How global financial centers can help combat the COVID-19 pandemic
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
WORLD ALLIANCE
of International Financial Centers
How global financial
centers can help
combat the COVID-19
pandemic
>W hat Hong Kong >W
hy the Bank of Japan >W AIFC member
learned from the SARS favours quick responses statements on how to
epidemic in 2003 on COVID-19 master crisis
2 W O R L D A L L I A N C E of International Financial Centers
Imprint
World Alliance of International Financial Centers (WAIFC)
International non-profit association R.P.M.
Brussels Enterprise number 719 719 907
Boulevard Louis Schmidt 117/9, 1040 Etterbeek,
Brussels, Belgium
http://www.waifc.finance
@WAIFC_
info@waifc.finance
www.linkedin.com/company/waifc
Published by:
Frankfurt Main Finance e.V.
COLOSSEO
Walther-von-Cronberg-Platz 16
60594 Frankfurt am Main, Germany
info@fmfinance.de
@FMFdigital
https://www.linkedin.com/company/frankfurtmainfinance/
Picture credits:
Hong Kong Harbour: iStock / bingfengwu; Young woman face
mask: iStock / AsiaVision; Coronavirus: gettyimages / dowell;
other photos: WAIFC member organizations
3 W O R L D A L L I A N C E of International Financial Centers
Contents
Editorial............................................................ 4
A global challenge requires a global response
Hong Kong ...................................................... 6
Interview with Christopher Hui from
FSDC about Hong Kong‘s recovery from
the SARS epidemic in 2003
Japan ............................................................. 10
Hiroshi Nakaso, Chairman of FinCity.Tokyo,
on lessons learned from the Tohoku Earthquake
Statements..................................................... 14
How WAIFC financial centers help
to overcome the COVID-19 crisis
Home Story ................................................... 21
Nicholas Mackel from Luxembourg for Finance
on his new working habits
WAIFC worldwide ......................................... 22
Representing leading international
financial centers
4 W O R L D A L L I A N C E of International Financial Centers
A global challenge
requires a global response
Hubertus Vaeth is the Managing Director
of Frankfurt Main Finance, as well as the
founder and Managing Director of NewMark
Finanzkommunikation.
Rarely has the world faced challenges such as today’s. exchange of best practices. We are convinced that
Whatever comparison is drawn, COVID-19 and efforts global challenges require global responses.
to curb its spread are poised to inflict strain of historic
proportions on the world’s economy and financial sys- We are certainly not experts in handling pandemics, nor
tems. Within just weeks, economic growth has ground do we have an expert understanding of the working of
to a halt and gone into reverse. The virus knows no bor- this particular, or for that matter, any virus. But what is
ders, nor can economic actions be seen in splendid isola- strikingly evident is that while the crisis has waged on
tion. Wouldn’t it have been helpful had the world been for some months, we still lack a systematic best prac-
prepared for such a crisis on this global scale? As this tice approach to containing it and learning from those
was not the case, responses have been uncoordinated, that have dealt with it early on, with medical, economic,
country-specific, and isolated as can be. Our econo- or financial responses. Such luxury will be costly at a
mies could soon require as much intensive care as the time of strained resources, once world leaders decide to
worst affected patients. Where should we look for the get their economies back to work.
right economic medicine under these new and unpre
cedented circumstances? We can increase our chances of successfully executing
such an unprecedented operation if we establish a com-
WAIFC IS A GLOBAL ASSOCIATION comprised of mon framework on how to get back to work. Morally
the world’s leading financial centers from four conti- acceptable only when the personal risks are under con-
nents. We believe it is time to overcome our borders trol. In this assessment, we should also not forget what
and put competition aside for more cooperation and any lock-down means for the most vulnerable around
5 W O R L D A L L I A N C E of International Financial Centers
« We can increase our
chances of successfully
executing such an
unprecedented operation if
we establish a common
framework on how to get
back to work. «
the globe. That calls for a multilateral framework sup- and financial practices from our members. Sharing them
ported by a financial system able to function as a policy helps to accelerate the development of a response with
transmission mechanism by providing much-needed the best chances for success. We must create a frame-
liquidity thanks to a combination of central bank action work to support our economies to recover as fast as
and special fiscal risk absorption mechanisms. possible. Given the consequences, anything less than
the best solutions is costly, and failure is not an option.
WE HAVE MUCH TO LEARN from each other and That is what motivates all of us in these c hallenging
history. Financial centers like Hong Kong or Tokyo suc- times. •
cessfully coped with similar challenges in the past. We
should draw on these experiences. That is the motiva-
tion of our publication. On the following pages, we not
only share today’s responses and best practices, but we
also reflect on historical experiences. It will prove that
our financial systems are essential to the solution, and
the world can cope with such challenges, given the right
response. Hubertus Vaeth
FOR WAIFC TO DEVELOP RECOMMENDATIONS
for such responses is beyond our means and mandate.
However, we can and hope to contribute the best fiscal
6 W O R L D A L L I A N C E of International Financial Centers
« Our SARS experience
has driven us to respond
sooner and with adequate
caution to COVID-19. «
Christopher Hui, Executive Director of the Hong Kong Financial
Services Development Council, explains why Hong Kong was able
to recover quickly from SARS crisis 2003.
Graph 1: Hong Kong GDP Graph 2: Hong Kong Unemployment Rate
(at current market prices) (not seasonally adjusted)
(HKD‘ M) %
500.000 10,0
first SARS case discovered
first SARS case discovered in Hong Kong
in Hong Kong 9,0
400.000
8,0
300.000
7,0
6,0
200.000
5,0
100.000
4,0
0 3,0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
7 W O R L D A L L I A N C E of International Financial Centers
« The epid emic
affected
29 countries
& regions and
r esulted in more
than 8000 cases
in 2003. «
Severe Acute Respiratory Syndrome (SARS) is a viral respiratory illness
that was recognized as a global threat in March 2003, after first ap
pearing in southern China in November 2002. The epidemic affected
29 countries & regions and resulted in more than 8000 cases in 2003.
The SARS outbreak was an unexpected negative shock to Hong Kong’s
economy. At that time, Hong Kong’s consumer price deflation i nten
sified, the fiscal deficit increased, and the Hong Kong d
ollar was under
severe depreciation pressures. Local consumption and the export of
services related to tourism and air travel were severely affected in the
short run.
HOW LONG DID HONG KONG’S ECONOMY AND WHY HONG KONG COULD RECOVER SO FAST
CAPITAL MARKET TAKE IN 2003 TO FULLY AND SO STRONG FROM THE SARS CRISIS?
