Financial Center News / 15 November 2024
Jochen Biedermann
Managing Director World Alliance of International Financial Centers (WAIFC), Managing Partner FinTech Consult
WAIFC
🌳 WAIFC Members at #COP29: Driving the Green Economy Transition
🌱 At #COP29 in #Baku, WAIFC members highlighted the crucial role of financial centers in accelerating the transition to net-zero and green economies.
🌐 Highlights from WAIFC Members:
1️⃣ AIFC (Astana International Financial Centre) on Blended Finance
💡 Manas Gizhduaniyev, CEO of the AIFC Green Finance Centre, emphasized: “Blended finance reduces risks, attracts technologies, and accelerates the green economy shift.”
📌 Key topics:
• Regional and national finance models.
• Barriers and catalysts for adoption.
• Public-private funding tools to attract investment.
🎤 Notable voices included Dr. Ma Jun (China’s Green Finance Committee) and Sean Kidney (Climate Bonds Initiative).
2️⃣ Kigali International Financial Centre on Rwanda’s Green Agenda
🌱 Hortense Mudenge, Chief Strategy Officer of Kigali International Financial Centre presented Rwanda’s National Climate and Nature Finance Strategy, showcasing:
• Innovative financial instruments.
• Alternative finance opportunities for sustainability.
3️⃣ TheCityUK on Public-Private Collaboration
Nicola Watkinson (she/her), Managing Director TheCityUK, highlighted the UK’s NDCs and emphasized:
• Public-private partnerships.
• A shared climate finance language.
• Economic diplomacy to mobilize capital.
TheCityUK also hosted a sustainable finance leaders reception in partnership with the City of London Corporation and the British Embassy Baku.
4️⃣ Financial Services Development Council on Hong Kong’s Role as a Transition Finance Hub
✅ Financial Services Development Council with Friends of the Earth, showcased Hong Kong’s expertise in sustainable development investments and its position as a leader in transition finance.
🤝 Collaboration for a Green Future WAIFC members demonstrated that partnerships between financial centers, policymakers, and investors are essential to achieving sustainable development goals.
💬 What actions do you see as key to advancing sustainable finance globally? Share your thoughts.
Next Monday, at an event organized by our member Future Finance Poland, industry leaders will gather to discuss a crucial topic: The need for new talent in the leading financial centers and how to address it.
🎙️ This engaging panel, moderated by Dr. Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers (WAIFC), will explore the evolving talent needs in global finance.
🎤 Panel Highlights:
Panelists will share insights into strategies for attracting and developing talent, ensuring financial centers continue to thrive in a rapidly evolving landscape. From fostering inclusive workplaces to creating growth opportunities, these leaders aim to emphasize the importance of investing in the next generation of financial professionals.
👥 Our member Future Finance Poland is dedicated to driving impactful conversations around the future of finance and preparing talent to lead in an increasingly complex global market.
What do you think are the key factors to attract top talent in financial centers? Share your thoughts 💬 📲 https://lnkd.in/eubB_SjQ
Abu Dhabi Global Market (ADGM)
Entering its 10th year of operations, ADGM is just getting started…
This inspiring evening was a celebration of what we've achieved over the past 9 years and the promise the #PathToForward holds. Watch these moments as we set our sights on new opportunities and reaffirm our commitment to shaping the future of finance.
Astana International Financial Centre (AIFC)
🌍 Building Resilience in Central Asia: Disaster Risk Financing & Insurance Conference We are proud to share that on November 12-13, 2024, the World Bank, in collaboration with the Astana Financial Services Authority (AFSA), hosted a pivotal regional conference in Astana on Disaster Risk Financing and Insurance (DRFI). This conference brought together leaders from governments, finance ministries, central banks, insurance companies, and international organizations to address solutions for the growing disaster risks facing Central Asia.
With the region's high seismic activity and increasing climate challenges, disaster risk financing is essential. The World Bank's insights highlight that earthquakes alone can result in $2 billion in annual losses, impacting millions. The evolving threat of floods now compounds these challenges, with losses reaching up to 6% of GDP in extreme events.
