Financial Center News #171

We had a successful World Alliance AGM week in Busan today. Before I leave tomorrow, I want to thank the hosting member, the Busan Finance Center, for all their hospitality and excellent organization. All our members have witnessed the great achievements of the Busan financial center and how beautiful the city is.

With a new leadership team which will start in January, two new members, and four new board members, we will conclude our plans for 2027 soon. I am already looking forward to our Extraordinary General Meeting in Nairobi in spring and the next Annual General Meeting in Istanbul in October. It is great and so inspiring when the World Alliance family meets and discusses the future of finance.

🏆 𝗧𝗵𝗲 𝗬𝗼𝘂𝗻𝗴 𝗔𝗰𝗮𝗱𝗲𝗺𝗶𝗰 𝗔𝘄𝗮𝗿𝗱 𝟮𝟬𝟮𝟲 | 𝗖𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗶𝗻𝗴 𝗼𝘂𝗿 𝗪𝗶𝗻𝗻𝗲𝗿𝘀 𝗶𝗻 𝗕𝘂𝘀𝗮𝗻 🇰🇷

A special moment during the World Alliance Symposium in Busan, as we celebrated the winners of the World Alliance of International Financial Centers (WAIFC) Young Academic Award 2026 and recognized the outstanding quality of their research.

Following the presentations of the three finalist papers, the final ranking was announced:

🥇 1st place — Natalie Playford, University of Toronto

From Gender Rhetoric to Lending Rules: Adoption and Strength of Gender Clauses in Multilateral Development Bank Lending

🥈 2nd place — Won Woo, Hanyang University

Supervisory Observability for Agentic Finance: A Cross-border Governance Framework for International Financial Centers

🥉 3rd place — Wiktoria Chrzanowska and Adam Dejda, SGH Warsaw School of Economics

The Programmable Citadel: International Financial Centers and the Architecture of Global Tokenized Capital Markets

👏 Congratulations to all three winners for the quality, ambition, and relevance of their work. Their research addresses some of the most important questions shaping the future of global finance, from development finance and inclusion to AI governance and tokenized capital markets.

🙏 We would also like to warmly thank the members of the jury for their time, expertise, and commitment throughout the selection process, as well as everyone who contributed to making this year’s Young Academic Award a success.

The World Alliance of International Financial Centers (WAIFC) is proud to support the next generation of researchers and to give young academic talent a global platform to engage directly with international financial centers.

📲Read their papers: https://lnkd.in/eFYHXDHR

🌐 𝗪𝗼𝗿𝗹𝗱 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝗥𝗼𝘂𝗻𝗱𝘁𝗮𝗯𝗹𝗲 | 𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗚𝗹𝗼𝗯𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗲𝗻𝘁𝗿𝗲𝘀 🇰🇷

A key moment of the BIFC Global Finance Symposium 2026 in Busan: the World Alliance of International Financial Centers (WAIFC) Roundtable, dedicated to “The Future of Global Financial Centres: Competitiveness, Cooperation and New Opportunities.” 🌍💼

The panel brought together four leaders from across the World Alliance network:

🔹 Lamia MERZOUKI, Chair of the World Alliance of International Financial Centers (WAIFC)

🔹 Bakhtiyar T., Chairman of the Management Board of AIFC (Astana International Financial Centre)

🔹 Hubertus Väth, Vice-Chair of the World Alliance of International Financial Centers (WAIFC)

🔹 Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers (WAIFC)

🤝 The discussion explored how international financial centers can strengthen their competitiveness while increasing cooperation, build bridges between markets and ecosystems, and create new opportunities for capital, companies and talent.

🌍 International financial centers are increasingly more than destinations for capital. They are connectors between governments, financial institutions, businesses, innovators and international markets — and cooperation between them is becoming even more important in a rapidly evolving global financial landscape.

