Financial Center News #147

For many financial centers, today marked a significant moment. As every six months, Z/Yen has once again released the results of the Global Financial Centers Index (GFCI)—the unofficial league table of international financial centers. While the top of the rankings saw little movement, a closer look at the ratings (rather than the ranks) reveals that many cities are in the red. Ongoing geopolitical uncertainty has hardly helped bolster confidence in financial centers worldwide. As someone put it to me earlier today: “Uncertainty is the new normal.” In this environment, financial centers can only respond with agility and resilience.

I am currently working on a research project analyzing and comparing nine different financial center indices, including the GFCI. There is much to learn from how each approaches measuring competitiveness and impact. My conclusion so far is that there is no one-size-fits-all. The objectives of financial center stakeholders—whether government, financial institutions, corporates, or the general public—vary widely. For some, priorities center on GDP contribution, tax revenues, or attracting foreign direct investment; for others, the focus is on securing decent jobs, reliable insurance, investment opportunities, international payments, pension savings, or access to financing.

Over the coming months, we will take up at the World Alliance of International Financial Centers the topic of the impact of financial centers in a project. Please stay tuned.

Finally, I want to congratulate two of our members, Casablanca Finance City and NIFC, on signing an MoU and deepening their collaboration. Excellent news, indeed!

In this month’s edition, Mahen Abhimanu Kundasamy shares how the Economic Development Board Mauritius is positioning Mauritius as an investment hub across fintech, renewable energy, and smart manufacturing—with a clear focus on high-value investments, strong momentum in digital and green transitions, and a powerful ambition to build a future-ready economy. Attract quality investment, create skilled jobs, and drive sustainable growth—all while staying globally competitive.

ADGM publishes report on the findings of a thematic review of the ADGM Non-Profit Organisation (NPO) Sector. The review, conducted in 2025 by the Registration Authority, entailed a comprehensive, risk-based assessment of NPOs registered in ADGM, with a particular focus on Terrorist Financing (TF) risks, in line with FATF's Recommendation 8.

The publication of the findings report enhances transparency and understanding of the NPO sector risk profile, demonstrates ADGM's alignment with international standards and the FATF risk-based approach, supports effective and proportionate supervision of NPOs, and provides clarity to stakeholders on regulatory expectations and areas for continued focus.

Nauryz symbolises renewal, unity and new beginnings. It reflects harmony, respect for traditions and a forward-looking spirit of growth.

We wish you good health, prosperity and success in all your endeavours. May the year ahead bring new opportunities, sustainable growth and the achievement of your goals.

Warmest wishes on this festive occasion!

Our Bahamas Global Wealth Tour in Brazil kicked off in São Paulo with a powerful half-day technical seminar focused on "Designing Enduring Wealth: Civil-Law Solutions in a Global Framework." The discussions were vibrant, and the collaborative energy was palpable!

The expert-led agenda delved into key themes such as enduring wealth structuring and planning — covering corporate structuring, The Bahamas Structuring Toolkit, and a compelling address on The Bahamas Usufruct — as well as robust dispute resolution, featuring critical insights into The Bahamas Arbitration Framework.

Thank you to our sponsors for this half-day seminar in São Paulo, Brazil: CBH Bahamas Ltd., Higgs & Johnson, Mundo Advisors, Equity Bank Bahamas Limited, Caystone, Trident Trust, and Itau.

Busan reaches a new milestone in global finance. We are proud to share that Busan has achieved its highest-ever ranking — #23 globally — in the Global Financial Centres Index from the March 2026 edition of Z/Yen.

This remarkable progress reflects Busan's steady rise as an international financial hub. Over the past three years, Busan has advanced 14 places, demonstrating strong and consistent momentum in maritime finance, digital finance and fintech innovation, and international financial cooperation and connectivity.

We are proud to announce the signing of a strategic Memorandum of Understanding (MoU) between Casablanca Finance City (CFC) and the Nairobi International Financial Centre (NIFC). This partnership, signed in Nairobi, was honored by the presence of H.E. Abderrazzak Laassel, Ambassador of His Majesty the King of Morocco to Kenya, and H.E. Jessica Gakinya, Ambassador of Kenya to Morocco.

Our joint framework focuses on three key pillars: Market Access — streamlining business facilitation for companies within both financial ecosystems; Financial Innovation — developing cutting-edge services with a core focus on fintech; and Sustainability — advancing a robust African carbon market to meet global climate goals.

By joining forces, we reaffirm our commitment to intra-African synergy and the development of high-impact projects in sustainable agriculture, ICT, and financial services.

Dubai rises to 7th globally in the Global Financial Centres Index, marking its highest ever ranking and reinforcing its position as a leading force shaping the future of finance.

As the highest ranked financial centre across the Middle East, Africa and South Asia, this milestone reflects the strength of Dubai's economic vision and the confidence of the international financial community. Anchored by DIFC's continued growth and world-class ecosystem, Dubai stands among the world's most competitive financial hubs, with top rankings across key sectors including FinTech, investment, insurance and professional services.

With clear ambition under the Dubai Economic Agenda D33, the journey towards becoming one of the world's top four global financial centres by 2033 is well underway.

London, here we come! The Mauritius Delegation is ready for London as we gear up for the 3rd edition of the Mauritius Investment & Business Forum, taking place on 26 March 2026 at Conrad London St James, 22–28 Broadway, London SW1H 0BH.

