The Next Frontier of Financial Centre Development - Ethical Finance in a World Post COVID-19

Some forms of ethical finance and financing (e.g. Islamic Banking, Green Finance etc.) already exist in financial centres round the globe. But, there is no clear global leader championing its holistic development, application and delivery across all sectors of the financial system.

It is worthwhile to promote ethical finance again, as the world's debt issue will become increasingly critical post COVID-19 lock-down. And widespread non-ethical finance/financing and product development could be a trigger to the next financial crisis like what happened in 2008 Global Financial Crisis , where the subprime crisis evolved from a one nation's financial crisis to eventually endanger the financial systems across the globe.

Ethical Finance and Financing emphasizes doing good while conducting business by taking into account the ESG factors (environmental, social and corporate governance) from product development to corporate operations and actions. This minimizes negative impact and harm to the broader society, financial system and stakeholders by ensuring products like subprime mortgages will never be re-packaged into "harmless" products like the mini-bonds etc as they are not the sync with principle of doing good while conducting business .

If ethical finance and financing can be the new normal after COVID-19, the global financial system will definitely be more resilient, stable and gather more trust and goodwill and make the world a better world for all.

Derek is a contract consultant based in Singapore. He is always looking for quality and relevant long term employment opportunities within the nation. He is sharing perspectives in his personal capacity in the hope that a layman's general perspective might spark off something brilliant. Hopefully, it will make the world a more peaceful and better home for all that resides in it.

Derek holds an MBA and BSc (Hons) in Business Computing (Business Management and Computing) awarded by The Bradford University,UK, Specialist Diploma in Operational Risk Management from The National University of Singapore (NUS) Risk Management Institute (RMI), Specialist Diploma in IT Security from The Nanyang Polytechnic, Singapore , Diploma in Mobile Wireless Computing from The Temasek Polytechnic, Singapore, and The Oxford Fintech Program Certificate from The Oxford University, UK