R ECOVER FROM THE SHOCK OF SEVERE ACUTE WHAT WAS IN HONG KONG GOVERNMENT’S
RESPIRATORY SYNDROME (SARS)? TOOLBOX TO “FIX” THE NEGATIVE CONSE-
QUENCE OF THAT CRISIS?
From graphs 1 and 2 we can see that Hong Kong staged
a strong rebound in terms of GDP and performance of Firstly, to minimize the repercussions of SARS, the Hong
Hang Seng Index as well as continuous fall in employ- Kong government quickly deployed a four-prolonged
ment rate soon after the outbreak of Severe Acute strategy focusing on (i) early detection, (ii) swift con-
Respiratory Syndrome (SARS) in the first half of 2003. tact tracing, (iii) prompt isolation & quarantine, and (iv)
Such positive momentum lasted for the next few years effective containment.
after SARS.
Secondly, Hong Kong government took a package of
Furthermore, as shown in the table on page 8, Hong relief and stimulus measures to contribute to the eco-
Kong’s capital market has reached even more milestones nomic recovery, for example:
than ever before, in terms of equity, capital formation,
real economy and other areas. In the subsequent years In April 2003, the Hong Kong government launched a
after SARS, Hong Kong has benefited from the further HK$11.8 billion package of relief measures to help the
expansion of the Mainland Chinese economy and gained community tide over the SARS impact. In June 2003, a
its crown as of the world’s IPO fundraising leader, largest HK$715 million enhanced package of e mployment initia
offshore renminbi liquidity hub, amongst others. tives was announced to further alleviate the SARS impact.
8 W O R L D A L L I A N C E of International Financial Centers
Year 2002 Year 2003 Year 2004
(Pre-SARS) (Outbreak of SARS) (Post-SARS)
Hang Seng Index
9,321 12,576 14,230
(equity market)
(2002/12/31) (2003/12/31) (2004/12/31)
Total equity funds HK$ HK$ HK$
raised (capital 101 209 276
formation) Billion Billion Billion
(2002/12/31) (2003/12/31) (2004/12/31)
HK$ HK$ HK$
Total annual
retail sales 177 173 192
(real economy) Billion Billion Billion
(2002/12/31) (2003/12/31) (2004/12/31)
9 W O R L D A L L I A N C E of International Financial Centers
« Hong Kong citizens have
also demonstrated
a high level of alertness
by voluntarily wearing
masks as they go out. «
Thirdly, Mainland China offered favorable supportive oversee anti-pandemic efforts with clear strategies
facilitation: to minimize unnecessary social contact and permit
work-from-home arrangement; respond speedily in
> In June 2003, the Hong Kong government and the light of changing situation, move ahead of the times
Chinese Central Government signed the Closer Eco- to prepare for the worst; and operate in an open and
nomic Partnership Arrangement (“CEPA”), allowing transparent manner.
qualified Hong Kong products, companies and resi-
dents to preferentially access to the Mainland market. The financial industry and related regulator also drove
some initiatives to help the community in just a few
> In July 2003, the Individual Visit Scheme was in- weeks after the first confirmed case in town. The Hong
troduced as a tourism liberalization measure. The Kong Monetary Authority (“HKMA”) established the
Scheme allowed Mainland residents, who could only Banking Sector SME Lending Coordination Mechanism
visit Hong Kong on business visas or on group tours and convened a special teleconference to discuss ways
before, to visit Hong Kong on an individual basis. for the industry to extend greater support to SME;
reduced the countercyclical capital buffer (“CCyB”) to
> In November 2003, the People’s Bank of China allow banks to be more supportive to the local economy;
(“PBoC”) agreed to provide clearing arrangements and provided banks with additional operational capa
for banks in Hong Kong, which could then conduct city by following the Group of Central Bank G overnors
personal RMB business on a trial basis. and Heads of Supervision to defer the Basel III imple-
mentation. In addition, banks extended principal mora
HONG KONG IS GETTING MUCH BETTER torium especially for advances by SMEs; and insurers
THROUGH THE COVID-19-CRISIS THAN MOST offered free limited protection to eligible hospital staff
OTHER FINANCIAL CENTERS, IS IT BECAUSE OF and free benefits for mandatory quarantine and hospi-
LESSONS LEARNED DURING THE BREAK OUT talization. Hong Kong citizens have also demonstrated
OF THE SARS VIRUS? a high level of alertness by voluntarily wearing masks
as they go out. They also demonstrate self-discipline
Our memory of the hard-fought battle against SARS by minimising unnecessary social activities. While we
and other crises such as avian flu that we went through might be seen as over-reacting at the beginning of the
in the past decades has driven us to respond sooner and outbreak, we are glad to see that similar approaches
with adequate caution when another pandemic emerges. have been adopted by different jurisdictions as we, to-
Led by the Government, a Chief Executive-chaired, gether, fight this pandemic sensibly and responsibly. •
cross-departmental task force was formed quickly to
10 W O R L D A L L I A N C E of International Financial Centers
Japan’s disaster response
Hiroshi Nakaso, Chairman of FinCity.Tokyo, talks about
lessons learned from the Tohoku Earthquake.
HOW DID THE BANK OF JAPAN RESPOND The Bank of Japan has a long tradition of q uickly
TO TOHOKU EARTHQUAKE TO MAINTAIN responding to a crisis as it unfolds. The earthquake
LIQUIDITY AND STABILITY? was not an exception. The Disaster Management Team,
which is the BCP Unit that the BoJ Governor chairs, was
n March 11 2011, at 2.46 pm, the Tohoku or the
O set up at 3 pm, 14 minutes after the quake and issued
north-eastern part of Japan was struck by a major the first statement at 3.29 pm that said “The Bank of
earthquake. It was the largest earthquake recorded Japan is conducting its business operations as usual at
in Japan with the magnitude reaching 9. Even though its Head Office as well as all of its branches and repre-
Tokyo was 400 km away from the epicenter, the shake sentative offices, including those located in the Tohoku
was so violent that people could hardly keep standing. region.” It also reassured the financial community in Ja-
Subsequently, the monstrous tsunami struck the pacific pan by confirming that the BoJ-Net is up and running.
coast stretching over 1,000 km. The height of the It is the nation’s key financial infrastructure run by the
tsunami that struck the Tohoku region is said to have BoJ providing payment and settlement services for the
reached more than 10m. The coastal towns had a proud financial intermediaries.
