Panel session "Development of Financial Services in Central Asia" has taken place at the annual financial conference Astana Finance Days 2022. The session speakers shared views on how joint efforts can make Central Asia more attractive to investors and increase profitability when introducing new financial products and discussed the potential of the FinTech industry through commercial and social perspectives.
The panel session’s speakers included Managing Director and Chief Legal Officer at AFSA Ishaq Burney, non-executive independent member of the Board of AFSA and former Secretary General of the International Organisation of Securities Commissions Gregory Tanzer, Director of the Capital Markets Development Department at Ministry of Finance of the Republic of Uzbekistan Sarvarbek Akhmedov, Head of the European Bank for Reconstruction and Development (EBRD) for Kazakhstan Huseyin Ozhan, Acting Chairman of the Board at the Republican Stock Exchange Toshkent Abduazimxuja Abdujabborov and Chief Executive Officer at Astana International Exchange Renat Bekturov.
The session speakers discussed cooperation between Central Asia’s regulatory bodies as a factor facilitating access to cross-border financial services and improving capital flows. With a population of 75.3 mln people, Central Asia is an attractive market for investors. Furthermore, joint efforts of financial regulators can improve the introduction of new financial products.
“Regional cooperation initiatives to develop the financial markets in Central Asia can solve the problems associated with the size of the markets, their low liquidity and supply of suitable securities,” said AFSA Managing Director and Chief Legal Officer Ishaq Burney. “In this sense, the AIFC, and in particular the AFSA, can play a leading role for testing innovative and reliable regulation of developing financial services in the region.”
In 2022 a Joint Declaration was adopted at a high-level meeting involving financial regulators of AIFC’s independent jurisdiction, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan and a number of international financial organisations. The Declaration confirms the possibility of using the potential of the AIFC in order to jointly develop the financial system, support cross-border economic initiatives in the field of financial services, attract investment to the region and strengthen cooperation between regulators.
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.
Over 1,400 firms from 64 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
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