This paper takes the financial services industry of 39 countries participating in the Belt and Road Initiative as the research object. Based on the perspective of the global value chain, it depicts the participation degree and division of labor position of the financial services industry of the participating countries in the global value chain, analyzes the forms of global value chain cooperation and bilateral interdependence of the financial services industry of the participating countries, and uses the QAP analysis method to accurately measure the driving mechanism between the relationship data. The research finds that there are significant differences among the participating countries in terms of their participation in the global value chain and their dependence on international resources. The correlation of financial services cooperation among different countries with different economic and financial development levels gradually shows a random state in terms of economic distance. SNA analysis shows that there are different core countries in the DVA, RDV, and FVA networks, and the PDC network is decentralized and forms an Eurasian faction. Spatial location, economic development differences, financial openness differences, and financial scale differences are the main driving factors of the value-added trade network of the financial services industry of the participating countries. In the future, the development mode of the financial services industry of the countries participating in the Belt and Road Initiative should be optimized, the structure of international resource dependence should be adjusted, and efficient financial cooperation should be promoted.