A "Financial Center" is a location where a significant concentration of financial institutions, such as banks, investment firms, and insurance companies, operate. These centers facilitate the flow of capital and provide various financial services, including lending, investment management, and trading. Major global financial centers include cities like New York, London, and Tokyo, which play crucial roles in the international economy. Financial centers are essential for economic growth as they attract businesses and investors. They serve as hubs for financial transactions, enabling companies to raise funds and manage risks effectively. Additionally, these centers often host regulatory bodies and stock exchanges, further enhancing their importance in the global financial system.