history of surviving a number of tsunamis in the past
by creating big seawalls, which were often compared to In the meantime, the yen’s exchange rate
the “Great Wall of China.” However this gigantic tsuna- ap
preciated to an all-time high for the reasons
mi easily penetrated the Wall and rushed several kilom- that weren’t altogether clear. The Japanese govern
eters inland. It literally wiped out villages, towns, farms ment became increasingly concerned about the high-
and factories along with the inhabitants. er yen as it would add to the negative impacts on the
Japanese economy that had been already u ndermined11 W O R L D A L L I A N C E of International Financial Centers
« The Bank of Japan
has a long tradition of
quickly responding
to a crisis as it unfolds. «
Hiroshi Nakaso
Chairman of FinCity.Tokyo
by the quake and tsunami; a move clearly deviating With regard to the measures to address downside risks
from the fundamentals. The G7 was quick to respond. to the economy, the BoJ took further monetary policy
At 9 am 18 March Japan time, the G7 Finance Ministers actions. In this area, the BoJ doubled the size of the
and Central Governors issued a joint statement in which Asset Purchase Program (APP) from JPY5 -10 trillion.
it said that they will embark on concerted intervention The major portion of the increase was assigned to the
in exchange markets. The concerted action, which was purchase comprising of corporate bonds, CPs, and ETFs.
the first one in more than a decade, was also a symbolic The intention of this policy was to preempt deteriora-
move demonstrating solidarity of the G7 nations. tion in business confidence and to preclude investors’
risk aversion. Furthermore, in early April, the BoJ intro-
T he BoJ’s response was quick, too. There were three duced a new facility to support financial institutions in
broad areas in terms of the central bank‘s response to disaster areas. The intended purpose of the new facility
the earthquake was to provide the financial institutions with low cost
stable funding sources from the central bank to make
A.
maintenance of financial intermediation function sure they meet the borrowing demand as the recon-
and securing smooth settlement struction gets on its way In the quake-struck regions.
B. ensuring financial market stability; and verall, thanks to the timely policy responses, Japan’s
O
credit intermediary function, financial markets, and
C. addressing downside risks to economic activity. financial market infrastructures proved esilient enough
to survive the disaster while keeping the economy
For the immediate task of maintaining financial inter afloat.
mediary function and securing smooth fund settle
ment, the BoJ delivered enough cash banknotes to the WHAT ARE KEY LESSONS LEARNED FROM THE
quake-struck region to meet the rising demand for TOHOKU EARTHQUAKE?
cash. People needed to withdraw deposits for cash to
buy food, water, and items to keep warm. Banknotes number of lessons can be drawn from the experiences
A
were supplied in an around-the-clock o peration. Mean- of dealing with the disaster. They are relevant in the
while, the BoJ-Net remained fully operational to ensure current context of addressing the COVID-19. First, the
smooth fund settlement. financial community and the authorities must establish
effective communication network that enable coordi-
For the purpose of ensuring financial stability, the BoJ nated actions in times of extreme stress. For example,
conducted a series of open market operation to inject the BoJ and the market participants in the money, FX,
a massive amount of liquidity into the money market and securities markets had regularly conducted BCP
to meet the Japanese banks’ precautionary demand for exercises in normal times. This helped the financial
liquidity, which increased after the quake against the industry in Tokyo to coordinate with the authorities
background of heightened uncertainties. The amount in a prompt and efficient manner. The BoJ sent out
of liquidity injection out-scaled the liquidity injection the message to the financial community that the
after the fall of Lehman Brothers in September 2008. key financial infrastructure was up and running12 W O R L D A L L I A N C E of International Financial Centers
immediately after the quake hit to ensure their normal of scope of the emergency declaration on April 7.
operations. The financial institutions, meanwhile, up- Central government, Tokyo Metropolitan Govern-
dated the authorities with the latest developments in ment, FinCity.Tokyo and several financial institu-
the markets. This helped the authorities to devise best tions worked closely to ensure liquidity in the mar-
set of p
olicy responses. ket and contain impact on volatility which led to this
direction.
econd, the financial infrastructure must be so struc-
S
tured as to be resilient enough to withstand natural In addition, the Financial Services Agency is making the
and physical disasters. Japan is proud of the absolutely following requests to lenders such as banks to “pay
high level reliability of payment and settlement sys- special attention to financing of small and medium size
tems operated by the central bank and the private sec- businesses”.
tor. For example, the BoJ-Net operated by the central
bank has the potential of running for 24 hours overlap- A. visit companies and set up emergency help desks
ping with European and American time zones1. These
fail-safe payment and settlement systems are taken B. accommodate changes in loan terms such as
for granted and seldom visible from outside; however, moratorium on loans
they serve as key financial infrastructure to underpin
Tokyo’s function as financial center. C. mandatory reporting to FSA on the number of cases
where change in loan terms have been made under
T hird, the central bank must be equipped with effective the Banking Act
means of liquidity provision. In the aftermath of the
earthquake, as was the case with the Global Finan- D. implement emergency loan schemes which do not
cial Crisis, there was a large increase in precaution- require collaterals or guarantees
ary demand for cash against the backdrop of height-
ened uncertainties. The central bank must satisfy the E. request special interviews to financial institutions
demand in order to maintain the financial stability. The in order to have a grasp of the latest state of client
BoJ has developed many liquidity injection instruments firms
to serve the purpose, ranging from repo-operations,
targeted lending facilities, and asset purchase program F urthermore, other areas in financial services for exam-
to buy government bonds as well as credit instruments. ple the operation of stock markets are subject to BCP
plans which were formulated in response to past large
scale earthquakes etc by stock exchanges and are b eing
HOW IS JAPANESE GOVERNMENT APPLYING applied to the current coronavirus outbreak,
THE LESSONS LEARNED TO THE CORONAVIRUS
DISASTER? In terms of the operation of stock markets, in the event
of past market share reaching a set level as a result of
In response to the current novel coronavirus, the Jap- reduced participation by market participants, stock ex-
anese government and local authorities such as Tokyo changes may suspend trading in a nticipation of a large
Metropolitan Government have been encouraging their impact on price discovery. This rule is published in the
citizens to wear face masks and wash their hands, website of stock exchanges in order to ensure predicta-
preventing them from buying up supplies and sharing bility by market participants.
information such as the state of infection and govern-
ment response in order to limit further contagion and s indicated in the response to the current COVID-19
A
anxieties. outbreak based on past experiences, the critical n ature
of many financial services and the importance of en-
Especially for financial services, the government suring their operation must be shared by all of the
made clear its basic position to maintain and pro- relevant parties including law makers and regulators.
vide business as usual financing functions and The key financial services comprise providing consumer
financial services such as banking were kept out
access to cash, electronic payments and other banking
1
Currently it is operated until 9 pm although it can be operated 24 hours13 W O R L D A L L I A N C E of International Financial Centers
and lending services, and market-making to maintain payment system and the stock exchange that can with-
market liquidity. Practices must be in place to ensure stand natural and physical disasters. Equally important
minimum number of essential personnel are kept on- is the good two-way communication between the fi-
site during the severest stress arising from disasters. nancial institutions and the relevant authorities, so that
critical information can be shared in a timely manner.
