WAIFC wraps Busan meetings with new board, members and capacity-building plan

The World Alliance of International Financial Centers closed a week of meetings in Busan after its annual general meeting elected new board leaders, added members and approved a capacity-building initiative. The gathering also highlighted Busan’s financial and maritime ecosystem, along with WAIFC’s push to turn member dialogue into practical projects.

Why it matters: - WAIFC used the Busan meetings to expand its leadership, membership and project pipeline at a time when financial centers are competing on connectivity, policy influence and specialized expertise. - The week also put Busan’s role as a financial and maritime hub in front of global financial center leaders, regulators and business groups. - The alliance’s new capacity-building initiative is designed to give members more practical training and expert support.

What happened: - WAIFC concluded a week of meetings, institutional visits and discussions in Busan with more than 50 representatives from members, observers and guests. - The program followed WAIFC’s Annual General Meeting on Sept. 15. - Members elected four new board members: Ahmet İhsan Erdem of Istanbul Financial Center, Mansoor Rashid Al-Khater of Qatar Financial Centre Authority, Alhussain Al Qalhati of IFC Oman and Bakhtiyar Tleubekov of AIFC Authority. - The General Meeting welcomed Tashkent International Financial Centre as a new member. - WAIFC approved the transition of Oman’s representation from the Financial Services Authority of Oman to the newly established Oman International Financial Centre. - The Board of Directors elected Miles Celic OBE of TheCityUK as chair and Rocky Tung of the Hong Kong Financial Services Development Council as vice-chair. - The new chair and vice-chair will take office after the terms of Lamia Merzouki and Hubertus Väth end in 2026. - The board appointed Pawel Widawski of Future Finance Poland as treasurer, succeeding Lynn Robbroeckx of Luxembourg for Finance. - The General Meeting approved a new capacity-building initiative for training and expert workshops.

The details: - Participants met with the Busan Metropolitan Government, South Korean financial regulators, maritime leaders and financial industry leaders. - The BIFC Global Finance Symposium 2026, hosted at Nurimaru APEC House, focused on the future of global financial centers. - More than 100 participants attended the symposium, including WAIFC members, financial center representatives, financial institutions and international organizations. - Opening remarks came from Myongho Rhee of Busan Finance Center, Shin Chang-ho of Busan Metropolitan City, Lamia Merzouki, Michael Mainelli of Z/Yen Group, Jochen Biedermann and Mike Wardle of Z/Yen Group. - A roundtable on the future of global financial centers covered competitiveness, cooperation and new opportunities. - The roundtable also discussed WAIFC’s new Impact of Financial Centers report and shifts in technology, regulation and investment flows. - The report was a collaboration across WAIFC’s membership and introduced a common framework for financial centers to measure and communicate their contribution to their economies and ecosystems. - A panel on maritime finance and specialized financial centers examined links between financial services, shipping, logistics and the broader maritime economy. - A dinner at the Paradise Hotel brought members, observers and guests together with the Mayor of Busan, Busan Finance and maritime leaders. - Further meetings with the Mayor of Busan Metropolitan City, the Financial Services Commission and the Financial Supervisory Service focused on financial sector development and international cooperation. - WAIFC’s African Chapter held a roundtable on cooperation among African financial centers and their global positioning. - The African Chapter’s 2027 work program will include 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. - The week ended with the 5th World Alliance Young Academic Award. - Natalie Playford of the University of Toronto won 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.

Between the lines: - The leadership changes suggest WAIFC is trying to broaden regional balance while keeping continuity at the top. - The emphasis on capacity-building and the Impact of Financial Centers report shows the alliance is moving beyond networking toward tools members can use. - Busan’s maritime finance focus signals that specialized financial centers are leaning on local economic strengths instead of competing only as broad-based finance hubs. - The African Chapter’s AfCFTA-related work points to a longer-term effort to connect regional financial-center development with trade integration.

What’s next: - Miles Celic and Rocky Tung will assume their roles after Lamia Merzouki and Hubertus Väth complete their terms at the end of 2026. - WAIFC will continue work on the capacity-building initiative through training and expert workshops. - The African Chapter will move ahead with its 2027 work program and the AfCFTA-related project. - Members are likely to keep developing the Impact of Financial Centers framework and related collaboration projects.

The bottom line: - WAIFC left Busan with a refreshed leadership slate, new members and a stronger push to turn global financial-center dialogue into practical cooperation.