A city of fintechs, international service centres, technology, artificial intelligence and specialised talent. Now, for the first time, Lisbon appears in Colliers' ranking of the main European operational centres for financial services. The news is positive. But getting into a ranking should never be the end goal. The real question is whether we have a strategy to turn this position into a lasting economic advantage.

The Top Global Financial Services Markets 2026 study, which analysed more than 200 international markets, shows that the financial sector is undergoing a profound transformation. New York, London and Singapore continue to lead, but companies no longer choose locations solely for historical reputation or proximity to major financial centres. They are looking for technological talent, innovation capacity, competitive costs, quality of life and ecosystems capable of keeping up with the transformation caused by artificial intelligence. It is precisely on this new map that Lisbon begins to find its space.

And perhaps it is important to understand that Lisbon does not need to become a new London or a small New York. Such an ambition would be not only unrealistic, but also unnecessary. The real opportunity lies in understanding where we can best compete. Portugal has been attracting shared services centres, international financial operations, fintechs and specialised functions. We have qualified talent, universities, a growing technological ecosystem and a quality of life that continues to be an important argument in attracting international professionals.

But the world is changing fast. Generative artificial intelligence could, according to the study, increase banks' operating profits by up to 15%, creating about $340 billion of new value for the sector. This also means that competition will no longer be just between banks or financial centres. It will be a global competition for software engineers, data specialists, cybersecurity professionals and artificial intelligence talent.

This is where Portugal faces its real test. We can attract companies, but will we be able to retain talent? We have managed to train good professionals, but will we have salaries, housing, mobility and urban conditions capable of maintaining them in the country? We have been able to bring in new international operations, but are we prepared to secure the offices, digital infrastructure and energy that these companies need?

These questions do not diminish the importance of Lisbon's entry in this ranking. On the contrary, they show the dimension of the opportunity.

I have been writing that Portugal is changing faster than we often realise. We see it in space, in defence, in energy, in data centres, in artificial intelligence, in technology, and now also in the increasing sophistication of financial services. These are not isolated events. These are signs of an economy that is looking for a new position in Europe and in the world.

Lisbon does not need to replace London or New York. You need to understand that artificial intelligence is changing the rules of the game and that when the rules change, new players finally have the opportunity to join.

Lisbon has already entered. Now you need to make sure that you do not just stay on the map, but that you can build a lasting position on it.