E xperiences of crisis management must be kept as in- Good communication is a prerequisite to devise effec-
stitutional memories at financial institutions and au- tive policy responses to problems that threaten the
thorities. There are key elements to be remembered functioning of a financial center.
and inherited. The habit of “bad news first” is an exam-
ple. The experiences tell that the worse the news, the In this interconnected world in which the financial
greater the need to share such news fast with those centers of the world operate, it is critical to learn from
concerned. This makes it possible to make the right in- each other. In this regard, WAIFC provides an ideal fo-
itial response at a critical moment and act promptly in rum to facilitate such information sharing. Currently,
the right direction. It is equally important to prepare for the most imminent task for any financial center is to
the worst and hope for the best. In a crisis situation, we overcome the Coronavirus. This is a novel and unfore-
must assume the worst possible outcomes and prepare seen type of threat to the stability of global financial
the best possible countermeasures. The worst is not do- system. Sharing the experiences of the WAIFC members
ing anything and simply hoping for the best. will prove highly useful.
ur supply chains are much more globally integrated
O
ANY KEY MESSAGES FOR OTHER FINANCIAL and intertwined compared to when the Tohoku earth-
CENTERS? quake and Lehman debacle took place. We are also
much more exposed to both reliable and unreliable in-
T he task of liquidity injection goes beyond provid- formation through social media. As a result, people are
ing domestic currency. In the interconnected financial much more prone to pandemic of rumors. Therefore, it
world of today, ensuring enough supply of the US dol- is far more important for financial services authorities,
lar, the key currency, under stressful market conditions central banks and financial institutions to coordinate
has become a primary role for the central banks. This and cooperate in a seamless manner based on the most
is demonstrated in the Lehman debacle as well as in reliable intelligence without losing holistic perspectives.
the Corona Shock. The BoJ, in this regard, has a per-
manent swap agreement with the FRB, from which it WAIFC is well positioned to encourage all the
can acquire, theoretically unlimited amount of US dol- key stakeholders to align on the macroeconomic
lar liquidity against its own currency, which can then priorities and act on our accumulated wisdom when
be channeled to the financial institutions operating in each player is fire fighting with the day-to-day
Japan. Thus, Tokyo can function as a key backstop en- challenges. •
suring provision of the key currency.
Our experiences of coming through various disasters
tell us that provision of financial services is a basic in-
frastructure to support the social and economic stabili-
ty that must be kept operational at all times. The critical
financial services can be provided only when the entire
network of financial services providers, including banks
and other types of financial institutions functions prop-
erly. The resiliency of the network (financial ecosystem)
is an indispensable element for a financial center.
« Practices must be in
T he resiliency is built on the foundation of highly reli place to ensure minimum
able and fail-safe financial infrastructure, such as the
number of essential
personnel are kept on-site
during the severest stress
arising from disasters. «14 W O R L D A L L I A N C E of International Financial Centers
ABU DHABI
ADGM TAKES IMMEDIATE
M EASURES TO MITIGATE THE
IMPACT OF COVID-19
In keeping with Abu Dhabi‘s > 1
00% waiver on Commercial H.E. Ahmed Ali Al Sayegh,
robust economic stimulus pack- Licence renewal fees (with ex- Minister of State (UAE) and
age to support the economic ception of SPVs and founda- Chairman of Abu Dhabi Global
activity and facilitate business tions licences) until 25 March Market, said, “ADGM has pre-
in the Emirate, Abu Dhabi G lobal 2021 pared a set of support measures
Market (ADGM), the Interna- to assist our registered entities
tional Financial Center in Abu > 1
00% waiver on Business and the community through this
Dhabi, has launched a set of Activity renewal fees until challenging period. These meas-
financial and support measures 25 March 2021 ures will complement the cur-
to mitigate the adverse impact rent robust packages from the
of the coronavirus (COVID-19) > 1
00% waiver on Data P rotection UAE Authorities and Abu Dhabi
pandemic on registered entities renewal fees until 25 March Government, and bolster the
operating in its financial free
2021 nation’s economic strategy and
zone on Al Maryah Island: initiatives to keep our people and
> 1
00% waiver on new Tempo- country sustainable and safe.” •
rary Work Permits issuance, re-
newal and late application fees
until 25 March 2021,etc.
ASTANA
FOCUSING ON CAPITAL MARKETS
AIF
Astana
International
AND SMES IN KAZAKHSTAN
Financial
Centre
As the leading international kets, businesses have been able familiar regulatory environment,
financial centre for Central Asia, to raise equity capital to ensure one pool of liquidity for domestic
the Astana International Finan- their business viability. Absent a and offshore investors, strong do-
cial Centre (AIFC) works with well-developed local market, these mestic institutional investors and
the Government of Kazakhstan capital raising options do not exist. a vibrant retail investor base.
to streamline, trans form and, Governments will therefore be re-
increasingly, to digitalise the ac- quired to support many otherwise Volatile and post-crisis markets
cess points to financial products, viable businesses directly through have historically shown great op-
economic business and inward state support or nationalisation portunity for capital gains, but it
investment. or indirectly through recapitalisa- is small and medium enterprises
tion of the banking system. The (SMEs) which are often hit quicker
The events of the past few fundamental building blocks of and hit harder. Under the auspic-
months underscore the impor- a vibrant domestic capital mar- es of WAIFC, AIFC is leading the
tance of developing a vibrant local ket remain unchanged: a simple, ongoing project for identifying
capital market. Issuance of corpo- SME best practices. SME initiatives
rate debt has reached record lev- will be a powerful instrument for
els as businesses strengthen their « AIFC is leading the protecting employment and the
balance sheets in the face of a ongoing project for re-emergence of global econo-
sharp reduction in revenue. And identifying SME best mies, as we begin to move out of
even in smaller developed mar- practices. « the crisis period. •15 W O R L D A L L I A N C E of International Financial Centers
BRUSSELS
INITIATIVES SHOW
SOLIDARITY IN ACTION
Most countries and organiza- payments will be maintained, and
tions have come up with numer- the platform will assess which
ous measures to mitigate the issuers need this form of support.
harm to the economy.
