WAIFC Report on “Supporting Ecosystem for Sustained Recovery and Growth of SMEs”
As part of its broader work on the role of financial centers in supporting global economic recovery, the World Alliance for International Financial Centers (WAIFC) has published a new report on ’Supporting Ecosystem for Sustained Recovery and Growth of SMEs.’ The Report recognizes the urgent need for innovative solutions and draws on approaches through which some of the WAIFC member countries are addressing these issues in the form of regulatory measures, capacity building, and financing landscape. WAIFC leaders are committed to taking the lead on ensuring collaboration and cooperation across different elements of the SME ecosystem, both nationally and internationally. The report provides recommendations to address the added complexities that SMEs and entrepreneurs face.
Advocating the key role of IFCs in creating and adopting enabling ecosystems to provide support mechanisms for startups, SMEs, and entrepreneurs, WAIFC will continue to develop a holistic assessment of the SME market in the context of the entire value chain and across industries to provide recommendations on economic and policy factors needed to improve resilience and transparency in global supply chains.
Commenting on the report, Jennifer Reynolds, Chair of the WAIFC Board of Directors, stated:
“The World Alliance of International Financial Centers (WAIFC), promoting the benefits of sharing best practices and new financial and regulatory initiatives, continues to bring together international financial centers to further develop their efforts as hubs of the global finance industry. The WAIFC members continue to share a broad consensus that sustainability and inclusive growth lie at the core of financial centers of the future and that small and medium enterprises (SMEs) are crucial to accelerating these efforts.”
Dr. Kairat Kelimbetov, Governor of the Astana International Financial Centre (AIFC), said:
“Supporting Ecosystem for Sustained Recovery and Growth of SMEs aims to explore the role of international financial centers in supporting startups, small and medium-sized enterprises (SMEs), and entrepreneurs given the recent global crises. This paper builds on the previous report Supporting SMEs with Sustained Post-COVID Recovery and analyses some of the continued support to help SMEs and entrepreneurs transition to a state of recovery. As support and relief measures introduced by governments during COVID-19 are phased out, it is crucially important for cross-sector partnerships – with governments, policymakers, international financial institutions, the investment community, the industry, and the private sector – to support the recovery and growth of SMEs”.
Please read the full report here.
Astana International Financial Centre (AIFC) is a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia, and Europe. The AIFC operates within a special legal regime based on Common Law, which regulates the legal relationships between AIFC participants and third parties and is aimed at the development of the financial market.
Belgian Finance Center (BFC) is a non-profit organization created by a consortium of banking and financial professionals based in Belgium. Its mission is to provide its members with a forum for discussion, knowledge sharing, and network building. It tries to be a link between the various professional associations grouping banks, insurance companies, and asset managers in order to strengthen the role of the Belgian financial community.
Casablanca Finance City (CFC) has been a founding member of WAIFC since 2018. CFC is strategically located at a crossroad of continents and has built a thriving community of members comprising financial companies, regional headquarters of multinationals, service providers, and holding companies. CFC offers local expertise to access opportunities in Africa, with a strong regional platform and a complementing regulatory authority, Casablanca Finance City Authority (CFCA), which serves to implement CFC’s development strategy, promote CFC to International institutions and investors and drive reforms to improve the business environment.
Frankfurt Main Finance (FMF) is the financial center initiative for Frankfurt am Main, the leading financial center in Germany and the eurozone. The initiative has more than 70 members, including the State of Hesse, the cities of Frankfurt and Eschborn, and dozens of prominent actors in the finance sector. FMF leverages the influence of its members to advocate for the Financial Center Frankfurt and provide high-caliber dialogue platforms.
Paris EUROPLACE is the organization in charge of promoting and developing the Paris financial marketplace. As a privileged intermediary of the European and French authorities, with which it maintains an ongoing and constructive dialogue, Paris EUROPLACE initiates proposals for the collective benefits of the financial center.
FinCity.Tokyo was founded under the leadership of the Tokyo Metropolitan Government in collaboration with private businesses in order to promote and continuously upgrade Tokyo's financial ecosystem. FinCity.Tokyo conducts promotional activities, including disseminating information; facilitating market entry/ networking domestically and internationally; attracting overseas financial companies to Japan.
Finance Malta is the public-private initiative set up to promote Malta as an International Financial Centre. FinanceMalta came on the scene at a critical time, just as Malta entered the Eurozone. The financial services sector is now a major force in the country’s economy. Malta has some significant strengths to offer the industry, such as a well-trained, motivated workforce; a low-cost environment; and an advantageous tax regime backed up by more than 70 double-taxation agreements.
Enterprise NGR is a professional policy and advocacy group established with the objective of promoting and advocating for the Financial and Professional Services sector of Nigeria, with a view to transforming Nigeria into the premier financial services center in Africa.