"Disaster risk financing and insurance are crucial for the resilience of Central Asian countries. Today Central Asia faces a financial shortfall in disaster preparedness. Tajikistan and Uzbekistan alone could experience gaps of up to $1.5 billion and $15 billion in case of large disasters, respectively. With shallow insurance markets, these gaps may require budget reallocation, borrowing, or donor aid, likely crowding out much-needed spending on education and healthcare or leaving critical infrastructure unrepaired," said Indu John-Abraham Operations Manager, World Bank Regional Office for Central Asia.
Evgenia Bogdanova AFSA CEO, added: “This initiative unites public and private sectors to develop disaster risk financing solutions. Our regulatory frameworks support custom insurance programs, disaster funds, and even catastrophe bonds for risk distribution.”
Grateful to our partners at the World Bank, FCDO, SECO, and USAID for supporting this vital initiative aimed at building stronger financial resilience in Central Asia.
Busan Finance Center (BFC)
Casablanca Finance City (CFC)
Testimonials from our valued members highlight the essential role CFC plays in providing a secure and strategic entry point for expanding business across Africa Special thanks to Mikir Shah, Co-founder and CEO at Africa Specialty Risks.
🔗 Click to know more about us : https://lnkd.in/erfdP66H
Dubai International Financial Centre (DIFC)
The IMF's October 2024 Regional Economic Outlook event at #DIFC fostered engaging discussions on the Middle East and Central Asia. Key insights highlighted growth opportunities and the importance of strategic reforms for the region's future.
The event featured Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, who led discussions focused on promising growth opportunities and essential reforms for a vibrant economic future.
Economic Development Board Mauritius (EDB)
EnterpriseNGR
FinanceMalta
📢 Exciting strides in bridging education and industry! The University of Malta (UOM), Malta’s oldest and largest educational institution, remains dedicated to preparing the next generation of financial services professionals. With a long history of educating most of the island’s experts in the financial sector, UOM continues to focus on collaboration with industry leaders to ensure its programs are relevant and future-oriented.
In a recent meeting with representatives from FinanceMalta, the Malta Financial Services Advisory Council (MFSAC) and with the participation of key industry leaders, we engaged in an open discussion on the current challenges facing the financial services sector. From the holistic development of professionals to the evolving role of technology, these industry insights are helping shape our curriculum and research initiatives. Together, we are committed to ensuring that future professionals are equipped with the skills and knowledge necessary for success in today's dynamic financial landscape.
Financial Services Authority Oman (FSA)
🔵 As part of World quality week, the Financial Services Authority held the "How to Make the Quality a Work Culture"
🔷The workshop targeting the Authority’s employees to enhance the concept of #Quality and equip them with continuous improvement tools, aiming for outstanding performance and higher standards!
FinCity.Tokyo
📣FinCity Global Forum in Singapore
🗓️14th November, 2024 9:30AM - 12:30PM
Get ready for the ultimate finance event in Singapore - the FinCity Global Forum co-hosted by LSEG on November 14th, 2024! Join us for an in-depth event that explores Japan's evolving asset management landscape.
Frankfurt Main Finance (FMF)
💯 The new tax-subsidized pension initiative has received clear approval from investment professionals, as the latest DVFA survey shows. A full 99% of respondents are in favor of a reform that prioritizes capital market products without expensive guarantees – an approach that could link pensions directly to the real economy.
Most experts see flexible investment options and the waiver of mandatory guarantees as particularly positive. However, some criticize the current subsidy and exemption amounts as too low and call for the self-employed to be included more comprehensively.
The plan to focus private pensions more strongly on capital market-oriented products could not only offer higher returns, but also promote financial literacy among the population. According to experts, a broader understanding of economic interrelationships is crucial for the future of the welfare state.
Click here for the full survey. 🔽 https://lnkd.in/di_tb4R6
Future Finance Poland
📣 Warsaw Finance Week is fast approaching, and we are thrilled to introduce the esteemed partners whose support has been crucial in bringing this exceptional event to life!
🙌 We extend our sincere gratitude for your invaluable contributions, both in organizational and substantive aspects. Our partners represent outstanding companies and institutions committed to advancing the finance, banking, and technology sectors, and promoting collaboration on regional, national, and global scales.
We look forward to seeing you this November!
