DIFC issues a working paper on “The Future of Financial Centers”
The working paper focuses on providing competitive business environments at an international level.
From the source
The Dubai International Financial Center (DIFC), the leading financial center in the Middle East, Africa and South Asia region, issued yesterday a working paper focusing on how financial centers around the world address the important issues currently facing society, and reveals the 2030 vision regarding financial centers.
This came in cooperation with the World Alliance of International Financial Centers (WAIFC) and the consulting group Z/Yen.
The working paper entitled "The Future of Financial Centers" was prepared following the annual general meeting of the World Alliance of International Financial Centers (WAIFC), which attracted a number of executives from financial centers around the world to the Dubai International Financial Center, to exchange ideas on designing policies and regulatory procedures, to enable Sustainable growth, the fourth industrial revolution (4IR) and the development of human capital.
In addition to focusing on the role that financial centers play in supporting global economic growth, opening investment horizons for companies, providing individuals with access to financial services, and enabling trade, the working paper reviews the role of financial centers at work, through cooperation and competition, which provides competitive business environments. At an international level, it provides opportunities for partnership with other financial centers to facilitate trade and knowledge transfer.
It also reviews encouraging growth in the field of sustainable finance, by developing sustainability strategies, formulating regulations, developing new financial instruments, contributing to the development of national policies, encouraging regulatory change, to enable digital finance to help startups operate at a reduced cost, and supporting the development of “know your customer” systems. » and digital identity, and support initiatives aimed at enhancing access to financial services through mobile platforms, as well as working to attract, develop and retain talent, and refinish it through creating customized training and developing networks that support the local workforce and provide attractive work environments.
Commenting on the issue, Arif Amiri, CEO of the Dubai International Financial Center Authority, said: “The technology and financial services sectors play an essential role in supporting the prosperity of our economies.
The new working paper, issued by the Dubai International Financial Center and its partners, contains important recommendations that must be converted into goals that can be optimally achieved in cooperation between the financial centers.
Including the outputs will allow increasing the contribution of financial centers to the global economy, while providing innovation opportunities for customers and promoting the principles of inclusiveness and sustainability.”
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