✅ 𝗪𝗼𝗿𝗹𝗱 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 - 𝗕𝗜𝗙𝗖 𝗚𝗹𝗼𝗯𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗦𝘆𝗺𝗽𝗼𝘀𝗶𝘂𝗺 𝟮𝟬𝟮𝟲 🇰🇷

Today in Busan, the World Alliance of International Financial Centers (WAIFC) is taking part in the BIFC Global Finance Symposium 2026, organized by Busan Metropolitan City and Busan Finance Center, in cooperation with the World Alliance and Z/Yen Group Limited. 🤝🌍

Hosted at the iconic Nurimaru APEC House, the symposium brings together international financial centers, policymakers and financial leaders to discuss the future of global financial centers. 💼

🎤 The symposium opened with remarks by Myongho Rhee, President of Busan Finance Center, followed by Shin Chang-ho, Deputy Mayor for Digital Economy of Busan Metropolitan City, Lamia MERZOUKI , Chair of the World Alliance and Michael Mainelli, Executive Chairman of Z/Yen Group Limited, Jochen Biedermann, Managing Director of the World Alliance and Mike Wardle, CEO of Z/Yen Group Limited.

⚓ Mr. Kitack Lim, Secretary-General Emeritus of the International Maritime Organization (IMO), delivered the keynote address, “Blue Economy and Finance: Charting the Course for Maritime Cities and Global Growth.” His intervention highlighted the strategic connections between the blue economy, maritime cities, global growth and international finance. 🌊🌍

🏆 The session also features the World Alliance Young Academic Award Ceremony, highlighting innovative research and the next generation of thinking on global finance.

🌊 The symposium also puts a strong spotlight on Busan’s strategic opportunity at the intersection of maritime finance and the blue economy, exploring how one of the world’s leading port cities can further strengthen its position as a specialized international financial center. 🇰🇷⚓

🤝 A strong collaboration between Busan Metropolitan City, Busan Finance Center, the World Alliance of International Financial Centers (WAIFC) and Z/Yen Group Limited — bringing the global financial-center community together to exchange expertise, strengthen connections and shape the future of international finance.

🇰🇷 A special thank you to Busan Metropolitan City and Busan Finance Center for their warm welcome and outstanding cooperation throughout our AGM week in Busan. 🙏

Jochen Biedermann

Niekia Horton

🇺🇿 Connecting Capital with Opportunity: Uzbekistan in the spotlight in Busan 🇰🇷

As part of our AGM week in Busan, the World Alliance of International Financial Centers (WAIFC) was pleased to join the Uzbekistan Business Forum, organized by our new member, Tashkent International Financial Centre (TIFC), around the theme “Connecting Capital with Opportunity: TIFC & Enterprise Uzbekistan.” 🌍🤝

🎤 The forum featured contributions from Bokhodir Ayupov, VP of Global Business Development of Enterprise Uzbekistan, Jochen Biedermann, Managing Director of the World Alliance, Hubertus Väth, Managing Director of Frankfurt Main Finance, and Nodirjon Juraev representing TIFC, among others.

💡 Discussions explored the opportunities represented by Tashkent and Uzbekistan as the country continues to develop its financial ecosystem, strengthen its connections with international markets, and attract global capital and expertise. 📈🌐

The forum was also a great opportunity to deepen exchanges between TIFC and the international financial-center community, just after welcoming Tashkent International Financial Centre as a new member of the World Alliance. 🇺🇿🤝

Connecting financial centers also means connecting capital, expertise and opportunities across borders — and we look forward to strengthening our collaboration with Tashkent and supporting its growing engagement within our global network.

👏 Congratulations to Tashkent International Financial Centre and all the speakers and participants for a highly engaging discussion in Busan.

🤝 𝗠𝗼𝗨 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗔𝗜𝗙𝗖 𝗮𝗻𝗱 𝗕𝗙𝗖 𝗶𝗻 𝗕𝘂𝘀𝗮𝗻 🇰🇿🇰🇷

Another milestone for international financial cooperation was marked in Busan 🇰🇷 with the signing of a Memorandum of Understanding (MOU) between AIFC (Astana International Financial Centre) and Busan Finance Center 🇰🇷.