Accenture AMLYZE Autopay Baker McKenzie BLIK ftl ITCARD New Digital Street Polish Investment and Trade Agency (PAIH) TrustLynx | Embedded Trust Solutions Grow with Warsaw
➡️ Register for Warsaw Finance Week: https://lnkd.in/g92xqA6U
Pawel Widawski, Piotr Brewiński, Kasia Jedlińska, Gabriela Mrozek, Zuzanna Krauzowicz, Aneta Girdwoyń (Kmoch), Anna Malanowska
Hong Kong Financial Services Development Council (FSDC)
🌿𝐅𝐒𝐃𝐂 𝐂𝐨-𝐇𝐨𝐬𝐭𝐞𝐝 𝐚 𝐒𝐢𝐝𝐞 𝐄𝐯𝐞𝐧𝐭 𝐅𝐨𝐫𝐮𝐦 𝐰𝐢𝐭𝐡 Friends of the Earth HK 𝐚𝐭 #𝐂𝐎𝐏29 𝐭𝐨 𝐩𝐫𝐨𝐦𝐨𝐭𝐞 #𝐇𝐨𝐧𝐠𝐊𝐨𝐧𝐠 𝐚𝐬 𝐚 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 #𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐇𝐮𝐛
Successfully co-hosted a side event in Baku, Azerbaijan, the forum on #TransitionFinance and #GreenFinancing showcased Hong Kong’s expertise in #sustainable development investments and strategies for strengthening its role as a regional transition finance hub. With strong cross-sector collaboration, HK is positioned as a leading #internationalfinancialcentre for a #GreenFuture.
Thanks to our esteemed speakers and panelists for their valuable insights: Mr Yip Plato, Mr Daniel Fung, Prof Amos Tai, Ms Salina Yan, Prof Anthony Cheung, Ms Serena Mak, Mr Albert Lau, Dr King Au and Dr Rocky Tung
Istanbul Financial Center
What can we expect from COP29? Global leaders are gathering in Baku to reshape climate finance, with new goals that may define support for developing nations and private sector engagement.
Jersey Finance
Jersey’s banking sector is evolving to stay competitive and maintain its global leadership. Charles Molteno, President of the Jersey Bankers Association (JBA), highlights five key focus areas: technological integration, regulatory adaptability, sustainability, global collaboration, and customer-centric services. These priorities ensure Jersey’s banking industry remains resilient in a rapidly changing financial landscape.
To learn more about Jersey’s forward-thinking approach, read the full article. https://jsy.fi/3N46mfI
Kigali International Financial Centre (KIFC)
This week Kigali International Financial Centre is participating at #COP29 in Baku, Azerbaijan happening from November 11-22, 2024.
Rwanda will host an event to spotlight its National Climate and Nature Finance Strategy. The strategy’s focus on mobilizing funds for climate and nature projects aligns with KIFC’s positioning as a hub for sustainable finance.
Launched in October this year, the Climate and Nature Finance Strategy will serve as a strategic blueprint designed to mobilize and channel financial resources toward initiatives in climate adaptation, mitigation, and nature conservation.
Follow the event live: https://lnkd.in/dtwQwx-7
Luxembourg for Finance (LFF)
By Tom Theobald
After a couple of fruitful days of exchanges in the UK, it’s great to be back in Japan to join Finance Minister Gilles Roth and his delegation for two days of meetings with the leadership of Japanese financial institutions. Japan is Luxembourg’s largest trading partner for financial services in Asia, and it’s important to continue strengthening cross-border investment flows between Japan and Europe to support global economic growth. As a leading financial center and largest cross-border fund center in the world, Luxembourg can also be a partner for Tokyo’s ambitions to develop its role as an international asset management center, as well as the country’s objective to boost green growth.
Paris EUROPLACE
🎉 #ParisInfraWeek 2024 Inaugural Day Highlights 🎉
This incredible gathering set the tone for a week of insightful discussions and impactful sessions on the role of infrastructure in the global decarbonization to serve the transitions (energy and digital) of our economies.
A warm thank you to our 100 speakers and 50 partners for their invaluable contribution, support and commitment to making this event a successful one. Together, we brought forward powerful conversations on infrastructure decarbonizing the economy and innovative solutions for tomorrow.
