AFSA changes approach for assessment of potential FinTech Lab Participants

The Astana Financial Services Authority has introduced Class Modification establishing a new FinTech Lab authorisation approach to streamline assessment of potential participants willing to enter regulatory sandbox. 

The previous model included two stages – pre-application and application. The first one included eligibility assessment and fitness & propriety checks, while the second one meant assessment of financial and non-financial resources, proposed candidates, review of internal control documents, development and approval of a test plan. 

That model led to longer periods of assessment. A new approach will make the application process quicker. From February 16th, the applicants for entering FinTech Lab will be assessed within one stage that will include eligibility assessment of a business model, proposed candidates, financial and non-financial resources. 

The applicants will not be required to undergo the assessment of policies and procedures at authorisation stage. However, the applicants will be required to submit AML/CFT policy and procedures to demonstrate that such framework has been developed. 

It is important to note that FTL Participants will be allowed to offer services at supervision stage only after relevant internal controls have been established to the AFSA’s satisfaction. 

New model of FinTech Lab authorisation will preserve the concept of easy entrance for applicants wishing to test innovations while preserving risk-based approach. The latest changes also demonstrate AFSA’s participant-oriented approach with an emphasis on process efficiency development.  

Class Modification Notice is available on https://orderly.myafsa.com/articles/afsa-notice-no.-afsa-atd-not-2026-0007-on-modification 

For additional questions about the application process: [email protected] 

More info about FinTech Lab: https://afsa.aifc.kz/fintech/authorisation-process/ 

Reference:  

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC. afsa.kz  

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz  

Public Relations and Communications Division of AFSA, [email protected]