The MOU was signed by Bakhtiyar T., Chairman of the Management Board of AIFC (Astana International Financial Centre), and Myongho Rhee, President of Busan Finance Center, reflecting a shared ambition to strengthen cooperation, exchange expertise, and create new opportunities between the two financial centers. 🤝

💼 This is exactly what the World Alliance of International Financial Centers (WAIFC) stands for: bringing financial centers together, fostering meaningful dialogue, and helping transform global connections into concrete and lasting partnerships.

Congratulations to AIFC and BFC on this new chapter of collaboration 👏🇰🇿🇰🇷

🤝 𝗠𝗼𝗨 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗖𝗙𝗖 𝗮𝗻𝗱 𝗕𝗙𝗖 𝗶𝗻 𝗕𝘂𝘀𝗮𝗻 🇲🇦🇰🇷

A new milestone for international financial cooperation was marked in Busan 🇰🇷 with the signing of a Memorandum of Understanding (MOU) between Casablanca Finance City 🇲🇦 and Busan Finance Center 🇰🇷.

The MOU was signed by Said Ibrahimi, CEO of Casablanca Finance City, and Myongho Rhee, President of Busan Finance Center, reflecting a shared ambition to strengthen cooperation, exchange expertise, and create new opportunities between the two financial centers. 🤝

💼This is exactly what the World Alliance of International Financial Centers (WAIFC) stands for: bringing financial centers together, fostering meaningful dialogue, and helping transform global connections into concrete and lasting partnerships.

Congratulations to CFC and BFC on this new chapter of collaboration 👏🇲🇦🇰🇷

🤝 A Landmark Moment for Africa’s Financial Centers in Busan 🇰🇷

This morning in Busan 🇰🇷, the World Alliance #Africa Chapter Roundtable brought together our African member financial centers for an inspiring and highly engaging discussion on the future of finance across the continent.

Chaired by Hortense Mudenge, CEO of Kigali International Financial Centre, the roundtable provided a platform for ambitious exchanges on how African financial centers can work more closely together, strengthen regional connectivity, share best practices, and unlock new opportunities for investment and sustainable growth. 🤝

The World Alliance’s African network brings together:

🇲🇦 Casablanca Finance City, represented by Lamia MERZOUKI

🇷🇼 Kigali International Financial Centre, represented by Hortense Mudenge

🇳🇬 EnterpriseNGR, represented by Obi Ibekwe and Lami Adekola

🇰🇪 TRIFIC SEZ, represented by Brenda Mbathi

🇰🇪 NIFC Africa, represented Jean Kambuni

The Africa Chapter was established to deepen cooperation among international financial centers, strengthen their competitiveness, facilitate exchanges of best practices, and develop stronger connections with regulators, policymakers, financial institutions, and international financial centers.

🤝 𝗪𝗢𝗥𝗟𝗗 𝗔𝗟𝗟𝗜𝗔𝗡𝗖𝗘 𝗔𝗚𝗠 𝟮𝟬𝟮𝟲 🇰🇷

🇰🇷 The World Alliance of International Financial Centers (WAIFC) held its Annual General Meeting in Busan, South Korea this week (14–17 September 2026), hosted by our member Busan Finance Center.

Key highlights from the AGM and accompanying programme:

• Four new Board Members elected: Ahmet İhsan Erdem (CEO, Istanbul Financial Center), Mansoor Al-Khater (CEO, Qatar Financial Centre (QFC) Authority), Al Hussain Qalhati (Associate Director, International Financial Centre of Oman) and Bakhtiyar T., Chairman of the Management Board of the AIFC (Astana International Financial Centre)

• World Alliance Project Meetings on the Impact of Financial Centers, Women in Finance, and Islamic Finance

• Two new members: International Financial Centre of Oman & Tashkent International Financial Center

• BIFC Global Finance Symposium 2026, featuring the launch of the 40th Global Financial Centers Index (GFCI) by Z/Yen, alongside sessions on Blue Economy & Maritime Finance and Digital Finance Trends

🗣️We were pleased to gather with members from across the network, including ADGM, AIFC (Astana International Financial Centre), Bahamas Financial Services Board, Casablanca Finance City, DIFC, EnterpriseNGR, FinanceMalta, Frankfurt Main Finance, Future Finance Poland, Financial Services Development Council, Jersey Finance, Luxembourg for Finance, NIFC Africa, Kigali International Financial Centre, Stuttgart Financial, TheCityUK, and TRIFIC SEZ, among others.