To watch or rewatch this day's sessions 👉 https://lnkd.in/euwDiW8e
Antoine Armand, Marc Ferracci, Bertrand Dumont, Ministères Économiques et Financiers et Direction générale du Trésor (French Treasury) Augustin de Romanet, Groupe ADP, Markus Wandt, Aquila Capital, Estelle Castres, BlackRock, Henrik Raber, Standard Chartered Thierry Déau, Meridiam, Vincent Levita, InfraVia Capital Partners, Patrick Tardivy, Orrick France, Ilya Polyakov, Société Générale, Gwenola Chambon, Vauban Infrastructure Partners, Laurent Fayollas, Ardian, Bérénice Arbona, LBP AM, Darko Adamovic, Gibson Dunn, Nicolas Rochon, RGREEN INVEST, Alexis A. Hojabr, White & Case LLP FININFRA, Jean BENSAID, Karim ZINE-EDDINE, Olivier GINEPRO, Nadine Huynh, Robin Louvet, Infravenir #decarbonization #sustainability #globalfinance #infrastructure #innovation
Qatar Financial Centre (QFC)
The most recent Qatar Financial Centre PMI™ report for October 2024 has been released 📊 - here are the key points.
Explore in-depth analyses of Qatar's private industry performance, spanning manufacturing, construction, wholesale, retail, and services, all assessed via the Purchasing Managers' Index.
🔗Access the full report: https://lnkd.in/dsQA9Sd7
Stuttgart Financial
Last chance! You can still apply for our Female Founders Scholarship until the day after tomorrow. After that, our jury will review the applications and select 🤩 a winning start-up You can also use a small financial injection and would be happy about a few hours of mentoring with successful women and a free workshop?
Then take advantage of the opportunity and apply by 15.11.24, 23:59: https://lnkd.in/eTqAPREh
GIG7 Kompetenzzentrum FeMale Business Start-up BW Boerse Stuttgart Group #Startups #FemaleFounders #Gründerinnen #StartupSupport #Finanzierung #Stipendium
TheCityUK
We are delighted to be at #COP29, a fantastic opportunity to connect with climate leaders from across the globe on the crucial role financial and related professional services have to play in supporting the transition to #netzero and the goals of the Paris Agreement. We will be in Baku until 16 November – if you would like to meet the team there, please get in touch with Jessica Skedd, Alexander Milne or Nicola Watkinson (she/her).
In case you missed it, take a look at Jessica Skedd’s blog setting out expectations for this COP and our industry’s priorities: https://lnkd.in/e5En5CTX
Two Rivers International Finance & Innovation Center
The TRIFIC team attended Aspen Initiative Africa - Nairobi Executive Breakfast on The African Consumer, joining the American Chamber of Commerce, Kenya (AMCHAM) in supporting this insightful event. Wolfgang Fengler, CEO of World Data Lab, led a thought-provoking session on Africa’s economic future and consumer growth.
Key insights included:
- The middle class is defined as those spending around $12 daily, with $120+ marking “rich” consumers.
- Gen Z leads in spending on the continent, accounting for 30% of total expenditure.
- Africa is expected to gain 139 million consumers by 2030, over half of whom will be under 30.
The second half of the breakfast featured an engaging panel on data insights, moderated by Dr. Reshma Sheoraj, with contributions from Fred Murimi Ngari Managing Director of Centum Investment Company Plc., Ivy Kimani and keynote speaker Wolfgang Fengler.
A big thank you to ASPEN Initiative for a successful and inspiring event. #AfricasGatewayToTheWorld #TRIFICSEZ
About me:
Managing Director of the World Alliance of International Financial Centers
Managing Partner of FinTech Consult, a network of FinTech experts in Asia, Europe, and Africa supporting FinTechs in expanding globally
Non-Executive Director of Eastnets, a global provider of compliance and payment solutions for the financial services sector
Expert at the Sino-German Center for Finance and Economics in Frankfurt
Fellow of the Think Tank of the Asian Financial Cooperation Association
Founding Board Member of the International Digital Economies Association
Mentor at Cyberport in Hong Kong, OneEleven in Toronto, the Plug and Play Tech Center, the 1871 FinTech Innovation Lab in Chicago, and 1000 Black Voices
Advisory Board member of several FinTech companies
About the WAIFC:
The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium representing 29 leading international financial centers globally.
WAIFC members are city governments, associations, and similar institutions developing and promoting their financial centers.
WAIFC facilitates cooperation between its members, the exchange of best practices, and communication with the general public.