Don't miss this strategic opportunity to connect, collaborate, and explore investment prospects with Mauritius.

At EnterpriseNGR, the value of convening is not in the conversation itself, but in what it makes possible.

Through our five Breakout Groups, insights from across the insurance ecosystem are being shaped into clearer priorities for action. What is emerging is not just a set of recommendations, but a more deliberate view of what must happen next to strengthen the industry and expand its relevance to the wider economy.

The real task now is to ensure that shared priorities do not remain shared observations. They must translate into stronger alignment, more focused advocacy, and practical steps that can move the sector forward in a measurable way.

The latest issue of FinanceMalta's Insight Newsletter is out! Issue 1 | 2026 features exclusive interviews with Central Bank Governor Alexander Demarco and MASA Chair Anabel Mifsud, the Government's Vision 2050 and what it means for financial services, MFSA's supervisory priorities for 2026, progress on the digital euro, the Companies Act overhaul entering into force, and a PwC CEO Survey showing Malta CEOs remain upbeat despite the global dip.

Also covered: CSRD regulations, the Arbiter's 2025 review, MFSA financial literacy findings, and the new Highly Skilled Individuals framework.

Empowering Hong Kong's next generation of financial leaders. At the FSDC, nurturing the next generation of talent is a core pillar of our mission to strengthen Hong Kong's financial industry.

Our Board Member, Mr Damien Green, recently joined the Asian Century Forum 2026 to engage with CUHK MBA students and early-career professionals. The discussion centred on a critical theme: how modern infrastructure serves as the essential engine for sustainable economic growth across Asia.

The energy of the exchange was remarkable — particularly as the Forum was student-led. We look forward to continuing these conversations and supporting the next generation of talent as they drive sustainability and real-economy impact.

We are pleased to partner with AFME (Association for Financial Markets in Europe) for AFME's European Financial Integration Conference 2026, taking place on 19–20 May 2026.

Register now with promo code FMF15 and save 15%.

On Monday, March 23, representatives from the Polish and UK governments, institutions, and business gathered in London for the Polish-British Economic Forum to discuss new avenues for collaboration in investment, innovation, and technology.

The economic mission, led by Andrzej Domański, Minister of Finance and Economy, provided a platform to explore long-term economic resilience and ambitious future projects. The Future Finance Poland Foundation was represented by its President, Pawel Widawski.

Speakers emphasized that economic strength and competitiveness increasingly rely on robust supply chains, innovation capacity, and international cooperation. Participants highlighted the importance of directing capital toward strategic priorities — from infrastructure and advanced industries to energy transition. The forum confirmed the potential for a strong, enduring partnership between Poland and the UK.

Istanbul is more than a financial hub; it is enhancing its global positioning as a centre for finance, connectivity, and opportunity. A city that continues to inspire.

Rory Steel, Head of Training & Adoption at BDO, presented at our first fintech lunch and learn webinar of 2026. He spoke about how firms can build practical AI capability and explored tools, skills and real-world applications.

He also shared a clear message: firms that build strong data foundations, practical governance and confident people will be best placed to benefit from AI.

We were pleased to welcome H.E. Gilles Cerutti, Ambassador of Switzerland to Rwanda, and Ms. Stéphanie Labite, Swiss Trade Counsellor, for a courtesy visit.

Conversations centered on avenues for collaboration and KIFC's value proposition as a strategic entry point for Swiss investors to efficiently structure and expand investments across Africa.

Over the weekend, the LFF team took part in the "Relais pour la Vie", organised by the Fondation Cancer. This powerful 24-hour community event unites people from all backgrounds to raise funds in support of cancer research and patient care.

Earlier today at the KIICO Conference, I was pleased to contribute to discussions on unlocking investment opportunities to drive Kenya's transformation.

I delivered the opening remarks during the Financing Ecosystem Side Event on "Catalysing Kenya's Transformation through Sustainable Financing," where I highlighted the importance of mobilising sustainable, long-term capital to advance inclusive growth, industrialisation, and climate resilience. I emphasised the need for a coordinated financing ecosystem in which government, DFIs, banks, institutional investors, private equity, venture capital, and impact funds play complementary roles in unlocking scalable investment.

I also joined the "Building African Financial Centres" fireside chat to discuss how African financial centres can strengthen investor confidence, improve market coordination, and create stronger pathways for capital mobilisation.

Last week, our CEO Miles Celic OBE, Matthew Allen, Chair of our US Market Advisory Group, and Richard Kaye, Head of International Public Affairs at JP Morgan Chase, led a delegation to Washington DC and New York. They met with key US government officials and industry stakeholders, including Congress, US Department of the Treasury and OCC, the US Securities and Exchange Commission, the New York DFS and the US Chamber of Commerce, as well as think tanks such as CSIS and Advancing American Freedom.

Conversations centred around the Transatlantic Taskforce for Markets of the Future (TTMF) and its importance to enhancing UK-US cooperation in key policy areas. We look forward to building on these conversations in the coming weeks and at our US Market Advisory Group visit to the US in June.

Catch us at KIICO 2026! TRIFIC SEZ is here to show how we help global businesses establish and scale operations in Kenya and across Africa. Come meet our team, explore partnership opportunities, and see first-hand how we're driving investment and innovation in the region.