We extend our sincere thanks to all our members, observers, and guests for their active participation, and to Busan Finance Center for their gracious hospitality throughout the event.

🚢 At the heart of Korea’s maritime and economic story 🇰🇷🌊

As part of our AGM week in Busan, members of the World Alliance of International Financial Centers (WAIFC) had the privilege of being welcomed by the Vice President of Busan Port Authority, who introduced us to the port, its development and its strategic role in Korea’s economy.

⚓ With a maritime history stretching back several centuries, Busan is Korea’s leading port and its main gateway to global trade. Located on Korea’s southeastern coast, facing the East Sea and connecting the country to major international shipping routes, the port has played a central role in Korea’s transformation.

Following the presentation, our international financial center representatives had the opportunity to exchange with our hosts and discover the port from the water aboard an electric ship ⚡ — bringing together history, global trade, finance and sustainability in one experience.

We were proud and honored to take part in this visit and to further strengthen the ties between our global community of financial centers, Busan Finance Center and the wider Busan financial ecosystem. 🤝

A very special thank you to both Busan Port Authority, our member Busan Finance Center the entire team for the warm welcome and insightful visit. 🇰🇷

📲

Sullivan & Cromwell LLP, the international law firm, has established a new office within ADGM, marking a long-term commitment to the Middle East.

From here, S&C will serve clients across the UAE, Saudi Arabia and the wider region, bringing together its financing, regulatory and transactional expertise on some of the most complex, cross-border mandates in the market.

Welcome to Abu Dhabi, Sullivan & Cromwell!

Read more here: https://lnkd.in/dGWDm3dt

We are pleased to congratulate Bakhtiyar T. on his election to the Board of Directors of the World Alliance of International Financial Centers (WAIFC), representing the AIFC (Astana International Financial Centre).

This appointment reinforces AIFC’s role in the international financial community and creates further opportunities to contribute to dialogue, knowledge exchange and joint initiatives among leading financial centres worldwide.

We look forward to supporting the World Alliance’s continued work and strengthening cooperation across regions.

Yesterday, the Bahamas Financial Services Board, in partnership with the Ministry of Economic Affairs Bahamas, hosted a Roundtable Luncheon in São Paulo with key stakeholders from Brazil.

Minister of Economic Affairs, Sen. Hon. Jerome K Fitzgerald, together with the Bahamian delegation, engaged with Brazilian stakeholders in a discussion on The Bahamas’ Usufruct framework, demergers, Private Placement Life Insurance (PPLI) and the jurisdiction’s tax environment, with perspectives shared on their relevance to international wealth and succession planning.

We thank our guests for sharing their perspectives and expertise as we continue to strengthen relationships and deepen dialogue between The Bahamas and Brazil.

Casablanca Finance City is proud to welcome four new members to the Casablanca Finance City ecosystem, reinforcing our connectivity.

Welcome to Catalyst Carbon Transactions, specializing in high-integrity Article 6 carbon transactions across Africa, to Infra Ventures For Afrika, driving economic growth and job creation across the continent, to SCOR, providing world-class reinsurance solutions around the globe, and to KG Technologies & services, accelerating the digital transformation of the banking and financial sector.

Dubai has been ranked first globally for FinTech by industry professionals in the latest Global Financial Centres Index, reflecting DIFC’s role in advancing innovation and shaping the future of finance.

Dubai also ranked second for Professional Services and sixth worldwide for global reputation, while retaining its leading position for future potential across four consecutive GFCI reports.

