The so-called BRICS group of nations appears to be fast-tracking the establishment of its New Development Bank.
Brazil, Russia, India, China and South Africa are hoping the financial institution will rival global lenders the International Monetary Fund and the World Bank.
At the G20 summit in Brisbane they announced plans to nominate top level officials to the bank ahead of next year's BRICS summit in Russia.
Kathryn Hockstetler is Political Science Professor at the University of Waterloo, in Canada.
Kristina Kukolja asked her if there's room for the new bank in the international financial arena.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
(Click on the audio tab above to hear the full interview)