This could prove an attractive
An interesting initiative has been solution, alleviating the stress
proposed by Look&Fin, the largest on the treasury of issuers while
crowdlending platform in Belgium. keeping the return of investors
Investors have been asked to vote unaffected. Indeed, only the dura
on the possibility for the platform tion is slightly extended. After a
to allow some issuers to suspend few days, 98% of investors v oted
the capital reimbursement for a in favor of the proposal: a nice
maximum of 6 months. Interest example of solidarity! •
« After a few days, 98% of investors Frederic de Laminne
voted in favor of the proposal: a nice Secretary general,
example of solidarity! « Belgian Finance Center
BUSAN
CONSISTENT SIGNAL
FOR MARKET STABILITY
Through preemptive and trans- linked to contraction of consump- an un precedented measure be
parent measures, Korea is grad- tion, invest
ment and industrial taken.
ually stabilizing from the spread activities.
of COVID-19, and is striving to The government decided to sup-
overcome the economic crisis An important point of the Korean ply loans or guarantees worth
through active financial policies. government‘s response is that it 50 billion dollars (58 trillion won)
is sending a consistent message to SMEs through policy lenders.
In particular, Korean government to the market “unprecedented The Bank of Korea also entered
is implementing a drastic expan- financial response”. The South
into a currency swap agreement
sionary macroeconomic policy Korean president defined the cur- with the United States, and pro-
and financial stability policy to- rent crisis as an emergency econo- vide unlimited liquidity to finan-
taling 100 billion dollars (132 tril- my that is incomparable to that of cial companies by purchasing RPs
lion won) so that COVID-19 is not MERS or SARS, and ordered that regardless of the amount for the
first time in history. In addition,
« An important point of the Korean local governments and financial
government‘s response is that it is sending institutions have decided to co-
a consistent message to the market operate to actively support SMEs
“unprecedented financial response”. « and self-employed persons affect-
ed by the crisis. •16 W O R L D A L L I A N C E of International Financial Centers
CASABLANCA
HOW MOROCCO BATTLES THE COVID-19 –
EXCEPTIONAL MEASURES, SOLIDARITY AND
CALL FOR ACTIVE COOPERATION IN AFRICA
Morocco was one of the first A high-level economic watch com- the UN Economic Commission for
African countries to implement mittee is also in place to monitor Africa, a $100Bn stimulus is re-
strict sanitary measures which and manage the economic con- quired to avoid a recession. Hence
included immediate quaran- sequences of the pandemic. It the need for a worldwide coordi-
tine, closing of country borders, announced the suspension of all nated response. •
banning intercity travel and au- legal and regulatory deadlines,
thorizing a therapeutic protocol of bank loans repayments and
based on chloroquine. leasing as well as social charges
for companies until June 30th. « The central bank
The central bank activated addi-
activated additional
A special fund with an initial tional credit lines to facilitate in-
credit lines to
$1 billion was created to collect ter-banking liquidity for SMEs and
facilitate inter-
private and public funding in a new guarantee mechanism will
banking liquidity
order to strengthen the health
cover 95% of the loans of com-
for SMEs and a new
system and finance special allo- panies facing difficulties. Even
cations and safety nets especially though Africa boasts the young- guarantee mechanism
for the underprivileged. Thanks to est population of all continents, will cover 95% of
a national solidarity movement the challenges ahead are unprec- the loans of companies
the fund has so far reached $3Bn. edented in Africa, as according to facing difficulties. «
FRANKFURT
GERMAN COMPANIES RECEIVE MASSIVE
SUPPORT FROM THE STATE, DEVELOPMENT
BANKS AND THE FINANCIAL INDUSTRY
Waste not, want not – the arche- are immediately payable and range
typal German proverb. German from 10,000 to 30,000 Euro, de-
fiscal policy has officially said pending on number of employees.
Auf Wiedersehen to the balanced
budget and taken measures Companies can also apply for and
described as “unprecedented in workers can receive what is called
Germany’s post-war history.” Kurzarbeitergeld, more literally:
short-time allowance. This allows Hubertus Vaeth
companies, for a period of up to Managing Director,
The relief package is well in excess 12 Month, to reduce working hours Frankfurt Main Finance
of 500 billion Euro. The German for a part or whole of their staff to
national and regional development up to zero. Effected staff receive Last but not least Germany’s
banks, led by KfW, have been em- 60-67% of their pre-crisis pay from famed Mittelstand began an initi-
powered to provide liquidity for the Federal Labour Office (FLO). So ative, with public support, to bring
small, medium and large business- far, around 470,000 companies together technologies in order
es struggling with the economic have applied to take advantage of to faster produce more and bet-
and financial fallout of the current this programme. There is already ter protective masks, ventilators,
global health crisis. This support discussion to potentially extend tests and, hopefully soon, vaccines
comes as grants for SME’s, which the 12 Month period. and therapeutic treatments. •17 W O R L D A L L I A N C E of International Financial Centers
HONG KONG
GIVING SMES
A HELPING HAND
A primary role of the financial alleviate burden of paying wages
services industry is to provide and rents by SMEs.
