DIFC issues a working paper on “The Future of Financial Centers”

The Dubai International Financial Center (DIFC), the leading financial center in the Middle East, Africa and South Asia, released a working paper yesterday explaining how financial centers around the world are addressing the important issues facing society today. , revealing the 2030 vision for financial centers. This was done in collaboration with the World Alliance of International Financial Centers (WAIFC) and the Z/Yen advisory group.

The working paper entitled “The Future of Financial Centers” was prepared after 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 share ideas. exchange on policy design and regulatory processes to enable sustainable growth, the fourth industrial revolution (4IR) and human capital development.

In addition to focusing on the role that financial centers play in supporting global economic growth, opening investment horizons for businesses, providing access to financial services to individuals and enabling trade, the working paper discusses the role of financial centers in work, through collaboration and competition, creating competitive business environments. At the international level, it provides opportunities for collaboration with other financial centers to facilitate trade and knowledge transfer.

It also assesses driving growth in 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 lower costs, and support the development of “know your customer” systems » and digital identity, and support initiatives aimed at improving access to financial services via mobile platforms, as well as working to attract, develop and retain talent, and rework it through appropriate training and developing networks that support the local workforce and provide attractive work environments.

Commenting on the matter, Arif Amiri, CEO of the Dubai International Financial Center Authority, said: “The technology and financial services sectors play a vital role in supporting the prosperity of our economies. The new working paper, published by the Dubai International Financial Center and its partners, contains important recommendations that need to be translated into goals that can be optimally achieved in cooperation between the financial centers. By including the output, the contribution of financial centers to the global economy can be increased, while at the same time providing innovation opportunities for customers and advancing the principles of inclusiveness and sustainability.”

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