On October 1st, 2018, eleven global Financial Centres have launched the World Alliance of International Financial Centers (WAIFC). The new international non-profit association, registered in Brussels, was first proposed by the Financial Centres Frankfurt (Germany), Moscow (Russia) and Paris (France) in December 2016. By 2018, 7 Financial Centres have joined to establish the WAIFC with the aim to facilitate cooperation, exchange best practices across Financial Centres and to foster greater exchange with Public Authorities at the international level.
Who are the founding members of WAIFC?
The WAIFC is comprised of the following founding members:
- Abu Dhabi Global Market (ADGM)
- Astana International Financial Centre Authority (AIFC)
- Belgian Finance Club
- Busan International Financial City Promotion Center (BIFC)
- Casablanca Finance City Authority (CFA)
- Frankfurt Main Finance
- Luxembourg for Finance (LFF)
- Moscow: Analytical Centre Forum
- Oman: The Capital Market Authority (CMA)
- Paris EUROPLACE
- Toronto Finance International (TFI)
What are the objectives of the Word Alliance of International Financial Centres?
In an era of breakthrough technologies and rapid social change, Financial Centres are key to sustaining economic growth. Thus, the objective of the Word Alliance of International Financial Centres is to create a transparent network that facilitates cooperation and sharing of best practices to further the understanding of the importance of international financial centers for national and international economies as well as social development.
Moreover, the WAIFC will be project-driven, focusing on the following areas:
- Data on Financial Centres
- Contribution of Financial Centres to Green investment & infrastructure
- New FinTech developments
- The role of Financial Centres in the financing of the economy
How will the WAIFC be governed?
The newly established World Alliance of International Financial Centres will be headquartered in the Financial Centre Frankfurt. The first General Assembly will be held around December 2018, with the participation of the founding members and additional Financial Centres. The WAIFC’s Board of Directors is composed of the following senior leaders from the founding members:
- Abdullah Al Salmi, The Capital Markets Authority Oman
- Arnaud de Bresson, Paris EUROPLACE
- Said Ibrahimi, Casablanca Finance City
- Kairat Kelimbetov, Astana International Financial Centre
- Frederic de Laminne, Belgian Finance Club
- Jennifer Reynolds, Toronto Finance International
- Young Ho Park, Busan International Financial City Promotion Center
- Philippe Richard, Abu Dhabi Global Market
- Tom Theobald, Luxembourg for Finance
- Hubertus Vaeth, Frankfurt Main Finance
- Alexander Voloshin, Analytical Centre Forum Moscow
Arnaud de Bresson, Paris EUROPLACE is the first elected Chairman of the body. Frederic de Laminne, Belgian Finance Club, will take on the role of the Treasurer and Jochen Biedermann, Frankfurt Main Finance, will act as the Managing Director of the newly founded association.
Find more information here.