By random backwater I meant some random place that wasn't involved with the major colonial powers during that period. The reason most of the offshore tax havens are what they are is because they were remnants of colonial empire that could be exploited.

I think the path dependency is what made the City of London the hub, and their trust system is how non citizens were able to access their financial system and those in their territories as well. I'm sure now there are ways to access services in these places directly now, but historically, the majority of the infrastructure dedicated to this stuff in these places was built out from England.