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WAIFC Report on “How Leading Financial Centers Advance Financial Inclusion and Literacy”

The report describes the work of financial centers in promoting financial education and literacy.

The World Alliance for International Financial Centers (WAIFC) has published a new report on ‘How Leading Financial Centers Advance Financial Inclusion and Literacy’. The publication is based on shared expertise and cross-sector partnerships provided by several financial centers.

The situation of levels of financial literacy is varied in each country. Levels of education, bank branch coverage, access to the internet, and personal wealth vary significantly from country to country. Numerous initiatives have been taken around the world, and it would be difficult to list them or even summarize them all. Therefore, we have selected from among our members some centers that have made specific efforts to promote financial inclusion.

The second part of this report describes the work of financial centers in promoting financial education and literacy. However, there are also issues of financial exclusion in developed countries, and securing access to financial services by economically / socially disadvantaged people is necessary everywhere. It includes the elderly population (including those with dementia), residents in sparsely populated communities, and foreign people working in the country. 

Commenting on the report, Frédéric de Laminne de BexTreasurer of the WAIFCstated 

Based on the positive results obtained so far, other financial centers are creating their own programs for increasing financial inclusion and literacy and exchanging areas of knowledge and need, discussing opportunities and further cooperation. Exchanging best practices is one of the objectives of the WAIFC. 

How Leading Financial Centers Advance Financial Inclusion and Literacy

Astana International Financial Centre (AIFC) is a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia, and Europe. The AIFC operates within a special legal regime based on Common Law, which regulates the legal relationships between AIFC participants and third parties and is aimed at the development of the financial market.

Belgian Finance Center (BFC) is a non-profit organization created by a consortium of banking and financial professionals based in Belgium. Its mission is to provide its members with a forum for discussion, knowledge sharing, and network building. It tries to be a link between the various professional associations grouping banks, insurance companies, and asset managers in order to strengthen the role of the Belgian financial community.

Casablanca Finance City (CFC) has been a founding member of WAIFC since 2018. CFC is strategically located at a crossroad of continents and has built a thriving community of members comprising financial companies, regional headquarters of multinationals, service providers, and holding companies. CFC offers local expertise to access opportunities in Africa, with a strong regional platform and a complementing regulatory authority, Casablanca Finance City Authority (CFCA), which serves to implement CFC’s development strategy, promote CFC to International institutions and investors and drive reforms to improve the business environment.

The Capital Authority of Oman (CMA) is the sole regulator and supervisor of the capital and insurance markets. The CMA has the vision that the Capital and Insurance markets will become an engine for sustainable economic growth and wealth creation. In order to achieve this vision, the CMA will continue to develop and promote informed, efficient and effective markets and participation. 

FinCity.Tokyo was founded under the leadership of the Tokyo Metropolitan Government in collaboration with private businesses in order to promote and continuously upgrade Tokyo’s financial ecosystem. FinCity.Tokyo conducts promotional activities, including disseminating information; facilitating market entry/ networking domestically and internationally; attracting overseas financial companies to Japan.

The Economic Development Board Mauritius (EDB) provides strong institutional support for strategic economic planning and ensures greater coherence and effectiveness in economic policy formulation; promotes Mauritius as an attractive investment and business center, a competitive export platform, as well as an International Financial Center; acts as the main institution responsible for country branding for investment promotion, and ensures a conducive business environment. 

Rwanda Finance positions itself as a professional, member-focused, transparent, and economic substance-oriented jurisdiction to facilitate increased cross-border trade and investments within Eastern and Central Africa.

EnterpriseNGR is a professional policy and advocacy group established with the objective of promoting and advocating for the Financial and Professional Services sector of Nigeria, with a view to transforming Nigeria into the premier financial services center in Africa.

Source: WAIFC
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