18 October 2018

Financial centres alliance opens in Frankfurt

The creation of the World Alliance of International Financial Centers (WAIFC) will open a global strategic dialogue on financial issues.

An alliance of international financial centres has launched in Brussels. The World Alliance of International Financial Centers (WAIFC) plans to share best practices and cross fertilisation between international financial centres and to develop the dialogue with public authorities at the international level. WAIFC is designed to be project driven. It will focus, at least initially, on concrete projects in the areas of data, infrastructure, FinTech, green investment and the role of financial centres in financing the economy. The creation of a database of international financial centres 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 centre.

Strategic initiative

The movement was conceived in December 2016, Moscow, Paris and Frankfurt agreed to launch a strategic initiative to promote cooperation between financial centers. On July 12 2018, in Paris, eleven financial centres launched their cooperative strategic alliance. This strategic alliance has now become a reality. WAIFC is a new, international non-profit association. It is registered in Brussels and will be headquartered in Frankfurt.

Founding members

The founding members of WAIFC are the Abu Dhabi Global Market, the Astana International Financial Centre Authority, the Belgian Finance Club, the Busan International Financial City Promotion Center, BEPA, the Casablanca Finance City Authority, Frankfurt Main Finance, Luxembourg for Finance, the Analytical Centre Forum, Moscow, the Capital Market Authority, Oman, EUROPLACE Paris and Toronto Finance International. 

New chairman

Arnaud de Bresson, of Paris EUROPLACE, is the first elected Chairman of WAIFC. Frederic de Laminne, Belgian Finance Club, will take on the role of the Treasurer and Jochen Biedermann, Frankfurt Main Finance, will assume the role of Managing Director. The first General Assembly is provisionally scheduled for December 2018, with the participation of the founding members and any additional financial centres that may join WAIFC between now and then.