The results reaffirm Dubai’s standing as the only financial centre in the Middle East, Africa and South Asia region within the global top ten.

The real value of cross-border engagement is measured not by the number of contacts made, but by the partnerships, capital and transactions that follow.

Stronger connections between Mauritius and Nigeria can unlock greater opportunities across Africa by recognising the distinct strengths of both markets and creating pathways to maximise them. Mauritius brings decades of financial-centre experience, global connectivity and structuring expertise, while Lagos brings scale, innovation and access to one of Africa’s largest pools of commercial opportunity.

Africa does not lack opportunity. What we must continue to build are the trusted institutions, platforms and relationships that enable capital to reach those opportunities efficiently. Deepening connections between Mauritius, Nigeria and the rest of Africa is an important step towards turning African opportunity into greater investment, stronger partnerships and, ultimately, transactions.

New episode alert! 🎙️

Episode 136 of The FinTalks is out now.

Etienne Borg Cardona, Chair of the IFSP Directors' Chapter, breaks down what fiduciary duty really means for directors today — from regulatory shifts and AI risks to building the ideal board.

Listen here: https://lnkd.in/eFbEuujs

𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝟮.𝟬: 𝗔𝗱𝘃𝗮𝗻𝗰𝗶𝗻𝗴 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 𝘁𝗼𝘄𝗮𝗿𝗱𝘀 𝗜𝗙𝗖+

How is Hong Kong taking its development as a global capital hub to the next level?

Our Vice-Chairman, Mr Andrew Weir, recently spoke with RTHK to share insights from #FSDC’s latest report, Hong Kong’s Capital Market Leadership 2.0: A Shared Action Agenda for Building Hong Kong’s Global Capital Nexus.

Mr Weir highlighted several key priorities that can further strengthen Hong Kong’s competitiveness as a leading #IFC:

🚀 𝗖𝗮𝗽𝘁𝘂𝗿𝗶𝗻𝗴 𝗶𝗻𝗳𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗽𝗼𝗶𝗻𝘁𝘀 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗼𝗻𝗴𝗼𝗶𝗻𝗴 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 𝗿𝗲𝗳𝗼𝗿𝗺𝘀, including enhancements to the listing regime.

🌐 𝗕𝗿𝗼𝗮𝗱𝗲𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗱𝗲𝗲𝗽𝗲𝗻𝗶𝗻𝗴 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴’𝘀 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝗥𝗠𝗕 𝗺𝗮𝗿𝗸𝗲𝘁 by promoting wider use of the currency in trade and business activities, while expanding RMB-denominated product offerings.

⏳ 𝗔𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗽𝗮𝘁𝗶𝗲𝗻𝘁 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 through a broader range of long-term investment products, including retirement and longevity finance solutions.

He emphasised that Hong Kong has an increasingly important role to play amid growing global demand for diversification. With continued reforms and close collaboration across the financial ecosystem, Hong Kong is poised to elevate its development as a global capital nexus — moving from IFC to IFC+.

🎧Listen to the interview: https://lnkd.in/gmkRAHp

📖Read our full report: https://lnkd.in/gaFvRs_M

🙌 We are pleased to announce that Mastercard will once again join Warsaw Finance Week as a Strategic Partner.

Our continued cooperation reflects a shared commitment to supporting innovation, strengthening the financial ecosystem and creating opportunities for meaningful dialogue between business, technology, policymakers and the international financial community.

Mastercard has been a long-standing partner of our initiatives, contributing its expertise and global perspective to many of the conversations shaping the future of finance. We greatly value this relationship and are delighted to continue it at Warsaw Finance Week 2026.

Thank you, Mastercard, for your continued trust and partnership. We look forward to another inspiring edition together.

📆 3–5 November 2026 | Warsaw

Discuss. Connect. Act.

FinTech Poland Pawel Widawski Piotr Brewiński Katarzyna Multan Anna Bogucka

The future of finance is here.

Where vision meets opportunity and global ambition takes shape.

Istanbul Financial Center — the new center of international finance.

