The World Alliance of International Financial Centers concludes AGM and a week of meetings in Busan

The World Alliance of International Financial Centers (WAIFC) concluded a week of meetings, institutional visits and discussions in Busan.

BUSAN, SOUTH KOREA, September 18, 2026 /EINPresswire.com/ -- The World Alliance concluded a week of meetings, institutional visits and discussions in Busan, bringing together more than 50 representatives from members, observers and guests, as well as senior representatives from Busan’s financial, maritime and business communities.

The program followed World Alliance’s Annual General Meeting on September 15, where members elected four new Board members: Ahmet İhsan Erdem, CEO of Istanbul Financial Center; Mansoor Rashid Al-Khater, Chief Executive Officer of Qatar Financial Centre Authority; Alhussain Al Qalhati, Associate Director at IFC Oman; and Bakhtiyar Tleubekov, Chairman of the Management Board of AIFC Authority.

The General Meeting also welcomed Tashkent International Financial Centre as a new member, and approved the transition of Oman’s representation in the World Alliance from the Financial Services Authority (FSA) of Oman to the newly established Oman International Financial Centre (OIFC).

World Alliance’s Board of Directors elected its new Chair Miles Celic OBE from TheCityUK and Vice-Chair Rocky Tung from the Hong Kong Financial Services Development Council. The new Chair and Vice-Chair will take office following the completion of the terms of Chair Lamia Merzouki and Vice-Chair Hubertus Väth at the end of 2026. Furthermore, the Board appointed Pawel Widawski from Future Finance Poland as the new Treasurer. He succeeds Lynn Robbroeckx from Luxembourg for Finance.

The General Meeting also approved a new capacity-building initiative to expand practical support for members through training and expert workshops.

During the week, participants learned more about Busan’s financial and economic ecosystem through meetings with the Busan Metropolitan Government, South Korean financial regulators, maritime and financial industry leaders, and the BIFC Global Finance Symposium 2026: Symposium on the Future of Global Financial Centers, hosted at Nurimaru APEC House.

The symposium brought together more than 100 participants, including WAIFC members, representatives from financial centers around the world, financial institutions and international organizations. The event opened with remarks from Myongho Rhee, President of Busan Finance Center, followed by Shin Chang-ho, Deputy Mayor for Digital Economy of Busan Metropolitan City; Lamia Merzouki, Chair of the World Alliance; Michael Mainelli, Executive Chairman of Z/Yen Group; Jochen Biedermann, Managing Director of the World Alliance; and Mike Wardle, CEO of Z/Yen Group.

The symposium included a Roundtable, “The Future of Global Financial Centers: Competitiveness, Cooperation and New Opportunities,” where members discussed World Alliance’s new Impact of Financial Centers report and the changing environment for financial centers, including developments in technology, regulation and investment flows.

The report was a collaboration across the World Alliance’s membership, introducing a common framework for financial centers to understand, measure and communicate their contribution to their economies and wider ecosystems.

Busan’s role as a specialized financial center was another focus of the program. A panel discussion on “The Future of Maritime Finance and Specialized Financial Centers” examined the links between financial services, shipping, logistics and the wider maritime economy, drawing on Busan’s position as a major global port and Korea’s maritime capital.

A dinner at the Paradise Hotel brought World Alliance members, observers and guests together with the Mayor of Busan, Busan Finance and maritime leaders. Further meetings with the Mayor of Busan Metropolitan City, Financial Services Commission (FSC) and Financial Supervisory Service (FSS) focused on financial sector development and international cooperation.

The World Alliance’s African Chapter also held a roundtable on strengthening cooperation among African financial centers and their global positioning. Its 2027 work program will include finalizing a project on “The Role of African Financial Centers in Accelerating the AfCFTA Agenda.”

A visit to Hanwha Ocean highlighted the links between maritime industries, trade, logistics and financial services, and the role specialized financial centers can play in supporting these sectors.

The week also saw the conclusion of the 5th World Alliance Young Academic Award, with Natalie Playford (University of Toronto) taking first place for her paper, From Gender Rhetoric to Lending Rules: Adoption and Strength of Gender Clauses in Multilateral Development Bank Lending.

The program concluded with a farewell dinner for members and guests.

Lamia Merzouki, Chair of the Board of Directors, said:
"Bringing the World Alliance to Busan has been a fitting way to conclude my term as Chair and to bring together our increasingly diverse membership from West to East. Over the past two years, we have strengthened our regional engagement, deepened collaboration among members and, importantly, worked to translate dialogue into practical outputs, including the Impact of Financial Centers project and new capacity-building initiatives. I am particularly pleased to see the Alliance continuing to build a common framework while recognizing the diversity of financial center models around the world. This week in Busan has once again demonstrated the value of sharing experience across markets, engaging with policymakers and industry leaders, and working together to address the opportunities and challenges shaping the future of financial centers."

Hubertus Väth, Vice Chair and incoming Honorary Member, said:
“Over the years, the World Alliance has developed into a truly global platform for financial centers, with stronger connections across regions and an increasing focus on turning dialogue into action. The growth of our regional roundtables and the work undertaken together by members, including the Impact of Financial Centers project, demonstrate how much the Alliance has evolved. The World Alliance has always provided a platform for members to learn from different markets, develop common perspectives and identify areas for collaboration. It has been a privilege to contribute to that development, and I am pleased to see the Alliance enter its next phase with an even stronger basis for collaboration."

Jochen Biedermann, Managing Director, said:
“The week in Busan reflected the breadth of work taking place across the Alliance, from developing a common approach to measuring the impact of financial centers and expanding our practical capacity-building support, to our Young Academic Award and the continued growth of our membership. We are very pleased to welcome Tashkent International Financial Center and Oman International Financial Centre, and to create more opportunities for members to share expertise and support one another’s development. These initiatives demonstrate how WAIFC is evolving beyond dialogue to provide practical opportunities for collaboration.”

Abdulrahim Osman
WAIFC
osman@waifc.finance
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