Mission
Purpose & Mission
At the global level, it is essential to have the planet surrounded by a network of financial centers propagating best financial practices and bringing financial functionalities and services as near as possible to the end-user in a context that respects cultural and operational diversity. This mission should work in a compatible framework of rules.
Those financial centers, part of the network, would not be identical in size or scope of activities. Nevertheless, some level of cross-fertilizations should be useful to leverage collective and individual efficiency. It is just, then, in this context that some level of competition will be exercised.
The World Alliance aims to organize this cross-fertilization process and to facilitate cooperation, exchange of best practices, and communication about how the financial industry in between the corporate and investor world contribute directly to growth conditions.
History
In July 2018, financial services leaders from around the globe assembled in Paris to announce a new strategic initiative: the World Alliance of International Financial Centers (WAIFC).
The World Alliance is a non-profit association registered in Brussels, Belgium, which represents leading international financial centers and facilitates cooperation and the exchange of best practices.
World Alliance members are city governments, associations, and similar institutions developing and promoting their financial centers. Several new representatives - Amsterdam, Bahamas, Doha, Dubai, Hong Kong, Istanbul, Jersey, Kigali, Lagos, London, Malta, Mauritius, Milan/Rome, Nairobi, Stuttgart, Tashkent, Tokyo, and Warsaw - have joined since the alliance was formed in 2018 by founding members from Abu Dhabi, Brussels, Busan, Casablanca, Frankfurt, Luxembourg, Moscow*, Muscat, Astana, Paris, and Toronto. Other financial centers have also indicated their interest in joining the association.
The World Alliance is project-driven. The first projects covered a range of areas, including financial technology, green investment and infrastructure, the creation of a financial center database, funding for small and medium-sized enterprises, and, perhaps the most important, the role of financial centers in financing the economy.
* Membership suspended in March 2022