liquidity for the real economy
to grow and thrive. Currently, Insurers also proactively extended
small and medium enterprises free limited coronavirus disease
(SMEs) account for 98% of the protection to eligible hospital
total business units and offer staff and offered free benefits to
some 45% of jobs in private sec- clients in case of hospitalisation
tor in Hong Kong. or mandatory quarantine. There
is no doubt that our financial ser-
In short, the wellbeing of SMEs is vices industry stands in solidarity
the lifeline of some 1.3 million fam- with community in weathering
ilies or individuals in Hong Kong. the storm. •
During challenging times, nothing
is more crucial than liquidity for
these firms to stay afloat. Soon « In short, the well-
after the COVID-19 outbreak, the being of SMEs is
banking sector introduced 100% the l ifeline of some Christopher Hui
Loan Guarantee under the SME 1.3 million families Executive Director, Hong Kong Financial
Financing Guarantee Scheme to or individuals. « Services Development Council
LUXEMBOURG
COVID-19: EMBRACING DIGITALI
SATION IN TIMES OF CRISIS
The COVID-19 outbreak has « Teleworking the virus. With fears that cash
impacted mankind faster and tools have quickly could contribute to spreading
more swiftly than anything become part the virus, COVID-19 is a catalyst
we have known since WW2. of the mainstream for leveraging cash less transac-
as “working from tion solutions, as it might lead to
home” becomes an increasing use of tap-and-go
We are seeing early signs of a the new normal payment channels or other forms
shift in how businesses and finan- for financial services of digital transactions. FinTech
cial services companies behave, companies, allowing and new technologies will defi-
putting digitalisation at the heart them to maintain nitely play a large role in both
of their strategy, not only to stay kick-starting our world and econ-
business
ahead of the curve, but to flatten omy again, and making it more
continuity. «
it. Teleworking tools have quickly resilient for the future. •
become part of the mainstream
as “working from home” becomes
the new normal for financial ser- vation for the public good and
vices companies, allowing them the increasing role of Artificial
to maintain business continuity. Intelligence and Blockchain not
Above all, the pandemic is ex- only to track and forecast out-
posing the importance of inno- breaks but also to help diagnose18 W O R L D A L L I A N C E of International Financial Centers
MOSCOW
WHAT FINANCIAL TECHNOLO GIES
CAN DO TO HELP AGAINST THE
CORONAVIRUS CRISIS
Advanced technologies are essen Such ideas and projects are col- the number of residents moving
tial in combating the coronavi lected on the digital platform around the city and the number
rus pandemic and its economic of the Moscow Innovation Clus- social contacts. •
impact. In recent years, IFCs ter. For example, in the fear of
have played an important role spreading the coronavirus infec-
« MIFC ranks high
in fostering innovation by sup tion, many people refuse to use
in global fintech
porting companies engaged cash and plastic debit cards. The
market. In times
in digitalization of financial SWiP fintech-service is active in
market. promoting a contactless payment of “coronacrisis”,
service that uses a biometric technology plat-
facial recognition system and a QR forms and fintech
MIFC ranks high in global fintech code. Another fintech-company – solutions are at the
market. In times of “coronacrisis”, ViewApp – offers to use its app to forefront in fighting
technology platforms and fintech quickly check on the availability against c oronavirus,
solutions are at the forefront in of essential goods and medi- e.g increasing city
fighting against coronavirus, e.g cines. Their app informs custom- safety and support
increasing city safety and sup- ers on the real situation in stores ing vulnera ble real
porting vulnerable real sector. and pharmacies, thus reducing sector. «
MUSCAT
ENSURING CASH FLOW IN THE MARKET
DURING THE CORONAVIRUS CRISIS
Just like the rest of the world, other precautionary procedures also requested all SAOGs to go
uncertainty about how severe issued to banks and FLCs. ahead with distributing dividends
the effects of the Coronavirus for the year ended 31/12/2019
out break on the Omani economy As the regulator of the Capital Mar- requiring ex-dates to be the same
has been the case. The duration ket and Insurance Industries, the as disclosed earlier in AGMs invita-
of this outbreak is still unknown Capital Market Authority (CMA) tions sent to shareholders. The aim
and this is only adding to the un- issued instructions to all SAOGs to of this move is to have as much as
certainty adding further ambigu- postpone their AGMs as a meas- OMR 409 million (USD 1.1billion)
ity to the severity of the effects. ure to help curb the spread of the re-injected in the market. •
coronavirus pandemic. The CMA
To curb these effects the Omani
government has taken some
measures. Royal orders were giv- « The Central Bank of Oman (CBO) has
en to form a High Committee to come up with a stimulus package
deal with the consequences of to inject OMR 8 billion (USD 20.87 billion)
the outbreak. The Central Bank of into the economy. This is in addition
Oman (CBO) has come up with a to other precautionary procedures issued
stimulus package to inject OMR to banks and FLCs. «
8 billion (USD 20.87 billion) into
the economy. This is in addition to19 W O R L D A L L I A N C E of International Financial Centers
PARIS
2020 CRISIS, A WAY FORWARD:
HOW FINANCIAL CENTERS HELP?
Two major issues: to manage mize the chances to win this war
the economical parenthesis and we must share and work together.
minimize failures by substitut- That is the essence of WAIFC.
ing enterprises ‘frozen earnings
by public liquidity intermedi- Actions will be a mix of human
ated by banks, second to lev- resources, processes, financial
erage this terrible global crisis instruments (capital, credit…) and
management time to deeper adapted regulation to disconnect
our societal fragility and chal- business as usual provisional or
lenges that preexisted to the prudential rules from this unu-
crisis governance, technology, sual time of frozen economy not
environment. kill institutions before the restart Arnaud de Bresson
times. FC should contribute in Chief Executive Officer,
Financial centers with their pluri- better identification and articula- Paris EUROPLACE
disciplinary components are one tion between needs and resources
of the proper “tools” to address and the international dimension In France the banking federation,
those challenges. The reconstruc- of WAIFC will contribute to cross investors association, insurance
tion phase is urgent and already fertilize actions. federation took unprecedent ini-
started. The first lesson is that we tiatives to leverage first govern-
are “in the same” boat: to maxi- mental liquidity. •
QATAR
QATAR FINANCIAL CENTRE
IMPLEMENTS BUSINESS STIMULUS
MEASURES IN THE LIGHT OF COVID-19
In the wake of the COVID-19 pan- Charge due on qualifying QFC en
demic, QFC is providing deadline tities that elect for the 0% Conces
extensions for tax filings due sionary Rate under Part 15 of the
to the ongoing COVID-19 crisis, Tax Regulations if the election is
in addition to reducing the rate made during the year 2020. QFC is
of the charge due on the late also providing deadline extensions
payment of tax (late payment for filing audited annual financial
charge) to 0% from 1 March by a period of two months.
2020 to 31 August 2020. Yousuf Mohamed Al-Jaida
Qatar is also witnessing the accel Chief Executive Officer,
The updated rates ensure that any eration of Fintechs to facilitate Qatar Financial Centre
QFC firm who extends their filing online payment. QPAY, a leading
due date will not suffer any late Fintech provider in Qatar and QFC His Excellency Sheikh Abdullah bin
payment charges until 31 August firm, slashed prices by 50% to Saoud Al Thani, recently launched
2020, should their tax due also be help Qatari SMEs accept electronic the “Qatar Mobile Payment
paid after the payment due date. payments instead of cash which System” (QMP), which provides a
In addition, the QFC announced the may be contaminated. The Gov new and safe method for immedi
waiver of the Concessionary Rate ernor of Qatar Central Bank (QCB), ate electronic payment. •20 W O R L D A L L I A N C E of International Financial Centers
STUTTGART
TRUST IS THE BEGINNING
OF EVERYTHING!
