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    Question

    Globally, International Financial Centres (IFCs) have assumed prominence in the financial services ecosystem primarily because they have contributed enormously to the growth of international financial transactions. What kind of Institutions are there in the International Financial Centres (IFCs)?

    I- Banks

    II- Stock Markets

    III- FinTech Firms

    IV- Aircraft leasing Companies

     

    A I & II Correct Answer Incorrect Answer
    B II & III Correct Answer Incorrect Answer
    C I, II & III Correct Answer Incorrect Answer
    D II, III, & IV Correct Answer Incorrect Answer
    E I, II, III, & IV Correct Answer Incorrect Answer

    Solution

    Globally, International Financial Centres (IFCs) have assumed prominence in the financial services ecosystem primarily because they have contributed enormously to the growth of international financial transactions. These centers have played a pivotal role in accelerating the pace of financial globalization. In common parlance, an IFC is a jurisdiction with a high concentration of financial institutions such as Banks, Stock Markets & related entities, Insurance firms, Fund Managers, FinTech firms, etc., which offer specialized financial services to non-residents and residents, in an environment that promotes financial innovation and facilitates cross border transactions.

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