The database of international financial centers
This is a prototype of the future database. A fully developed version of the website will be available by the end of 2018
In December 2016 Moscow, Paris and Frankfurt agreed to launch the establishment of the World Alliance of International financial centers (WAIFC), inspired by the goal to develop the cooperation between the international financial centers as an instrument for perfection of financial and investment climate in the new era of breakthrough technologies and rapid social changes. The WAIFC is currently growing and new partners are joining it.
The main objectives of the WAIFC is the creation of flexible, transparent and open network to exchange information, facilitate mutual cooperation in sharing experience, elaborating recommendations for establishment best practices and furthering the understanding of the importance of international financial centers for national economies and social development.
Database structure
The creation of a database of international financial centers is one of the WAIFC's numerous initiatives. The database will contain data on indicators allowing the assessment of city development as an international financial center.

The preliminary list of cities for which data will be available is as follows:
Abu Dhabi, United Arab Emirates

Frankfurt, Germany

Hong Kong, Hong Kong

London, UK

Luxembourg, Luxembourg

Moscow, Russia

New York, USA

Paris, France

Shanghai, China

Singapore, Singapore

Sydney, Australia

Tokyo, Japan

Toronto , Canada

Zurich, Switzerland

Brussels, Belgium

Casablanca, Morocco

Astana, Kazakhstan

Busan, South Korea

In total, more than 200 indicators will be available.
The developed system of indicators consists of five groups:

1. Development of the financial sector
  • Actors in the financial sector: organizations
  • Actors in the financial sector: individuals
  • Instruments in the financial sector: accounts
  • Instruments in the financial sector: deposits
  • Instruments in the financial sector: loans
  • Other indicators measuring the development of the financial sector: general indicators
  • Other indicators measuring the development of the financial sector: foreign investments and bonds
  • Other indicators measuring the development of the financial sector: banking sector
  • Other indicators measuring the development of the financial sector: stock exchange
2. Innovative technologies in the financial sector
  • Innovative actors in the financial sector
  • Innovative transactions
3. Business climate and the reputation of the city as IFC
  • City credit rating
  • Country/city risk
  • Ease of doing business
4. Human capital
  • Employment in the financial sector
  • Education in financial specializations
  • Financial literacy of the population
  • Borrowing behavior
5. Citywide development
  • General indictors
  • Standard of living
  • Demographic situation
  • Social strain
  • Sustainability of economic growth
  • Ecology & Tourism
  • Transportation accessibility
Selected indicators will allow to identify major trends in the financial sector
and evaluate cities' financial development.
Some worldwide trends and features of the current state of the financial sector include:
Huge contribution
Financial and business services significantly contribute to the city's economy and often
generate more than a third of total gross value added.
International financial centers are the key factor in the development of the financial sector of their country. On average, about 37% of financial and business services in the country are provided by the city.
Share of financial & business services in
GVA of the city:
N 54,1%
L 53,7%

The overall city productivity heavily depends on the structure of the economy. Financial and business services are the most high performing sectors of the economy (the average level of productivity is $161k) while industrial manufacturing has a labor productivity of only $94k.
Therefore, «financial centers» usually show a higher average productivity than «industrial centers».
Labor productivity in
financial & business
services:
N $345k
Sh $183k

Innovations
Fintech is a dynamic segment at the junction of the financial services sector and new technologies where innovative start-ups and new market participants are implementing new breakthrough financial technologies.
London and New York, for example, are the world's largest FinTech hubs due to favorable legislation, government support, and availability of other resources, such as investment capital and talent.
Number of FinTech
startups:
N 3k
L 2.5k

Lower cash spending reflects the popularity of electronic payment methods. E-commerce payment systems, smartphone payment apps and other innovative technologies gradually lead to the extinction of traditional ways of payment.
In particular, more and more citizens prefer card payments for lower-value transactions due to the adoption of contactless functionality at the point of sale.
Value of card payments
per inhabitant:
UK $18k
AU $17k

Globalization
Modern economies have become highly focused on international cooperation in each area, including financial services. Foreign investments are now creating stable and long-lasting links between economies.
Luxembourg, for instance, is a global finance hub that attracts huge foreign investments distributed mainly to the areas of banking and insurance. According to OECD, almost three-quarters of economic activity in Luxembourg depends on foreign markets.
Volume of inward
foreign investment as
a share of GDP:
LUX 280%
CH 128%

The database will help to make a complete picture of the state of the financial sector in the world and indicate leading international financial centers.
Website functionality
A website will be created in order to make the database publicly available. It will allow to:
Compare cities among themselves by a full set of indicators
Form dashboards with infographics by groups of indicators or by a separate indicator
View city profiles by selected indicators
View groups of selected indicators for all cities
Download data in Excel format
The website is aimed to:
Act as a media platform on which information about the Alliance will be posted
Provide objective and timely information about largest international cities
Help investors, organizations and other stakeholders to make informed decisions
Provide a place of communication for its participants
Project milestones
Development of a system of indicators

Selection of cities
Data collection
Website creation
by the end of 2018
Development of complex indicators based on Big data

Development of a database update system

Website promotion
by the end of 2019
Interactive part
The database is highly advanced
It combines advantages of statistical data (accessibility, objectivity, description of the general population as a whole) and survey results (deeper and more complicated indicators). The database contains a large number of indicators covering a wide range of areas. The number of cities will grow with the database development. In addition, an advanced data visualization system will be developed for the convenience of users.
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