QFC joins global league of financial centres to promote sustainable business growth
August 21 2019 07:48 PM
Yousuf Mohamed al-Jaida
Al-Jaida: Leveraging innovations to advance financial inclusivity

The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, has joined the World Alliance of International Financial Centres (WAIFC), a non-profit organisation established to facilitate strategic co-operation among financial centres, exchange of best practices and to initiate dialogues with public authorities.

As an alliance, the WAIFC members will facilitate cross fertilisation among global financial centres, promote the importance of financial centres to local and international economies and focus on projects that advance sustainable economic development.

WAIFC, which was launched in 2018, currently has 13 members including, Frankfurt Main Finance, Luxembourg for Finance, Moscow International Financial Center, Paris Europlace, Toronto Finance International, Astana International Financial Center Authority, Belgian Finance Club, Busan International Financial City Promotion Center, Capital Market Authority of Oman, and the QFC.

As part of WAIFC, the QFC will share its unique business model and expertise in maintaining a world-class legal, regulatory, tax and business infrastructure that stimulates the growth of local and foreign businesses. The QFC will also impart successful endeavours and initiatives in different financial sectors including Islamic finance, fintech, asset management, and capital markets.

"As a new member, we look forward to joining other international financial centres in promoting sustainable economic growth by building investment infrastructures that encourage and grow entrepreneurial ventures, spreading financial literacy and leveraging innovations to advance financial inclusivity,” said Yousuf Mohamed al-Jaida, chief executive, QFC Authority.

Arnaud de Bresson, chairman, WAIFC said its members can learn from the QFC’s vast experience in building up a world-class financial centre in Doha, with robust infrastructure and a sound legal and regulatory framework.

"Furthermore, Qatar has always been at the forefront of talent development – a topic that we just discussed in the last meeting of our fintech initiative, and which is of utmost importance in the rapidly changing financial sector," he said.

The QFC’s WAIFC membership is a testament to its dedication to the highest international standards as well as commitment to working with international financial centres to further promote sustainable business growth globally, according to Sarah al-Dorani, chief marketing and communications officer, QFC.

"We are confident that our partnership with this alliance will facilitate greater co-operation and exchange of best practices with other leading international financial centres,” she said.

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