Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has announced that its membership of the World Alliance of International Financial Centres (WAIFC) has been unanimously approved by its Board.
WAIFC is a non-profit association registered in Brussels, Belgium which represents leading international financial centres, facilitating co-operation and the exchange of best practice. The Alliance was established in July 2018 when financial services leaders from around the globe gathered in Paris. Members vary in size and scope of activities, however they can benefit from various levels of cross fertilisation, leveraging collective and individual efficiency.
The WAIFC now represents 19 leading international financial centres across four continents. WAIFC members are from city governments, associations and similar institutions developing and promoting their financial centres.
DIFC will use its membership to collaborate with members who represent other leading global financial centres including London, Frankfurt, Paris, Tokyo and Toronto. As the highest ranked global financial centre in the region, DIFC will also be able to share best practice with members who aspire to have comparable stature. Some of these financial centres are already supported by DIFC through mutual memorandums of understanding.
Given DIFC’s vision to drive the future of finance, an active area of collaboration will relate to accelerating the use of technology within the industry. Another area of focus will be nurturing the adoption of Environment, Social and Governance goals which will support sustainable economic growth future from the industry.
Commenting on DIFC’s membership, Jennifer Reynolds, Chairwoman of the WAIFC, stated: “We are very pleased to have DIFC join our association. Dubai is a leading global financial centre, and DIFC will undoubtedly bring a valued contribution to our initiatives. We are very much looking forward to working with the colleagues in Dubai.”
Arif Amiri, CEO of DIFC Authority, commented: “DIFC is pleased to be joining the World Alliance of International Financial Centres. The Centre is looking forward to representing Dubai and building partnerships with other members so we can be a collective force for good. Together we can make progress on areas such as FinTech, innovation, sustainable finance and developing digital economies. We can align our approaches which will allow us to cohesively drive the future of finance.”
Dr. Jochen Biedermann, Managing Director of the WAIFC, added: “DIFC has been an observer to WAIFC since last year, and we are delighted that it will join WAIFC as a full member now. DIFC has had a phenomenal development in less than twenty years from its first steps to one of the world’s leading financial centres. We are very much looking forward to exchanging best practices and learning from each other.”