Yerevan is not yet on the global financial centres map.
The Global Financial Centres Index 39 ranks 120 financial centres and tracks 17 associate centres. Yerevan appears in neither.
The Yerevan Financial Centre Initiative is an independent, market-led effort to document Armenia’s financial-centre case and bring Yerevan into the international assessment conversation.
The Yerevan Financial Centre Initiative is an independent, market-led effort to document Armenia’s financial-centre case and bring Yerevan into the international assessment conversation.
What is the
Global Financial Centres Index?
Global Financial Centres Index?
The Global Financial Centres Index is one of the main international benchmarks for financial-centre competitiveness. First published in 2007, it is updated every March and September by Z/Yen Group in partnership with the China Development Institute.
The index combines two types of input: assessments from financial-services professionals and quantitative indicators covering business environment, human capital, infrastructure, financial-sector development, and reputation.
The index combines two types of input: assessments from financial-services professionals and quantitative indicators covering business environment, human capital, infrastructure, financial-sector development, and reputation.
- Since 2007published twice a year
- 147instrumental factors used in GFCI 39
- 34,468financial-centre assessments in GFCI 39
The region is already visible
Several regional peers already have a place in GFCI 39.
Tashkent, Bishkek, Chisinau and Tbilisi are listed as associate centres. Yerevan is not.
Why Yerevan?
Armenia has a credible base for an emerging financial centre. What is missing is a coordinated profile visible to international market participants.
- Financial talentLocal and relocated finance professionals with investment, research, analytical, and cross-border market experience.1
- Technology baseA strong technology sector with relevance for fintech, data, risk, regtech and market infrastructure.2
- Market infrastructureActive banks, brokers, regulated investment funds, exchange infrastructure and growing capital-markets activity.3
- Diaspora networkA global Armenian professional network across major financial centres and investment communities.4
- Regional positionA connected market at the intersection of Europe, Eurasia, the Middle East and global Armenian networks.5
- Market momentumRecent economic growth and financial-sector activity strengthen the evidence base for Yerevan’s case.6
How centres enter the GFCI conversation
A centre does not enter the index by declaration.
It first needs to be visible to international financial professionals, then assessed from outside its home market.
It first needs to be visible to international financial professionals, then assessed from outside its home market.
Mentions
A city can be added to the GFCI questionnaire after receiving five or more mentions as a centre that may become more significant over the next two to three years.
External assessments
To receive a GFCI rating and ranking, a centre needs more than 150 assessments from respondents based in other financial centres within the previous 24 months.
Associate status
Centres that are tracked but have not yet qualified for the main ranking may appear as associate centres.
Ranking
With sufficient external assessments and supporting data, a centre can enter the main GFCI ranking.
Our objective: Yerevan moves from absent → mentioned → assessed → ranked.
What we are building
An independent platform for evidence, outreach and coordination around Yerevan’s financial-centre case.
- EvidenceCompile data on Yerevan’s financial sector, regulation, institutions, talent, infrastructure, and market activity.
- NetworkBuild a network of professionals and institutions in Armenia and in established financial centres.
- EngagementEngage with GFCI, other relevant indices, conferences, media and financial-services communities.
Initiated by
The initiative was launched by Evgeniya Sluchak, a financial-markets professional based in Yerevan since 2019 and founder of ArmHedge Fund Services.
In March 2024, she raised the question of Yerevan’s absence from the Global Financial Centres Index at the II Conference Capital Markets Armenia. Two years later, the issue remains unchanged: Yerevan is still absent from both the main GFCI ranking and the associate centres list.
The initiative is independent and open to market participants, institutions and professionals who can contribute relevant evidence, expertise or international perspective.
In March 2024, she raised the question of Yerevan’s absence from the Global Financial Centres Index at the II Conference Capital Markets Armenia. Two years later, the issue remains unchanged: Yerevan is still absent from both the main GFCI ranking and the associate centres list.
The initiative is independent and open to market participants, institutions and professionals who can contribute relevant evidence, expertise or international perspective.
Join the Initiative
We welcome input from finance professionals, institutions, investors, researchers, and professional-services firms familiar with Armenia or the wider region.
We will only use your details to contact you about this initiative.
We do not represent any government body, regulator, exchange, or index provider.
We do not represent any government body, regulator, exchange, or index provider.