The financial crisis already certain about political actions and solutions. One great example is
taught us, how distrust can be companies doubt the economic the World Alliance of Interna-
the beginning of an end, if you development, and quit further tional Centers. The WAIFC creates
don’t act with courage. This investments. transnational relationships and
is something we did not only increases the economic and social
learn back in 2009, it is some- The most powerful force against cohesion and trust. •
thing that has to be considered todays Corona Virus is and can
for any type, including todays only be the trust between hu-
COVID-19, crisis. mans, companies, and the mar-
ket. This is where financial centers
Times of crises are always con- play an important role. Financial
nected with increasing uncer- centers foster long-lasting rela- « The most
tainty, fear, and distrust. People tionships and reliable networks powerful force
paralyze and fall back into histor- on a regional, national, and in- against todays
ical stress patterns. Banks stop ternational level. Especially in Corona Virus is
lending money to each other, con- situations like todays crisis, reli- and can only be
sumer decrease their consump- able networks can be the key to the trust bet-
tion because of distrust towards sustainably strengthen the trust ween humans,
upcoming events at the market, between institutions, share best c ompanies, and
citizens become increasingly un- practice experience, and exchange the market. «
TORONTO
SUPPORTING SMEs THROUGH
COVID-19
Canada’s financial sector, gov- interest free loans supported by the
ernments, and regulators have government’s Emergency Business
acted quickly and in a coordi- Account. Government wage subsi-
nated fashion to ensure access dies, a rent assistance program for
to credit and financial stability small businesses, interest rate cuts
for individuals and businesses. and reduced stability buffers have
also been implemented to send
Supporting SMEs has been a critical more credit to SMEs.
focus for Canada given that 99%
of businesses in Canada are SMEs. Financial sector support for SMEs
Canada’s largest banks swiftly through the crisis is no doubt
made a commitment to work with critical to both the domestic and
Canadians to provide flexible solu- global economic recovery. •
tions to help them through the cri- Jennifer Reynolds
sis. This has included actions such President & CEO,
as offering mortgage payment re- « Supporting SMEs has Toronto Finance International
lief to customers via deferred mort- been a critical f ocus
gage payments; payment deferrals for Canada g iven that
on existing small business loans, 99% of businesses in
credit cards and credit lines, and Canada are SMEs. «21 W O R L D A L L I A N C E of International Financial Centers
“Welcome to my
home office”
Nicolas Mackel, Ceo of Luxembourg for Finance
During the confinement ordered in most countries, work is continuing.
We reproduce here a story o
riginally published by Delano Magazine from
Luxembourg featuring Nicolas M ackel, the CEO of Luxembourg for Finance
who talks about adapting to this new working habits.
WHEN DID YOU START TELECOMMUTING AS A challenge now is that none of the colleagues are in the
COVID-19 PRECAUTION? office and so some tasks are difficult to execute. We
have taken to group-chatting via Whatsapp, video-con-
We decided last week to implement teleworking, first ferencing via Webex meetings and calls via Facetime.
on Thursday by offering our commuting colleagues,
then on Friday all parents of young children, and finally, HOW DO YOU MAKE TELECOMMUTING WORK
as of Sunday, everybody, to work from home. For some FOR YOU?
it is easier than for others. Having very young kids at
home can make teleworking illusory. They are grateful Even if the situation is extraordinary, we go about our
for the special holidays granted in this situation. My work. Our communication team is still running our dif-
kids are teenagers and thus have offered a non-aggres- ferent channels (website, social media, etc), albeit with
sion pact where they will let me work if I don’t interfere an obviously adapted content. Our business develop-
too much with their screen abuse ... I have even taken ment colleagues are taking advantage of this time to
up doing some exercise again on my home trainer. revise our brochures and to develop new ones. Our
events team is managing the consequences of the
WHAT ARE YOUR MOST WIDELY USED TELE- events we have had to cancel and preparing those we
COMMUTING TOOLS OR APPLICATIONS? still are confident can take place. Overall, we are fol-
lowing closely the economic and financial fallout of this
Prior to COVID-19, I was used to managing my work as crisis and starting to think how we need to react to it
well as staying in touch with my team from a distance in terms of positioning Luxembourg’s main economic
because of my extensive travel schedule. However, the activity for the aftermath. •
« We have taken to
group-chatting via
Whatsapp, video-
conferencing via
Webex meetings and
calls via Facetime. «22 W O R L D A L L I A N C E of International Financial Centers
WAIFC worldwide
WAIFC facilitates cooperation between financial centers, exchange
of best practices and communication with the general public. WAIFC
members are city governments, associations, and similar institutions
developing and promoting their financial centers.
Directory
CONTINENT CITY O R G A N I S AT I O N WEBSITE TWITTER EMAIL
Brussels BFC http://www.belfinclub.be/ @Belgian_Finance info@belfinclub.be
Frankfurt FMF https://frankfurt-main-finance.com/en @FMFdigital info@fmfinance.de
London TheCityUK https://www.thecityuk.com/ @TheCityUK info@thecityuk.com
Europa
Luxembourg LFF http://www.luxembourgforfinance.com/en @LuxFinance lff_market_intelligence@lff.lu
Moscow MIFC http://www.mfc-moscow.com/ @moscowgov info@mfc-moscow.com
Paris Paris Europlace http://www.paris-europlace.com/en @europlace contact@paris-europlace.com
Nur-Sultan AIFC https://aifc.kz/ @AIFC_KZ info@aifc.kz
Busan BIFC http://www.bifc.kr/eng/main/main.php @BusanCityGovt bifc@bepa.kr
Asia/Pacific
Hong Kong FSDC http://www.fsdc.org.hk/en @FSDCHK enquiry@fsdc.org.hk
Tokyo FinCity.Tokyo https://fincity.tokyo/ @FinCityTokyo contact@fincity.tokyo
Abu Dhabi ADGM https://www.adgm.com/ @ADGlobalMarket info@adgm.com
Middle East Muscat CMA https://www.cma.gov.om/ @cmaoman info@cma.gov.om
Doha QFC https://www.qfc.qa/en @QFCAuthority contact@qfc.qa
Americas Toronto TFI https://www.tfi.ca/ @TFI_Canada info@tfi.ca
Casablanca CFC http://www.casablancafinancecity.com/ @CasaFinanceCity contact@cfca.ma
Africa
Mauritius EDB Mauritius http://www.edbmauritius.org/ @EDBMauritius contact@edbmauritius.org23 W O R L D A L L I A N C E of International Financial Centers
AIF
Astana
International
Financial
CentreWORLD ALLIANCE
of International Financial Centers
Belgian Finance Center Busan International Financial
Abu Dhabi Global Market Casablanca Finance City City Promotion Center
The Belgian Finance Center (BFC) is a non-profit
organization created in 2009 by a consortium of Abu Dhabi Global Market (ADGM) is the financial free
banking and financial professionals based in Belgium. zone in the Emirate of Abu Dhabi in the UAE
Its members include banks, brokers, asset managers, Busan International Financial City (BIFC) Promotion
established in 2013 in order to promote the Emirate Casablanca
of Finance City (CFC) is an African financial and
insurance companies, listed companies as well as Center is established to support general operations
Abu Dhabi as a global financial center, to develop the business hub located at the crossroad of continents.
