Answers to common questions about Financial Center News and key terms in international finance.
Frequently Asked Questions
What is Financial Center News?
Financial Center News is a free weekly newsletter curated by Dr. Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers (WAIFC). Each issue covers the most important news, regulatory developments, events, and publications from international financial centers around the globe.
Who publishes Financial Center News?
Financial Center News is published by Dr. Jochen Biedermann, Managing Director of WAIFC and Managing Partner of FinTech Consult. Dr. Biedermann is a global expert in international financial centers, FinTech, and financial regulation.
How can I subscribe to Financial Center News?
You can subscribe for free on LinkedIn. Financial Center News is published as a LinkedIn Newsletter. Visit the newsletter page on LinkedIn and click 'Subscribe' to receive each new issue directly in your LinkedIn notifications and inbox.
What is an international financial center?
An international financial center (IFC) is a physical cluster of financial industry activity, typically in a major city, that facilitates the cross-border flow of capital and financial services. IFCs act as global hubs of financial knowledge, hosting financial institutions, regulators, professional services, universities, and startups. Examples include London, New York, Hong Kong, Singapore, Dubai (DIFC), and Abu Dhabi (ADGM).
What is WAIFC?
The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium that represents 27 leading international financial centers globally. Its members include city governments, industry associations, and similar institutions. WAIFC facilitates cooperation between its members, the exchange of best practices, and communication with the public. Learn more at waifc.finance.
What is a financial center index?
A financial center index is a ranking that measures and compares the competitiveness of international financial centers. Well-known indices include the Global Financial Centres Index (GFCI) by Z/Yen and the Global Financial Centers Ranking by Xinhua Finance. These rankings assess factors such as business environment, human capital, infrastructure, financial sector development, and reputation.
What is FinTech?
FinTech (Financial Technology) refers to technology-driven innovations in financial services. FinTech companies use digital tools — such as mobile apps, AI, blockchain, and cloud computing — to deliver banking, payments, lending, insurance, and investment services faster, cheaper, and more accessibly than traditional financial institutions.
What is sustainable finance?
Sustainable finance refers to financial services that integrate environmental, social, and governance (ESG) criteria into investment and lending decisions. It includes green bonds, ESG investing, impact investing, and carbon markets. International financial centers play a key role in mobilizing capital for the transition to a low-carbon economy.
What is digital assets / crypto finance?
Digital assets are financial assets that exist in digital form, including cryptocurrencies (e.g. Bitcoin, Ether), stablecoins, tokenized securities, and central bank digital currencies (CBDCs). Many international financial centers — including DIFC, ADGM, and AIFC — have developed dedicated regulatory frameworks to attract digital assets businesses.
What is Islamic finance?
Islamic finance is a system of financial services that complies with Sharia (Islamic law), which prohibits interest (riba) and speculative transactions (gharar). It uses profit-sharing (mudarabah), leasing (ijara), and Islamic bonds (sukuk) as alternatives to conventional interest-based products. Financial centers such as Dubai, Abu Dhabi, and Kuala Lumpur are leading Islamic finance hubs.
How often is Financial Center News published?
Financial Center News is published weekly, typically on Thursdays. Since launching in 2023, over 160 issues have been published covering financial centers on every continent.
Can I read back issues of Financial Center News?
Yes. All published issues are available in the Newsletter Archive on this website. You can browse by year, filter by financial center, or search for specific topics.
Glossary of Key Terms
AML
Anti-Money Laundering — regulations and procedures to prevent illegal funds from being processed through the financial system.
CBDC
Central Bank Digital Currency — a digital form of a country's fiat currency issued and backed by the central bank.
DEX
Decentralized Exchange — a peer-to-peer marketplace for trading crypto assets without a central intermediary.
DFC
Dedicated Financial Center — a government-mandated zone with a tailored legal and regulatory framework for financial services (e.g. DIFC, ADGM, AIFC).
ESG
Environmental, Social, and Governance — criteria used to assess the sustainability and societal impact of investments.
FinTech
Financial Technology — innovation that uses technology to improve or automate financial services and processes.
GFCI
Global Financial Centres Index — a leading index published twice yearly by Z/Yen Partners, ranking financial centers by competitiveness.
IFC
International Financial Center — a city or jurisdiction that hosts a concentration of international financial services and cross-border capital flows.
KYC
Know Your Customer — due-diligence procedures financial institutions use to verify client identities and assess risk.
RegTech
Regulatory Technology — technology solutions that help financial institutions comply with regulatory requirements efficiently.
SEZ
Special Economic Zone — a geographically defined area with distinct regulations, often lower taxes and simplified procedures, to attract investment.
Sukuk
Islamic bonds that comply with Sharia law by representing ownership in assets rather than interest-bearing debt.
VASP
Virtual Asset Service Provider — entities that conduct financial activities involving virtual (crypto) assets, subject to AML/CFT regulations.
WAIFC
World Alliance of International Financial Centers — a non-profit association representing 27 leading IFCs globally, based in Belgium.