Wednesday 24 March 2021
Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has announced that its membership of the World Alliance of International Financial Centers (WAIFC) has been unanimously approved by its board.
WAIFC is a non-profit association registered in Brussels, Belgium, and represents leading international financial centers, facilitating cooperation 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, but they can benefit from various levels of cross-fertilization, leveraging collective and individual efficiency.
The WAIFC now represents 19 leading international financial centers across four continents. Members are from city governments, associations, and similar institutions developing and promoting their financial centers.
DIFC will use its membership to collaborate with members who represent other leading global financial centers including London, Frankfurt, Paris, Tokyo, and Toronto. As the highest-ranked global financial center in the region, DIFC will also be able to share best practice with members who aspire to comparable stature. Some of these financial centers 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 (ESG) goals to support sustainable economic growth.