current work involves advising governments and civil society organizations on how to strengthen public financial management.
FSVC structures demand-driven technical assistance delivered by senior financial sector practitioners who serve as unpaid volunteers. By recruiting currently-employed professionals at the peak of their careers who serve as volunteers, FSVC is able to provide technical assistance that is objective and state-of-the-art. Over the past twenty-five years, more than 8,500 experts from the international financial, legal and regulatory communities have taken part in more than 2,700 FSVC missions, reaching 35,000 counterparts in over 35 emerging market countries.
FSVC’s accomplishments include watershed work to set up market-based financial systems in Eastern Europe in the 1990s following the collapse of communist regimes there; assistance to Russia over a fifteen-year period to build the legal and regulatory foundation for a modern financial sector; assistance to help establish deposit insurance systems in countries ranging from Russia to Indonesia; and work around the Middle East to strengthen the capacity of financial sectors to support job creation and SMEs’ access to capital. Sub-Saharan Africa has become a focal region for FSVC’s work in recent years. FSVC is helping to promote financial integrity in Kenya, Tanzania and Uganda, as well as financial market integration among the five member states of the East African Community.
Since 1990, FSVC has leveraged approximately $90 million in funding from the U.S. government, private foundations and other sources to provide more than $210 million in technical assistance, principally through the donated services of volunteer experts.
Further information about FSVC is available at www.fsvc.org