London has been the most important global financial hub of the World for as long as history has been written. It has been a hub for traders, insurance companies, investors and bankers for many centuries. There are other hubs like Hong Kong, Singapore, Dubai, etc which have become important, but none of them are as important as London. New York is the only other hub that can be compared with London. The reasons are simple.
There is no other country that is strategically placed with an easy access to every continent, with its own motherland being significant geographically & politically. Another major reason is that these two countries are known World over for their manufacturing prowess and their export oriented economy. One more distinguishing factor is the availability of skilled talent. US & UK are known world over for their excellent colleges & Universities.
There is no other country that has been able to adapt to the changing times and has adopted technology with ease. This gives the hubs of London and New York a distinct advantage over any other country, thus making it difficult for any other financial hub to come up or catch up. China satisfies all of the above criterias, but its economy operates in a different way, .i.e. it is state controlled. India is making rapid progress, but we have miles to go even before we reach the size and scale of a Singapore, Dubai or Hong Kong.
New Zealand is one country that is poised to take off as a financial hub. Anyone wanting to be a part of game changing economy need not look any further. New Zealand may sound like an unconventional choice, but the reasons for choosing it are rather simple.
It is a member of the highly developed group of countries – OECD (Organization of Economic Co-operation & Development). OECD countries are considered to be the most advanced in the World. This has ensured that its economy is already wired into the most developed global financial and trade markets. This allows any new business and company to operate smoothly globally, without having to furnish proofs and documents that they may have to provide if they operated out of a country that is not a member of the OECD. They are able to avail facilities and services for which companies from other countries may have to furnish bank guarantees.
New Zealand has been investing heavily in developing and upgrading its technology. This again makes starting & running a business in New Zealand very very easy. Its investment in research and development has made it a sought after destination for entrepreneurs. The Government of New Zealand supports entrepreneurs in many ways by providing work visas, subsidies and funds for R&D. Many people across the globe target these subsidies and visas in order to have an easy first few years for their startup. This also ensures that established companies have a ready supply of skilled talent and path breaking technology. Once acquired, this technology can be easily implemented across the OECD countries and the World.
New Zealand has invested significantly in the education sector. It has some of the best Universities in the World. Students from all over the World target New Zealand’s Universities for getting their Undergraduate & Post Graduate degrees. Finance, happens to be one of the most sought after courses as New Zealand is busy building its financial infrastructure. Having a Masters in Finance from New Zealand is totally worth it. A student gets good recognition from a World class University and great job prospects on completing his education. BSE Institute Ltd & the University of Otago jointly offer a 12 month Masters in Finance. It gives students an opportunity to work in New Zealand on completing the course and incase you don’t have a job in hand on completing the course, the Govt of NZ gives you a 12 month work search visa. The average salary that students earn on completing the course is $50,000 per annum.
Keeping all this in mind, New Zealand is investing a significant amount of funds in making it the financial hub of choice for major banks and MNCs. Having the right talent, technology, skills and funds will ensure that this financial hub will be influential very soon. Being able to witness the building and development of global financial city from scratch is a rare privilege that a few people get over the course of their lifetime. Building a global financial hub takes time and now is the best time to start, when the process has just begun. With the opportunities cited above, it may be possible to have your name etched in history as one of the few Indians responsible for building a global financial hub. You just need to reach out and grab this opportunity.