FSVC’s Board of Directors and Staff honor the memory of William H. Donaldson, Chairman Emeritus and Honorary Chairman of the organization, who passed away on June 12. Bill was a towering figure in American finance and public life, with an outstanding record of accomplishment across the private, public, academic, and not-for-profit sectors. FSVC was fortunate to benefit from his steadfast and dynamic leadership over a thirty-year period, culminating in his Chairmanship of FSVC’s Board from 2015 to 2021. His unwavering commitment to FSVC’s mission to strengthen financial sectors in transitional and emerging markets played a decisive role in enhancing the organization’s program activity and financial foundation.

Bill’s dedication to FSVC was deeply rooted in his extraordinary career, one marked by numerous major achievements. He co-founded the pathbreaking investment banking firm Donaldson, Lufkin & Jenrette (DLJ), establishing it as a leading institution on Wall Street. Bill served as Under Secretary of State for International Security Affairs at the invitation of Secretary of State Henry Kissinger, and subsequently served in the White House as counsel to Vice President Nelson Rockefeller. His passion for leadership and education led him to become the Founding Dean of the Yale School of Management. He then led the New York Stock Exchange as Chairman and CEO. Following this role, he served as Chairman, President, and CEO of Aetna, turning the insurance company around at a troubled time. In 2003, President George W. Bush appointed Bill as the 27th Chairman of the U.S. Securities and Exchange Commission (SEC), and he led that institution into one of its most transformative eras since its creation during the Depression.

With Bill’s passing, FSVC has lost the last of its iconic founders, a distinguished circle that included Cyrus Vance, John Whitehead, and Paul Volcker. We extend our heartfelt condolences to Bill’s wife, Jane, and to the Donaldson family. A celebration of Bill’s life will take place in New York City in October.

With support from the U.S. Department of State’s Bureau of International Security and Nonproliferation (ISN), FSVC is working to enhance the Government of Indonesia’s (GOI) efforts to supervise and regulate new financial technologies such as virtual assets.

As part of this work, FSVC recently held a study tour in Washington, D.C., and New York City for representatives from Bank Indonesia (Indonesia’s Central Bank) to share U.S. regulatory perspectives and expertise in addressing risks associated with virtual assets. During the tour, GOI officials engaged with U.S. regulators and virtual asset experts from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), the U.S. Federal Reserve, Citi, and other institutions. The exposure to diverse perspectives on the utility and risks associated with virtual assets, as well as considerations in the U.S. regulatory environment, gave participants a comprehensive understanding of the evolving international fintech ecosystem. As a result, Indonesia will be simultaneously better equipped to harness the benefits of virtual assets and to identify and mitigate potential risks. This will enhance the effectiveness of GOI supervision and regulation of this burgeoning sector.

FSVC remains committed to partnering with the GOI in its efforts to effectively implement and regulate new fintech initiatives.

With support from U.S. Agency for International Development (USAID), FSVC is working to strengthen anti-corruption efforts and procedures in Southern Africa. The program’s main objectives are to build the public financial management capacity of key government institutions, and to enhance the oversight capability of government and civil society to minimize fraud, waste, and abuse of state resources.

As part of this work, FSVC recently conducted a training for the Supreme Audit Institution (SAI) of Angola in compliance audit principles and standards. The objective was to enhance capacity in executing audits in line with international best practices set by the International Organization of SAIs. FSVC volunteer experts delivered sessions on methodologies, strategies, and practical tools essential for participants to adopt in auditing public resources. Drawing from their expertise, they underscored the significance of the international standards with practical examples. As a result of this training, participants increased their knowledge of compliance auditing principles, reinforcing efforts to combat fraud and corruption through strengthened accountability mechanisms in Angola.

FSVC remains committed to supporting the Angolan SAI, and other counterparts across Southern Africa, in their efforts to strengthen public financial management and accountability mechanisms to combat corruption.

Tunisia: Strengthening Access to Finance through Fintech Tunis, Tunisia Since 2018, FSVC has been implementing a U.S. Department of State-funded program to enhance access to finance for small and medium-sized enterprises (SMEs) in Tunisia. FSVC works to develop and deliver innovative financial products through non-traditional lenders and investors and to build the capacity of business support organizations to provide improved services and yield investor-ready SMEs. As part of this work, FSVC also helps policymakers and financial sector regulators establish regulations that are conducive to SME financing and in line with international best practices.   FSVC recently conducted a workshop in Tunis for representatives from the Central Bank of Tunisia, the Microfinance Control Authority, and the Capital Market Council on regulatory sandbox operation strategies, which involve managing and facilitating the testing of new financial products and services. FSVC volunteer experts provided an overview of global regulatory sandbox initiatives and financial innovation trends, encouraging discussions on enhancing interagency cooperation and addressing operational challenges in the fintech sector. As a result, participants deepened their understanding of financial innovation and sought further FSVC assistance in implementing effective sandbox tools to integrate fintech into the economy, support SME development, and enhance financial inclusion. FSVC will continue to support Tunisian counterparts in their efforts to achieve greater fintech integration, enhance SME development, and boost financial inclusion in the country.

About Us The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 34 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,800 missions, impacting millions of people in 70 countries. Help support FSVC’s mission! As our work expands, private contributions are critical, as they help build the working capital foundation required to support the establishment of new programs and the exploration of new opportunities. Your contribution to FSVC, a 501(c)(3) organization, is tax-deductible to the extent permitted by law.