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]  

The Astana Financial Services Authority (“AFSA”) has fined Proportunity Management Company Limited in the amount of USD 249,770 and ACLB Management Company Limited in the amount of USD 139,533 following regulatory breaches and investigation findings. The AFSA also imposed on Mr. Arman Bayev – the Chief Executive Officer of both companies – a prohibition from holding office in or being a Director or Employee of any Authorised Person or Ancillary Service Provider. The AFSA previously issued multiple public alerts regarding the regulatory status of Proportunity Management Company Limited (“Proportunity”) and ACLB Management Company Limited (“ACLB”).  

In addition, the Registrar of Companies of the AFSA (the “Registrar”), acting with the prior consent of the AFSA, has petitioned the Astana International Financial Centre (“AIFC”) Court for the compulsory winding up of Proportunity Management Company Limited, ACLB Management Company Limited, and two related Special Purpose Companies (collectively referred to as the “Companies”). Mr. Arman Bayev is the common controlling shareholder of the Companies.  

The decisions follow a formal investigation undertaken by the AFSA, initiated subsequent to a special on-site inspection conducted by the FinTech Lab and arising from investor complaints concerning the Companies. The investigation identified the following:  

1. Proportunity and ACLB contravened Section 24 of the AIFC Financial Services Framework Regulations (“Framework Regulations”) by carrying on the Regulated Activities of Providing Islamic Financing and engaging in Islamic Banking Business without the required authorisation from the AFSA; 

1. Proportunity breached Section 27 of the Framework Regulations by actively marketing these activities through its website and social media channels; 

1. Proportunity committed widespread breaches of key AIFC Rules, including the Anti-Money Laundering Rules, General Rules, FinTech Rules, Conduct of Business Rules, and Authorised Market Institution Rules; 

1. Two Special Purpose Companies – Project SI SPC Ltd. and BC Inteh Plus Ltd. – were used as vehicles to pool investor funds under false pretenses and for purposes falling outside the scope of activities permitted by the AFSA. 

Despite AFSA’s directions to cease and desist from activities constituting contraventions and repeated warnings, Proportunity and ACLB have disregarded these directives, continuing to engage in unauthorised activities and promote them in breach of applicable regulatory requirements. 

Given the seriousness of the contraventions, the disregard of regulatory directives, and the resulting risks to investors and integrity of the AIFC financial markets, the Registrar has petitioned the AIFC Court for the compulsory winding up of the Companies, on the ground that it is just, equitable, and in the interests of the AIFC for the Companies to be wound up pursuant to Section 176(1)(b) of the AIFC Companies Regulations. 

In addition, the Registrar applied to the AIFC Court for a disqualification order, on the ground that it is in the public interest that Mr. Arman Bayev should not be a Director of, or in any way (whether directly or indirectly) be concerned or take part in the management of, Companies. 

This petition for compulsory winding up is the only remaining legal remedy available within the AIFC to protect the interests of investors and other creditors. This action removes the Companies’ management and legally stops them from conducting further business or dissipating assets. If the AIFC Court grants the order, it will appoint an independent liquidator. The liquidator’s duties will be to take control of the Companies, secure any remaining assets, investigate their financial affairs, and distribute any recovered funds to creditors (including investors) in accordance with the priorities set by AIFC Insolvency Regulations. The AFSA has determined that it will voluntarily subordinate its claims for the imposed fines, ensuring that all other creditors (including investors) are paid in priority before the AFSA’s fines are satisfied.  

The AFSA remains committed to the continuous improvement and development of its regulatory framework to protect investors and consumers. The AFSA maintains zero tolerance for any misuse of the AIFC jurisdiction and exercises its full authority within its remit to enforce compliance and uphold market integrity. 

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] 

Today, January 13, 2026, marks the implementation of the second phase (final) of the AIFC Providing Money Service (PMS) framework. Overall, the provisions of the second phase concern:   

• Client protection (complaints handling, requirements on content of Сlient agreement, safeguarding of Сlient money, information/communication requirements etc.); 

• Cyber/operational resilience (cybersecurity policies, incident reporting, IT audit, strong customer authentication etc.).

The new PMS framework was adopted by AFSA back on April 13, 2025. To ensure preparations for the purposes of proper and timely compliance with the new regulatory regime, the framework provided for a transitional period, which includes two phases. The 1st phase came into force on October 13, 2025, which introduced definitions, capital requirements and provisions on use of digital assets in money services. 

The comprehensive PMS framework introduces new Rule on Providing Money Services and several amendments to the AIFC Acts available at the following links: 

• AIFC Rules on Providing Money Services
• AIFC General Rules
• AIFC Glossary
• AIFC Conduct of Business Rules
• AIFC Banking Business Prudential Rules 
• AIFC Rules on Digital Asset Activities 

The newly adopted PMS framework is aimed at providing clear rules for money service providers, encouraging FinTech innovation in the AIFC, including the use of Digital Assets in money services. Along with fostering the money services industry development, the framework has other key goals in protecting the interests of consumers and strengthening the cyber as well as operational resilience of money service providers.