Starting your career in Jersey could take you further than you could imagine.🚀✨

School leavers and graduates can connect directly with local employers, access early-career progression and global opportunities.

Ready to earn, learn and build a career? Jersey's finance industry is ready for you.

Discover more: https://jsy.fi/3TyK3pj

KIFC had the pleasure of welcoming a delegation from Kazakhstan-based Freedom Holding Corp. for a courtesy visit.

Discussions centred on the planned establishment of Freedom Bank in Rwanda, potential areas of partnership, and KIFC’s strategic role as a gateway for the Group’s expansion across the continent.

KIFC facilitates the establishment of international financial institutions in Rwanda, leveraging the country’s strategic positioning as a gateway to African markets.

Our "On The Move" series continues! 💥

Rebeka Selymes, Senior HR Officer at Deloitte Luxembourg, shares practical advice for anyone applying for a job in Luxembourg’s financial sector.

From tailoring your CV to the role and highlighting your language skills, to quantifying your achievements, a few details can make your application much stronger.

And there’s more to come: in two weeks, Rebeka will be back to share the CV mistakes to avoid. Stay tuned!

Curious where a career in finance could take you? Explore movetolux.com.

The future of Africa’s capital markets will depend on how effectively we mobilise and deploy capital for sustainable growth.

At the Third Sustainable Capital Markets Conference, leading voices across investment, financial markets, regulation and sustainable finance will examine the opportunities and market reforms needed to make that happen.

Meet some of the speakers and panelists joining us in Nairobi:

• Iftin Fatah, Senior Program Officer, Gates Foundation

• Japheth Katto, Founder & Chairman, JKC Consulting

• Jonathan Stichbury, Chief Executive Officer, SanlamAllianz Investments

• Joyce Mbui, Partner, Bowmans (Law Firm) Kenya

• Kofi D. Fynn, Managing Director, Petra Trust Company Ltd

• Daniel Mainda, CEO, Nairobi International Financial Centre Authority (NIFC Africa)

Explore the programme and speakers: https://lnkd.in/dG3BspM7

We are proud to see our CEO, Mansoor Al-Khater, elected to the Board of Directors of the World Alliance of International Financial Centers (WAIFC). 👏

His appointment reflects Qatar’s growing contribution to the global financial landscape and reinforces QFC’s commitment to fostering collaboration across leading financial centres worldwide. 🇶🇦🌍

Our Managing Director, International, Nicola Watkinson (she/her), shares her reflections on discussions with policymakers, regulators and industry during our visit to Tokyo last week on issues such as economic security, digital transformation and how industry and government need to work together to build resilience and drive growth.

TRIFIC SEZ at the WAIFC AGM 2026 | Busan, South Korea

TRIFIC SEZ was pleased to be represented by our CEO, Brenda Mbathi, at the World Alliance of International Financial Centers (WAIFC) Annual General Meeting

The AGM brought together international financial centres from across the world for discussions on the evolving role of financial centres, including digital finance, Islamic finance, women in finance, and the impact of financial centres on economic development.

The programme also included the BIFC Global Finance Symposium 2026, which explored emerging trends in global finance, including maritime finance, the blue economy and digital finance, alongside the launch of the 40th Global Financial Centres Index (GFCI).

As a member of the WAIFC, TRIFIC continues to engage with international financial centres to exchange knowledge, strengthen global connections and contribute to conversations shaping the future of international finance.

A special thank you to Busan Finance Center and Busan Metropolitan City for hosting the AGM and for bringing the global financial-centre community together.

NIFC Africa, ADGM, AIFC (Astana International Financial Centre), Bahamas Financial Services Board, Casablanca Finance City, DIFC, EnterpriseNGR, FinanceMalta, Frankfurt Main Finance, Future Finance Poland, Financial Services Development Council, Jersey Finance, Luxembourg for Finance, Kigali International Financial Centre, Stuttgart Financial, TheCityUK, International Financial Centre of Oman, Tashkent International Financial Center