One of the leading financial centers in the Middle East, Africa and South Asia (MEASA) region, the UAE’s Dubai International Financial Centre (DIFC) has joined the World Alliance of International Financial Centres (WAIFC).
Brussels, Belgium-based WAIFC is a non-profit association that represents leading international financial centers across the globe while facilitating co-operation and exchange of best practices among them.
Established in July 2018, the Alliance supports its members of all sizes with various levels of cross-fertilization leveraged through collective and individual efficiencies. The non-profit which currently represents 19 leading international financial centers across four continents, has city governments, associations and other similar institutions which develop and promote their financial centers as its members.
The DIFC Membership
With the distinguished membership, DIFC will now be able to collaborate with WAIFC member financial centers including but not limited to London, Frankfurt, Paris, Tokyo and Toronto.
With its prime status in the region, DIFC will be able to support other members with its expertise and know-how to improve their stature.
One of the areas which DIFC is expected to focus on during its collaboration will be accelerating the use of technology within the industry. Further on, the MEASA region’s leading financial center will push for the adoption of Environment, Social and Governance goals that support sustainable economic growth future from the industry.
Commenting on DIFC’s membership, Jennifer Reynolds, Chairwoman of the WAIFC, remarked that “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.”
“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 further added that “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 centers. We are very much looking forward to exchanging best practices and learning from each other.”