various legal and financial advisers. necessary in establishing financial organizations, and
economy of the Emirate and make it an attractive Recognized as the leading financial center in Africa, and
create strategies for cultivating Busan into a financial
Its mission is to provide its members with a forum for environment for financial investments and an effective partner of the largest financial centers, CFC has built a
hub.
discussion, knowledge sharing, and network building. It contributor to the international financial services strong and thriving community of members across four
tries to be a link between the various professional industry. major categories: financial companies, regional The conditions necessary for developing Busan into a
associations grouping banks, insurance companies, headquarters of multinationals, service providers and financial hub will be realized, along with general
ADGM's three independent authorities – the
asset managers in order to strengthen the role of the holdings. operations including research of financial industries,
Registration Authority, the Financial Services
Belgian financial community. The BFC organizes by-
monthly conferences on current financial topics.
BRUSSELS
Regulatory Authority (FSRA) and ADGM Courts – ensure CFC offers its members an attractive value proposition infrastructure establishment of financial cities,
cultivation of financial manpower, and promotion of
operates inand a premium "Doing Business" support that fosters
ABU DHABI that ADGM business-friendly
B E L G I Uenvironment
M
line with international best practice that are recognized the deployment of their activities in Africa. BUSAN CASABLANCA
financial cities.
n Finance U . A . E .
16
Hong Kong FSDC
TheCityUK
by major financial centers across the world. S O U T H K O R E A
15
M O R O C C O
18
17
nancial center initiative Luxembou
ding financial center in The Hong Kong SAR Government established
TheCityUK is the industry-led body representing UK-
he initiative has more based financial and related professional services. In the the Financial Services Development Council (FSDC) in
e State of Hesse, the UK, across Europe and globally, we promote policies 2013 as a high-level, cross-sectoral advisory body to Luxembourg for Finan
born, and dozens of that drive competitiveness, support job creation and engage the industry in formulating proposals to Development of the F
finance sector. ensure long-term economic growth. promote the further development of Hong Kong's private partnership
financial services industry and to map out the strategic Government and the L
d engagement, they all The industry contributes 10% of the UK's total
direction for development. Federation (PROFIL), b
nship to Frankfurt and economic output and employs 2.3 million people, with
The FSDC has been incorporated as a company limited financial ind
ongst the top national two thirds of these jobs outside London. It is the largest
nters. Frankfurt Main tax payer, the biggest exporting industry and generates by guarantee with effect from September 2018 to allow Founded in 2008, i
ce of its members to a trade surplus greater than all other net exporting it to better discharge its functions through research, Luxembourg's financ
e Frankfurt and provide FRANKFURT AM MAIN industries combined.
HONG KONG LONDON
market promotion and human capital development
with more flexibility.
markets and identify ne
connects internation
e platforms. U N I T E D K I N G D O M
G E R M A N Y C H I N A 22
financial services prov
LUXEMBOURG CITY asset management and
20
21
Von Base64 - Eigenes Werk, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=4235760
insurance, capital ma
CMA Oman L U X E M B O U R G Paris s
Astana International
national Financial Centre
enter The Capital Market Authority (CMA) of Oman is the sole
regulator and supervisor of the capital and insurance
markets. It was established in 1998 vide Royal Decree Paris EUROPLACE is
Astana International Financial Centre (AIFC) is a new promoting and de
No. 80/98. The CMA's strategy revolves around the
l Center (MIFC) is an financial hub for Central Asia, the Caucasus, the
evolutional and dynamic nature of the sectors it m
effort by the business, Eurasian Economic Union (EAEU), the Middle East,
West China, Mongolia and Europe. supervises. As a privileged interm
an society in general.
tion effort, affecting AIFC supports Kazakhstan’s policy of modernization and The CMA has the vision that the Capital and Insurance French authorities, wit
from financial markets growth; making the business environment more markets will become an engine for sustainable and constructive dialo
nce and healthcare. friendly, attracting capital to accelerate development economic growth and wealth creation. In order to proposals for the coll
and providing companies with the most advanced, achieve this vision the CMA will continue to develop
al crisis of 2008 sent a
n economy lacks
s in dire need of a
MUSCAT
secure and effective investment instruments.
The AIFC operates within a special legal regime based
and promote informed, efficient and effective markets
and participation. PARIS
a professional financial
O M ALaw.
on Common N NUR-SULTAN 25
F R A N C E
high-tech, world-class
rket in Russia. MOSCOW K A Z A K H S T A N
26
FinC
R U S S I A
uritius 24
Qatar Financial Centre
Deensel [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)]
Mauritius
FinCity.Tokyo was foun
Board is the apex body The Qatar Financial Centre (QFC), one of the world's Government in conj
e Prime Minister’s Office leading and fastest growing onshore business and including major fina
te and develop Mauritius financial centers, endeavors to promote Qatar as an promote and to contin
entre. The vision of the attractive business & investment destination and lies in e
e high-income economy the cross-road between East and West.
nd every citizen through With the aim of boo
Qatar is ranked as one of the top economies in capital's financial mark
ion. competitiveness, communications and innovation, and as a top-class globa
boasts one of the strongest and most dynamic markets conducts promo
ial Centre
in the MENA region. The QFC offers its own disseminating knowle
l services sector, and its international legal, regulatory, tax and business
estments in emerging
ed a strong reputation as
environment governed by English common law, which TOKYO networking domestical
overseas financia
Centre of choice. The DOHA
World Alliance of International allowsFinancial
up to 100% foreign ownership,
Centers 100%
(WAIFC)
repatriation of profits, and 10% corporate tax on locally
J A P A N
1st in Africa in numerous
nternational
gnised worldwide as one
PORT LOUIS International
Q A T A R non-profit association R.P.M. sourced profits.
19
Kakidai [CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)]
y to do business. M A U R I T I U S
28
Brussels Enterprise number 719 719 907
Boulevard Louis Schmidt 117/9, 1040 Etterbeek,
FI) is a public-private Brussels, Belgium
gest financial services
and is the lead voice http://www.waifc.finance
f the Toronto Financial @WAIFC_
e of Canada's financial
or. info@waifc.finance
ancial sector working www.linkedin.com/company/waifc
atives which drive the
he industry. TFI's work
ncial services firms Publication date: April 22, 2020
e Toronto Financial
nancial community,
ademia.
TORONTO
C A N A D A
30You can also read
