In an era of economic and financial globalization, finance plays an increasingly vital role in the driver of economy and society. International financial cooperation promotes national economic development and makes countries engage in global economic cooperation and governance. Because of falling commodity prices, weak demand for manufactured goods, volatility in developed markets and a tightened quantitative easing policy in the U. S. , emerging countries are in a precarious financial state as trade decreases and growth slows. All countries now have to pose the common challenge of stabilizing financial markets, regaining global growth momentum and improving international financial and economic governance. Expanding financial cooperation may be a way to address these issues. This paper analyzes the significance of financial cooperation to facilitate the common development of BRICS nations. It examines the background, the characteristics, the main contents and the challenges faced by the cooperative model and the way forward as well. The goal is elaborate on existing research while providing policy references for all emerging economies to guide them in the process of building financial partnerships.