Since the early 20th century, Panama has with the revenues from the canal built the largest Regional Financial Center (IFC) in Central America, with consolidated assets being more than three times that of Panama's GDP. The banking sector employs more than 24,000 people directly. Financial intermediation contributed 9.3 percent of GDP. Stability has been a key strength of Panama's financial sector, which has benefited from the country's favorable economic and business climate. Banking institutions report sound growth and solid financial earnings. The banking supervisory regime is largely compliant with the Basel Core Principles for Effective Banking Supervision. As a regional financial center, Panama exports some banking services, mainly to Latin America, and plays an important role in the country's economy. However, Panama still cannot compare to the position held by Hong Kong or Singapore as financial centers in Asia.