Consider the following Statements about Global Financial Centres (GFCs) and choose the option with correct Statements.

I- GFCs play a crucial role in supporting international trade, providing a platform for the exchange of goods and services and facilitating cross-border financial transactions

II- GFCs offer only a set of limited products which are only in the purview of Core Banking system.

III- GFCs are significant contributors to global economic growth, creating jobs, generating tax revenue, and supporting investment and trade.

Solution

GFCs play a crucial role in supporting international trade, providing a platform for the exchange of goods and services and facilitating cross-border financial transactions. GFCs often offer specialized financial services tailored to the needs of importers, exporters, and other international trade participants, such as trade finance, foreign exchange, and export credit insurance. GFCs offer a wide range of financial services, including investment banking, asset management, insurance, and trading. These services are essential for businesses, governments, and individuals seeking to raise capital, manage risk, and invest in the global economy. GFCs also provide specialized services tailored to specific regions or markets, such as Islamic finance in the Middle East or wealth management in Singapore. GFCs are significant contributors to global economic growth, creating jobs, generating tax revenue, and supporting investment and trade. They often serve as the primary engines of economic growth for their respective regions, attracting foreign investment and driving innovation and development.