Istanbul's new mega financial center and the Abu Dhabi Global Market (ADGM) have signed a deal to cooperate on boosting Türkiye’s financial competitiveness by bringing together public and private sector banks, asset management firms, brokerage firms and more, a report by Anadolu Agency (AA) said on Wednesday.
The Istanbul Financial Center (IFC) said in a statement on Wednesday that the deal will help boost the development efforts of Türkiye’s financial markets, products and services, in addition to strengthening their integration into international financial and capital markets.
Under the deal, the two financial centers will work together in the areas of research, development, training, transferring know-how and technological development.
They agreed to support each other when preparing various meetings, conferences, seminars, and other promotional and international development-related events.
The deal includes the participation of business representatives from both Türkiye and the United Arab Emirates (UAE) in relevant events, which the financial centers will organize in the two countries while working toward boosting the capacities of the two countries through cooperation on technical assistance and policy development that benefit both sides.
The two parties will support various areas through exchanging expertise, such as in green and sustainable finance, environmental, social and governance (ESG), green bonds, corporate social responsibility, and sustainable and responsible investments
Ahmet Ihsan Erdem, CEO of the Istanbul Financial Center, said in a statement that the cooperation deal will bring the two financial centers closer and stronger and it will allow them to create an ecosystem in which institutions from the two countries can share and work together.
Established to provide an efficient financial services ecosystem, the IFC aims to deliver growth to the Turkish economy and international investors by becoming a regional center in the short term and a global center in the medium term.
The center was officially opened in a ceremony in April 2023. It hosts offices of the Central Bank of the Republic of Türkiye (CBRT), the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board of Türkiye (SPK), Borsa Istanbul and major domestic lenders.
