The Banking Executive Magazine - March 2021

DIFC WINS MEMBERSHIP IN GLOBAL FINANCIAL CENTRES' ALLIANCE Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia region, has announced that its membership of the World Al- liance of International Financial Cen- tres (WAIFC) has been unanimously approved by its board. WAIFC is a non-profit association registered in Brussels, Belgium which represents leading international fi- nancial centres, facilitating co-oper- ation and the exchange of best practice. The alliance was established in July 2018 when financial services leaders from around the globe gathered in Paris. Members vary in size and scope of activities, however they can benefit from various levels of cross fertilisation, leveraging collective and individual efficiency. The WAIFC now represents 19 lead- ing international financial centres across four continents. WAIFC mem- bers are from city governments, as- sociations and similar institutions developing and promoting their fi- nancial centres. DIFC said it will use its membership to collaborate with members who represent other leading global finan- cial centres including London, Frank- furt, Paris, Tokyo and Toronto. As a major financial centre in the re- gion, DIFC will be able to share best practice with members who aspire to have comparable stature. Some of these financial centres are already supported by DIFC through mutual memorandums of understanding. Another area of focus will be nurtur- ing the adoption of Environment, So- cial and Governance goals which will support sustainable economic growth future from the industry. On DIFC’s membership, Jennifer Reynolds, the Chairwoman of the WAIFC, said: "We are very pleased to have DIFC join our association. Dubai is a leading global financial centre, and DIFC will undoubtedly bring a valued contribution to our initiatives. We are very much looking forward to working with the col- leagues in Dubai." CEO Arif Amiri said: "DIFC is look- ing forward to representing Dubai and building partnerships with other members so we can be a collective force for good. Together we can make progress on areas such as Fin- Tech, innovation, sustainable finance and developing digital economies." "We can align our approaches which will allow us to cohesively drive the future of finance," he noted. Managing Director Dr Jochen Bie- dermann said: "DIFC has been an ob- server to WAIFC since last year, and we are delighted that it will join WAIFC as a full member now. The centre has had a phenomenal devel- opment in less than 20 years from its first steps to one of the world’s lead- ing financial centres." "We are very much looking forward to exchanging best practices and learning from each other," he added. the BANKING EXECUTIVE 20 ISSUE 147 MARCH 2021