Banking in Hydar

Hydar State has a large financial sector with an estimated 2 trillion dollars worth of assets stored within them despite the nation's GDP of around 500 billion. Due to strict bank secrecy laws and low taxes Hydar, large companies and wealthy individuals across Kesh utilize Hydari banks such as QSBC to store their funds. The origin of Hydari banks is quite inconclusive, scholars believed the first banks arose around the 14th century from merchant families. Traders crossing into Kodeshia, Qingcheng, or Nanwen would often require lines of credit and local Persian merchant families were quick to satisify this demand - creating various institutions.

When Persian settlers began to move into Hydar from the north and west they relied on these institutions for support and credit lines. They grew increasingly powerful as a key nexus of Persianate influence in the region. They supported Qobad against the Kodeshi Emperor and were a key base of support for Qobad. In particular the Mizradei family utilized Qobad to centralize banking in the country. Hydari banks during this period adopted policies of extreme monetary privacy - perhaps thought to drain the Kodeshian Emperor of funds. A newly ascendant Kodeshian bourgeriose stored their funds in these banks which stuck around despite Kodeshi attempts to suppress them. During the Kesh War Hydari banks helped business figures across the region safeguard their funds and keep them out of the eyes of prying governments.

After independence Hydar's banks were nationalized - albeit strong ties between the state and banking had existed for centuries at this point, so regardless the banks were run by the same families in a similar fashion to before. There was briefly an attempt to kick the Mizradei family out of Hydari banking in the 70s but as Hydar began to open up and require foreign funds the family regained its titanic position in Hydari finance. Hydar has passed numerous strong bank secrecy laws and Hydari banks are known to heavily punish employees that break client confidentiality. The bank sector has been criticized across Kesh for enabling tax evasion and money laundering, yet the Hydari government has refused to comment on these allegations. Due to Hydar's land value taxation system there are very low corporate taxes and no taxes on inheritance or wealth. Scandals have emerged over Hydari banks role in the drug trade and in recent years banks have begun to crack down and drug cartels are moving towards cryptocurrency to store their funds instead.

The largest bank in Hydar is the QSBC, followed by Hydar National Bank. These banks are generally staffed with members of the Mizradei family which is believed to be the prominent banking house in Hydar. These banks are registered as Public Foundations. In recent years Hydar has developed a vibrant fintech scene with numerous tech companies coming on the scene developing online payment, mobile banking, and blockchain based solutions. Hydar is a very large country for cryptocurrency mining and numerous exchanges are based in the country.