Cushman & Wakefield has ranked London, New York, Hong Kong, Singapore and Tokyo as today's top financial centers in a new report titled “Banking & Finance Sector: Structural change continues.”
“In the next few years banks and financial institutions, which are at the center of a cultural (r)evolution, will create interesting connections between physical and digital channels; this is not only fuelling the need for portfolio reviews but also the renovation of outdated work environments and branches through the incorporation of new technologies… Subsequently we are still likely to see the geography of banking continue to be redefined” said the report.
In this vein, some other centers will likely become new financial hubs, such as Dubai, Casablanca and Istanbul, according to the report.
Cushman & Wakefield Managing Partner Tuğra Gönden said Turkey should take the Dubai model as an example in a bid to become a future financial center.
“In the Dubai Financial Center, companies are exempted from income tax, can take visas for their foreign workers easily and launch business in an easier way. Besides, the center also has independent arbitration courts, which are key for financial business. The Istanbul Financial Center can easily raise its competitiveness if it makes all these opportunities for financial investors” he noted.