WAIFC facilitates cooperation between financial centers, exchange of best practices and communication with the general public.
Meeting of the WAIFC FinTech Initiative
WAIFC has started a Financial Technology Initiative with the following objectives:
  • to encourage close cooperation in FinTech between its members in general;
  • to stress that financial centers embrace innovation in finance and actively contribute to developments in that space;
  • to proactively identify new areas in financial technology, which needs closer coordination within WAIFC, in addition to potentially existing activities of our governments, financial regulators & central banks, financial institutions, start-ups, universities, and other parties.

In 2019, the focus is on discussing
Best Practices in
  • building up FinTech ecosystems,
  • developing talent in FinTech,
  • encourage cooperation between FinTechs and (traditional) financial institutions, e.g., banks,
  • organizing international matchmaking events; as well as
Innovations in Finance and how financial centers can support their development, e.g.
  • Digital Identity,
  • Artificial Intelligence,
  • Blockchain,
  • Cybersecurity.

The topic of a roundtable meeting in Casablanca on April 26 was "FinTech ecosystem building."

Present at that roundtable hosted by Casablanca Finance City were representatives from WAIFC (Astana, Brussels, Busan, Casablanca, Frankfurt, Hong Kong, London, Moscow, Paris), as well as African Fintechs, regulatory authorities and PwC Africa for sharing their experience in Fintech ecosystem building.

The roundtable started with a speech by Thomas Hellmann, DP World Professor of Entrepreneurship and Innovation, Saïd Business School, University of Oxford, on "food for thought on FinTech ecosystem building." Prof Hellmann stressed that financial technology "is not about a few start-ups getting rich; this is an economy changing its structure."

He raised several questions in the areas of talent development, mentoring, access to capital as well as new technologies (e.g., Artificial Intelligence and Blockchain), which were discussed among the participants afterward. "Pulling off an ecosystem has a lot to do in how to build and maintain talent," he told WAIFC members. His main message was patience: "An ecosystem isn't built in 5 years; an ecosystem is built in 30 years."

In parallel to the roundtable, Casablanca Finance City together with pwc published a report on "Digitalizing Africa: The Rise of FinTech Companies."

Please contact Jochen Biedermann, Managing Director of WAIFC, for any questions regarding the Financial Technology Initiative or WAIFC in general.
Launching of the World Alliance of International Financial Centers
After announcing their strategic alliance in Paris on July 12, eleven financial centers have launched the World Alliance of International Financial Centers (WAIFC).
The founding members of the new international non-profit association registered in Brussels are:

Financial centers are key to sustain economic growth. They provide the infrastructure for investment and savings that drives entrepreneurial endeavors and economic growth throughout industries and communities. And they contribute more and more to sustainable development and to improving financial literacy. They embrace innovation in finance and actively contribute to developments in that space.

That's why WAIFC aims to share best practices and cross fertilization between International Financial Centers and to develop the dialog with the Public Authorities at the international level.

WAIFC will be project driven. Initially, WAIFC will focus on concrete projects in the following areas:
  1. Data on financial centers
  2. Contribution of financial centers to Green investment & infrastructure
  3. New FinTech developments
  4. The role of financial centers in the financing of the economy

WAIFC Board of Directors is composed of senior leaders from the founding members:
The first elected Chairman is Arnaud de BRESSON, Paris Europlace, Treasurer is Frederic de LAMINNE, Belgian Finance Club, and the Managing Director is Jochen BIEDERMANN, Frankfurt Main Finance.

The head office is in Frankfurt am Main, Germany.

WAIFC is open for further members as well as sponsors. Please contact us for further details.
Financial Services Leaders Announce Establishment Process of World Alliance of International Financial Centers
New global strategic alliance to facilitate cooperation and economic growth
Financial services leaders from around the globe assembled in Paris to announce their strategic alliance under the newly formed World Alliance of International Financial Centers (WAIFC) - a global organization created to facilitate cooperation and exchange of best practices across financial centers - and to finalize WAIFC's common objectives ahead of the signing of WAIFC's Charter and Statues by all members in September.

A financial center is a kind of a service infrastructure for investors and corporates to manage savings and to finance entrepreneurial risk to trigger economic growth in a sustainable environment. Financial centers are known for their clustering effect, they bring together financial institutions (banks, insurance companies, asset managers …), regional headquarters of multinational companies, professional services providers.

WAIFC was proposed by the financial centers of Frankfurt (Germany), Moscow (Russia) and Paris (France) in December 2016 to explore cross-fertilization opportunities and facilitate cooperation and the exchange of best practices among financial centers to help contribute to economic growth. Today in Paris, they were joined by the financial centers of Abu Dhabi (U.A.E), Belgium, Casablanca (Morocco), London (UK), Luxembourg, Astana (Kazakhstan), Busan (South Korea), Tokyo (Japan) and Toronto (Canada).

Initially, WAIFC will focus on the following objectives, subject to approval by WAIFC's Board of Directors:
  1. Data on Financial centers
  2. Green investment & infrastructure
  3. FinTech
  4. The role of financial centers in financing the economy

WAIFC will be incorporated as a Belgian association with its head office in Frankfurt, Germany. Its first General Assembly is planned for the last quarter 2018.

Why WAIFC is Important
Financial centers are key to sustainable economic growth. They provide the infrastructure for investment and savings which go onto facilitate entrepreneurial endeavors and economic growth throughout industries and communities.

Financial centers are not identical in size or scope of activities but cross fertilization among centers can be useful to leverage collective and individual efficiencies and best practices, and thus increase competition and growth.

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