Financial Center News #135

A new year begins and with it, the spirit of collaboration that unites us all. From the World Alliance of International Financial Centers (WAIFC), we wish our global community a year filled with energy and unity.

VOICES | Thought Leadership Highlights 2025

Philippe Richard – ADGM: Launching the WAIFC AI Project — a collective deep dive into AI use cases, risks, and opportunities for financial centers, with the ambition to deliver concrete insights and a white paper by year-end.

Brenda Mbathi – TRIFIC SEZ: Positioning Nairobi as Africa's financial & innovation gateway — with a strong focus on job creation, fintech, digital services, and youth-driven growth through global collaboration.

Lynn Robbroeckx – Luxembourg for Finance: Talent & technology as key drivers of competitiveness — highlighting the need for strong ecosystems where AI boosts efficiency while human skills, trust, and leadership remain central to long-term growth.

Temirlan Mukhanbetzhanov – AIFC: Accelerating AIFC's momentum in 2025 — attracting international institutions, expanding capital markets, advancing sustainable finance, and strengthening Central Asia's role as a bridge between Europe, Asia, and the Middle East.

VOICES | Thought Leadership Highlights 2025

Bernice Buttigieg – FinanceMalta: Strengthening Malta's reputation as a trusted & innovative financial hub — supporting member internationalization, research, visibility & long-term sustainable growth.

Daniel Mainda – NIFC Africa: NIFC leverages its new WAIFC membership to deepen global connectivity and unlock opportunities in fintech, sustainability, startups & cross-border investment.

Hortense Mudenge – Kigali International Financial Centre: Driving Rwanda's financial ecosystem through investor relevance, sustainable finance, fintech expansion & skills development. Kigali is becoming a hub for inclusive, digitally-enabled growth.

Jochen Biedermann – World Alliance of International Financial Centers (WAIFC): Reflections on global banking regulation — balancing stability & innovation in today's interconnected financial landscape.

As the year draws to a close, some things remain constant: The partnerships that strengthen collective progress. The confidence that comes from trust. The continuity of an ecosystem built carefully. And the community that fuels it all.

These are the foundations ADGM was built on, and they continue to guide what lies ahead. Along the Path to Forward, they shape our ambitions for 2026 and the way we choose to grow: thoughtfully, responsibly and with purpose.

To our community, thank you for the role you play in this journey. We move into the year ahead with strong belief in what we are building together.

In 2025, the Astana International Financial Centre continued its steady development, expanding its ecosystem, strengthening institutional infrastructure, and reinforcing its role as a platform for investment attraction and financial market development.

Throughout the year, focus was placed on key areas including the capital market, digital assets, regulation, sustainable finance, and dispute resolution mechanisms.

Please refer to the PDF file to review the key results of AIFC's work in 2025. The full version of the release is available on aifc.kz.

Closing the year with strong global momentum at Busan Finance Center.

In 2025, BFC took meaningful steps to expand its international connectivity joining the British Chamber of Commerce and deepening engagement across major global financial hubs in Asia, the Middle East, and Europe.

Throughout the year, we strengthened strategic networks with international financial centers, policy institutions, and industry platforms, reinforcing Busan's position within the global financial ecosystem.

This momentum was brought to life through key initiatives, including the Busan Financial Hub Forum, a Busan IR conference in London, and a cultural concert that connected finance, culture, and community.

As we look ahead, we remain committed to building bridges, fostering collaboration, and advancing Busan as a global financial hub.

Cotonou | The journey begins

As part of the second edition of the CFC Africa Tour, held from 16 to 21 November, the journey officially began in Cotonou, marking the first stop of a regional mission across Benin, Togo, and Ghana.

This throwback video highlights the key institutional engagements held in Benin, aimed at strengthening economic cooperation and fostering investment opportunities. The delegation held meetings with the National Council of Employers of Benin (CNP-Bénin) and the Chamber of Commerce and Industry of Benin (CCI Benin), and conducted a visit to the industrial zone, gaining firsthand insight into the country's industrial ecosystem and development potential.

This first stage in Benin set the tone for a week dedicated to dialogue, collaboration, and investment promotion across West Africa.

In the UAE's Year of the Family, DIFC celebrates the values that shape strong communities, shared ambition, care across generations and building a legacy for the future. From supporting families who live, work and grow in the Centre to enabling long term prosperity across generations, DIFC remains committed to creating an environment where families and businesses thrive together.

The Authority concluded today the third article of the (Cert CII) program.

The program aims to empower participants with basic general insurance principles including the regulatory environment, the main disciplines of underwriting and claims, as well as popular products such as motor and home insurance, healthcare and commercial insurance.

The program targeted employees of companies and brokers.

Growing regulatory complexity continues to reshape the daily reality of financial institutions — and increasingly, the experience of their customers. In her latest expert analysis for Future Finance Poland, Monika Szpakowska from mBank S.A. examines how expanding AML/CFT obligations translate into real-world challenges across onboarding, periodic reviews and documentation processes.

"The Impact of AML Requirements on Customers of Obligated Institutions" highlights a dynamic that is becoming more visible across the market: as regulatory expectations rise, clients often feel overwhelmed by repeated requests for information, unfamiliar documentation requirements, or explanations of beneficial ownership structures that are difficult to understand - even for experienced professionals.

A particularly demanding area is the UBO (Ultimate Beneficial Ownership) verification process. Monika Szpakowska points to challenges commonly reported by clients, including: navigating national registers and differing documentation standards, translating materials from multiple jurisdictions, identifying entities deep in complex ownership chains, dealing with document expiry during extended verification, and adapting to frequent structural changes in corporate groups.

For obligated institutions, this creates a significant operational and reputational balancing act: meeting stricter regulatory expectations while ensuring that customers do not perceive AML procedures as unnecessarily intrusive. Declining satisfaction levels - often reflected in NPS scores - illustrate how strongly compliance processes can influence customer perception.

Moreover, the forthcoming EU AML package will further intensify documentation requirements, especially around UBO structures, making these challenges even more relevant for the sector.

In this context, Monika Szpakowska stresses the importance of proactive customer education. Clear, transparent communication about regulatory drivers and the purpose behind each documentation request is currently one of the most effective ways to reduce frustration and build trust.

We invite you to read the full analysis and consider how the future AML framework will shape customer experience and operational models across the financial ecosystem.

Discover how the Istanbul Financial Center brings together a complete financial ecosystem in one location. From the One Stop Bureau to competitive incentives and strategic connectivity, IFC offers an integrated environment designed for growth and collaboration.

Explore the district shaping the future of finance.

As we close out the year, we're excited to reflect on what has truly been a milestone year for the Nairobi International Financial Centre!

Over the past year, we: • Introduced new incentives under the NIFC framework • Expanded the NIFC team to support our growing ambitions • Signed an MoU with the Qatar Financial Centre (QFC) Authority • Signed an MoU with the East Africa Private Equity & Venture Capital Association (EAVCA) • Signed an agreement with Bupa Global to join the NIFC • Signed agreements with Lloyd's and Africa Specialty Risks • Partnered with the Africa Finance Corporation • Joined the World Alliance of International Financial Centers (WAIFC)

We're deeply grateful to our partners and stakeholders for making this year such a success. With strong momentum behind us, we look ahead to an even more impactful and exciting 2026!

Well-deserved recognition for our Board Chair, Omar Ali CBE of EY, for his outstanding contribution to financial services. He is a tireless champion for the industry and the important role it plays in society and the wider economy, including in his capacity as an advisor to government on its Board of Trade. Huge congratulations from TheCityUK team.