Phang Hong Lim appointed to the Board of Directors of AFSA
Phang Hong Lim has been appointed as an Independent Non-Executive Director and Chair of the Audit and Risk Committee of the Board of Directors of the Astana Financial Services Authority (AFSA), effective 23 May 2026. The corresponding decision was approved by the Governor of the Astana International Financial Centre on May 22nd, 2026.
Angela Knight CBE, Chairperson of the AFSA Board of Directors, commented: “We are delighted to welcome Mr. Lim to the AFSA Board. His career reflects a unique combination of public- and private-sector expertise in financial sector supervision, enterprise risk management, and regional market integration. His appointment further strengthens AFSA’s international perspective and enhances the Board’s geographic diversity, particularly through his deep experience in Singapore – one of the world’s leading financial centres.”
Phang Hong Lim is an internationally recognised practitioner in risk management and financial supervision, with over four decades of experience across global financial institutions and regulatory authorities. Mr. Lim brings significant regulatory and supervisory insights from his tenure as Director at the Monetary Authority of Singapore (MAS), where he contributed to the strengthening of Singapore’s financial supervisory framework following the Asian financial crisis.
Mr. Lim’s extensive risk management experience, including his service as the Chief Risk Officer of CIMB Group and as Managing Director at Deutsche Bank, adds valuable insights towards more effective supervision. Mr. Lim also serves as Senior Director at Toronto Centre, where he supports capacity building for financial sector regulators and supervisors globally, which provides AFSA with valuable perspectives on modern supervisory practices, financial stability, and systemic risk oversight.
At the same time, Mukhtar Bubeyev, Non-Executive Director of the Board and Chair of the Audit and Risk Committee, is stepping down from the Board of Directors of AFSA upon the expiration of his term.
Angela Knight commented: “On behalf of the AFSA Board of Directors, I would like to extend our sincere gratitude to Mukhtar Bubeyev for his outstanding service and dedication. Throughout his nine-year tenure with the AIFC, Mukhtar has brought exceptional expertise, integrity, and leadership to AFSA, most recently in his role as Chair of the Audit and Risk Committee. His deep experience as a policymaker and regulatory professional has been instrumental in strengthening AFSA’s regulatory and risk management frameworks and advancing the broader AIFC ecosystem. We are grateful for his significant contributions, which have helped position AFSA as a mature and internationally recognised regulator, and we wish him every success in his future endeavours.”
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 businesses 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]
AFSA Publishes 2025 Annual Report Detailing Regulatory Developments and Supervisory Outcomes
The Astana Financial Services Authority (AFSA) has published its 2025 Annual Report, setting out key regulatory developments, supervisory outcomes, and institutional achievements during the year. The Report outlines AFSA’s continued focus on maintaining market integrity, investor protection, and financial stability within the Astana International Financial Centre (AIFC), while supporting responsible market growth through a transparent, risk‑based, and internationally aligned regulatory framework.
Evgeniya Bogdanova, Chief Executive Officer of AFSA, said: “2025 was for us a year of consolidation, institutional strengthening, and growing international confidence in AFSA and our markets. As we look ahead, AFSA remains committed to earning and maintaining trust through strong regulation, effective supervision, and open engagement. We enter the next phase of the AIFC’s development with confidence, responsibility, and a clear sense of purpose.”
The Report provides a comprehensive overview of AFSA’s activities across market sectors (capital markets, asset management, digital assets, banking, and insurance) and regulatory functions (registration, authorisation, supervision, enforcement, regulatory framework development, and international cooperation), reflecting the Authority’s ongoing commitment to maintaining a transparent, predictable, and robust regulatory environment.
Registration
In 2025, AFSA registered 1,467 new companies, representing a 25% increase compared to 2024. As a result, the total number of AIFC Participants reached 4,954 companies from 91 countries, reflecting continued international diversification of the Centre. On average, 28 companies per week were registered in 2025, highlighting sustained demand for the AIFC jurisdiction.
Authorisation and Financial Sector Growth
The number of financial ecosystem participants continued to expand, reaching 510 entities, including financial service firms, investment vehicles, recognised institutions and FinTech Lab participants.
