Istanbul named among top future financial centers

ISTANBUL

Istanbul’s financial district where headquaters of most of the banks are seen in this aerial photo. DAILY NEWS photo, Emrah GÜREL

Istanbul has been named one of the world’s top future financial centers along with Singapore, Shanghai, Dubai and others in a fresh report. The Istanbul Financial Center project should however be improved further in line with successful rising examples, such as Dubai, according to experts. 

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physical and digital channels; this is not only fuelling the need for portfolio reviews but also the renovation of outdated work environments and branches through the incorporation of new technologies… Subsequently we are still likely to see the geography of banking continue to be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. 

Meanwhile, Borsa Istanbul CEO Tuncay Dinç said Istanbul should be further integrated into world markets and one of the areas where Borsa Istanbul will be leading the world is in interest-free finance, while in the Bosnian capital of Sarajevo on March 11, as reported by state-run Anadolu Agency.