Kenya is bracing for a regional financial hub, the Nairobi International Financial Centre.
This centre is expected to compete for a place with the likes of Economic Development Board of Mauritius, Casablanca Finance City, Kigali International Financial Centre and the Twin cities of Cape Town and Johannesburg.
Distinguishing aspects of an IFC include large number of financial institutions and financial systems, low or zero taxation, moderate or light financial regulation, technology innovation, banking secrecy and anonymity.
An aerial view of the Nairobi Central Businss District on June 30, 2021. PHOTO | DIANA NGILA | NMG Kenya is bracing for a regional financial hub, the Nairobi International Financial Centre. This dream is a near reality after the government invited submissions on the regulations.
This centre is mirrored on Doha’s International Financial Centre and is expected to compete for a place with the likes of Economic Development Board of Mauritius, Casablanca Finance City, Kigali International Financial Centre and the Twin cities of Cape Town and Johannesburg
An International Financial Centre (IFC) is often when the majority of financial sector activity is offshore, transactions are originated abroad, and non-residents manage the majority of the institutions involved.
Distinguishing aspects of an IFC include large number of financial institutions and financial systems, low or zero taxation, moderate or light financial regulation, technology innovation, banking secrecy and anonymity.
These kinds of centres are at the heart of global change.
In a shifting pattern of global commerce and finance, they provide various chances for expansion and regional development. Further, they provide the infrastructure and resources to encourage entrepreneurship and economic growth in a variety of sectors and regions.
The centres are enthusiastic about financial innovation and actively contribute to its advancement and are clusters of competence and experience in economic and financial services. They also promote inclusive and sustainable development through a network of institutions.
Because of these traits, International Financial Centres have since become more reliant on technology. As a result, new technologies such as cloud computing and block-chain, as well as artificial intelligence, big data analytics, and machine learning, are a norm and fuelling innovation.Consequent of these advancements, financial and technological engineering has been possible, culminating in the fintech phenomenon.At the heart of fintech is the flow of knowledge and technology that leads to improved productivity and innovation across the globe.This is visible in the movement of “material” products and services across international boundaries, as well as the transfer of intangibles […]