In 2025, AFSA authorised 29 financial services firms, with strong interest in investment-related activities such as fund management, brokerage, and advisory services. AFSA also continued to strengthen its approach to maintaining high standards, with a number of applications not progressing further following regulatory authorisation review.
Digital Assets
The digital assets sector has been and continues to be one of the key priority areas for market development within the AIFC. In 2025, the AIFC has been recognised by IOSCO as one of the leading jurisdictions in implementing global standards for crypto and digital asset markets.
AFSA continued supervising 9 Digital Asset Service Providers (DASPs) under the full regulatory framework, and 19 DASPs operated under supervision within the FinTech Lab. In 2025, DASPs generated a total transaction volume of USD 10.58 billion, with a client base reaching approximately 215,000 users, reflecting significant growth in both activity and market participation.
The FinTech Lab continued to serve as an effective pathway for innovation, supporting firms in testing and scaling digital asset solutions before transitioning to the full regulatory regime.
Asset and Fund Management
The asset management sector within the AIFC experienced substantial expansion in 2025, reflecting increased market participation and growing investor demand for professionally managed investment vehicles. Assets under management increased to over USD 5.4 billion, while the number of investment funds reached 177, managed by 71 fund and asset managers. The sector remains one of the fastest-growing within the AIFC, with increasing diversification across hedge funds, private equity, venture capital and other specialised fund structures.
Capital Markets
AFSA supervised the market activities of 7 Market Institutions, including investment exchanges, clearing houses and crowdfunding platforms; and two multilateral trading facilities (MTFs). Investment intermediaries comprised 30 brokers and dealers licensed by AFSA and 55 foreign brokers and dealers recognized by AFSA. Client assets held by broker-dealer firms licensed by AFSA reached USD 10.1 billion, serving more than 300,000 clients in 2025.
In 2025, Astana International Exchange Limited (AIX), the sole licensed exchange operator within the AIFC, reached market capitalisation of USD 81.5 billion, $2.1 billion in trading turnover, and 215 new listings during the year.
International Trading System (ITS), the first MTF licensed by AFSA, expanded its offering to more than 3,200 tradable instruments, including equities, depository receipts and exchange-traded funds, reaching a total trading volume of over USD 14 billion.
This continued development reflects the growing depth, liquidity, and diversification of the AIFC capital markets ecosystem.
International Recognition and Cooperation
AFSA continued to strengthen its international engagement and cooperation with global regulatory bodies. During the year, AFSA actively engaged with the global and domestic regulatory community, participating in over 15 conferences and hosting or contributing to more than 10 outreach and stakeholder engagement events focused on fintech, digital assets, capital markets and AML/CFT supervision.
In 2025, AFSA joined IOSCO’s International Securities and Commodities Alerts Network (I-SCAN) – a global platform that enables regulators to exchange information and coordinate actions to combat online investment fraud and illegal financial activities. Participation in I-SCAN allows AFSA to contribute its public warnings to a global alert system and enhances its ability to protect investors.
The full Report is available at the Link.
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 with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. aifc.kz
Public Relations and Communications Division of AFSA: [email protected]
AFSA Warning on Unlicensed Digital Asset Platforms
The Astana Financial Services Authority (AFSA) reminds that, in accordance with Article 11(5) of the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan”, the organisation of circulation of digital assets within the territory of the Republic of Kazakhstan is prohibited without an appropriate licence or authorisation issued under the applicable law of the Astana International Financial Centre (AIFC) or the legislation of the Republic of Kazakhstan.
Accordingly, AFSA warns market participants of the risks associated with the use of unlicensed platforms for trading crypto or digital assets that advertise or promote their services to citizens of the Republic of Kazakhstan without the appropriate authorisation, licence or recognition under the applicable regulatory framework of the AIFC and the Republic of Kazakhstan.
This warning relates, in particular, to platforms publicly known under the following names, brands or trademarks*:
AFSA reminds that only entities licensed by AFSA are permitted to lawfully carry on regulated activities in or from the AIFC, including activities related to digital assets and associated services.
