Magnetic “financial ecosystem” can draw in financial institutions
What is “financial ecosystem”? Greg Becker, CEO of Silicon Valley Bank, thinks that an effective “financial ecosystem” relies on the support of the government, venture capitalitists, quality education institutions (proving both technical innovation and a skilled workforce), and the legal and financial industries.
However, Mark Farrell, Mayor of San Francisco attaches more importance to university education, tax policies and the surrounding ecology.
“Outstanding universities can attract students to settle in the ecosystem; tax policies influence companies’ profits and their total number of employees; an ideal environment is necessary for people to enjoy their work and life in the ecosystem.” says Mayor Farrell.
All in all, there is no standard definition of “financial ecosystem”, but one thing is certain—the “financial ecosystem” is a must for the development of the financial industry in a region, as it draws in financial institutions and talent from across the globe.
A good example of where this has happened is London, home to more than 200 foreign banks and over 400 thousand people engaged in finance or finance-related industries.