There is cheering news of anticipated deepening of financial commitment by in Africa by the Dubai International Financial Centre (DIFC), a leading global financial center in the Middle East, Africa and South Asia region.
This follows its membership in the World Alliance of International Financial Centers (WAIFC) that was unanimously approved by its board.
WAIFC is a nonprofit association registered in Brussels, Belgium, which represents leading international financial centers, facilitating cooperation and the exchange of best practices.
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 fertilization, leveraging collective and individual efficiency.
The WAIFC now represents 19 leading international financial centers across four continents. WAIFC 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 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 practices with members who aspire to have comparable stature. Some of these 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 goals.
Jennifer Reynolds, chairwoman of WAIFC, said: “We are very pleased to have DIFC join our association. Dubai is a leading global financial center, 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, said: “DIFC is pleased to be joining the World Alliance of International Financial Centers. The center 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.”