Key Risks for Consumers
The use of unlicensed digital asset platforms may expose consumers to the following risks:
- absence of legal mechanisms to protect their rights and interests due to the lack of regulatory oversight over unlicensed platforms;
- risk of involvement of bona fide investors in fraudulent schemes and illicit circulation of digital assets due to insufficient anti-money laundering and counter-terrorist financing (AML/CFT) measures on such platforms;
- increased risk of financial loss where investment decisions are made based on misleading or aggressive advertising, including online promotions, bonus schemes and referral campaigns that do not comply with regulatory requirements;
- increased risk of personal data breaches and loss of assets, including reduced traceability, resulting from failure of unlicensed platforms to meet minimum regulatory requirements in data protection and cybersecurity, which may lead to fraud, technical failures, restricted account access or difficulties in withdrawing funds.
Unlicensed platforms may also provide access to products and services such as spot trading, margin trading, futures, options, staking, peer-to-peer services, and listings of highly volatile or low-quality digital assets – often without appropriate safeguards, risk disclosures or investor protections typically expected from regulated entities.
Important Information for Consumers
The fact that a platform:
- is widely known internationally;
- offers a mobile application;
- is active on social media; or
does not mean that such a platform is authorised by AFSA or entitled to provide regulated services within the AIFC legal and regulatory framework.
Persons dealing with unlicensed firms will not benefit from the protections, standards and safeguards applicable to regulated entities.
In case of identifying signs of misleading or unfair advertising, AFSA recommends not following suspicious links, not transferring funds, and not sharing personal or payment data until the regulatory status of the relevant entity has been verified.
AFSA recommendations
Before using any digital asset platform, AFSA recommends that consumers:
- verify whether the relevant entity is licensed by AFSA or otherwise authorised under the applicable legislation of the Republic of Kazakhstan;
- carefully review the products and services offered and the associated risks;
- refrain from transferring funds or digital assets to entities whose regulatory status is unclear or cannot be verified;
- avoid sharing identification documents, banking details, wallet access information or one-time verification codes with third parties;
- exercise particular caution where platforms promise high returns, offer high leverage, or present investments as “low-risk” or “guaranteed”;
- in case of suspicious advertising, document the relevant materials (e.g. screenshots or links) and use official channels to report the matter to regulatory authorities.
Where a platform is registered in, or claims to be associated with, the AIFC, reports may be submitted to: [email protected] or via the official consumer section of the AFSA website. In other cases, information regarding misleading or unlawful advertising in the Republic of Kazakhstan should be submitted to the Ministry of Culture and Information of the Republic of Kazakhstan via the eOtinish portal or other available channels.
AFSA also recommends verifying the regulatory status of any entity through the official AFSA Public Register: https://publicreg.myafsa.com
It should be noted that regulation of activities related to the circulation of digital assets in the Republic of Kazakhstan is carried out both within the supervisory framework of AFSA and in accordance with the legislation of the Republic of Kazakhstan, including oversight by national regulators such as the National Bank of the Republic of Kazakhstan and the Agency for Regulation and Development of the Financial Market.
This notice is provided for general informational purposes only and does not constitute legal, financial or investment advice, nor does it represent a determination of compliance, breach or regulatory status of any person or entity.
* AFSA does not maintain a list of prohibited platforms. The absence of a firm from the Public Register indicates that it is not authorised by AFSA to carry out regulated activities in or from the AIFC; however, its regulatory status within the national jurisdiction of the Republic of Kazakhstan is determined by the competent state authorities of the Republic of Kazakhstan.
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]
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]
AFSA fines Proportunity Management Company Limited and ACLB Management Company Limited and the Registrar of Companies petitions the AIFC Court for the compulsory winding up of both companies and two other related entities
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:
- 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;
- Proportunity breached Section 27 of the Framework Regulations by actively marketing these activities through its website and social media channels;
- 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;
- 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]
The second phase of the AIFC Providing Money Services framework comes into force
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:
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.
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 with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. aifc.kz
Contact information:
Public Relations and Communications Division of AFSA: [email protected]
