Doha: The Qatar Financial Centre (QFC) has virtually hosted the 2020 Annual General Meeting (AGM) of the World Alliance of International Financial Centers (WAIFC) for the first time.

The high-level, virtual global event brought together all of the 17 international financial centres, which make up the WAIFC's members, to discuss the latest economic developments and trends, explore means of cooperation and exchange expertise and knowledge. The discussions were mainly focused on joining forces and making collaborative efforts to introduce best practices and solutions to reignite economic growth in the post Coronavirus (COVID-19) environment. 

Speaking in a ‘Fireside Chat' event organised as part of the AGM, Chief Executive Officer and Board Member at QFC Authority, Yousuf Mohamed Al Jaida, said: 'We are honoured to be hosting this AGM virtually for the first time after gaining our WAIFC membership last year. As we are transitioning into a changed world coming out of the pandemic, the role of WAIFC is becoming ever more vital, and as enablers of economic development, we all are actively pursuing ways to help reignite economic growth within our territories and beyond. By establishing an open flow of information, WAIFC has become a perfect platform for all of us to work collectively on important projects and get through this difficult time. 

He added: 'Our mutual relationships as members of WAIFC have evolved and strengthened as we have started to work together more closely than before, which is a very positive development that we are taking on towards the future. Following this AGM, which holds special significance considering that the world is going through a very tough time due to the pandemic, we are committed to work with our relevant stakeholders in Qatar and beyond to ensure that the necessary infrastructure is in place for entrepreneurs, start-ups and SMEs, that form the source of innovation and the backbone of our economies, to be further nurtured and protected.

WAIFC members issued a joint declaration in May 2020, to mitigate the outcomes of the pandemic and formed joint international working groups to study the impact of the pandemic. The four working groups comprising of experts from WAIFC member international financial centres shared preliminary insights during the AGM on how to re-engineer key areas of national economies, including Sustainable Finance, SME Finance, Regulation and FinTech and Innovation, to ignite a lasting and resilient global economic recovery.  

Chairman of WAIFC and Chief Executive Officer & Managing Director of Paris Europlace, Arnaud de Bresson, said: 'The World Alliance of International Financial Centers held its Annual General Meeting today, this time virtually and hosted by the Qatar Financial Centre. 

It was essential for our members to meet in the current crisis and confirm that financial centres are part of the solution for economic recovery. We have important contributions to accelerate growth, with a strong focus on accelerating sustainable finance and financial innovation.

Managing Director of WAIFC, Dr. Jochen Biedermann, added: 'Our members, leading financial centres globally, met today for our Annual General Meeting. We are very grateful that the Qatar Financial Centre hosted this meeting, even though we could only meet virtually this time. In our meeting, we talked very intensively about the economic recovery after the current pandemic and what we can do to support it. We will publish concrete recommendations in the coming weeks.

Senior representatives of the international financial centres and leading financial figures from Qatar and beyond also received insights about the remarkable scope, inclusivity and growth potential of Qatar's burgeoning business ecosystem with a focus on the country's rising FinTech sector.  

Georges Fouad Salem, Business Intelligence Manager, Qatar Development Bank, shared an in-depth view of the progress Qatar has made in empowering its FinTech landscape with a focus on the Qatar FinTech Hub and its vision in advancing the country's national FinTech strategy. Mohammed Aldelaimi, Co-Founder and Managing Director of SkipCash, a budding FinTech firm in Qatar, licensed by the QFC, also shed light on the support it has received from the ecosystem throughout their entrepreneurial journey. 

Henk J. Hoogendoorn, Managing Director, Financial Sector Office at QFC, a key partner of the Qatar FinTech Hub, shared the many ways the QFC supports Qatar's FinTech ecosystem, as Qatar's primary platform enabling and facilitating businesses, including FinTechs, to set up and register in Qatar.

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