The Astana Financial Services Authority (AFSA) has issued 17 licences in the first quarter of 2024, including authorised firms in the full regulatory regime, FinTech Lab participants and Ancillary Services Providers (ASPs).
Most of the licences issued over this period relate to investment companies and Ancillary Services Providers. The significant increase in interest in investment activities in the AIFC highlights the upward trend in the sector.
Among the firms which obtained a licence to provide investment services are: Aspan Prime Capital, VPE Capital Fund Management, One Capital Ltd, Aquila Management Ltd, SQIF Am Ltd and JAS Ventures Limited. These firms offer a wealth of opportunities in terms of the geography and areas of investment. For example, JAS Ventures Limited is focused on venture capital funds investing in start-up enterprises that demonstrate innovative solutions, significant scalability, and the potential for substantial growth and market penetration on an international level. Estimates show that the aggregate value and volume of venture capital transactions in Kazakhstan between 2018 and 2022 totaled $87 million across 175 deals, illustrating a consistent annual growth trend.
Aquila Management Ltd is going to focus on investing in projects located in Kazakhstan, the CIS (Commonwealth of Independent States), China, India, Southeast Asia, Persian Gulf countries, and Turkey. The firm’s investment strategy involves acquiring partial or complete ownership in small and medium-sized companies within these regions.
One other example is VPE Capital Fund Management Limited. Its strategy will lie in investments into individual creativity, skill and talent with a potential to boost creative economy of Almaty.
Cepheus Pay Limited joined a community of FinTech Lab participants in the first quarter of 2024. In general, there are 17 companies currently operating within the regulatory sandbox, including such crypto “A-listers” as Binance, Bybit, Bitfinex Securities and others.
Emphasising the importance of this achievement, Cepheus Pay Group Chairman Izmir Ismayilov stated, "Obtaining the Providing Money Services licence from the AIFC marks a crucial milestone in our expansion strategy. It highlights our dedication to meeting the highest standards of compliance and operational integrity. This licence is a testament to the innovative financial solutions we are committed to delivering."
Ancillary Services Providers (ASPs) are an important supporting industry that ensures that the required infrastructure is in place for firms to operate efficiently for the benefit of the market. In the first quarter 2024 AFSA licenced ten ASPs, which is 30% more than the overall 2023 result. Among the new licenced ASPs there are: Squire Patton Boggs Kazakhstan Ltd., Branch of SFAI Kazakhstan in the AIFC, Branch of Moore Kazakhstan LLP in the AIFC, Nexus For Success Ltd., B&G Solutions Ltd., FI.CENTER Ltd., Amicorp Kazakhstan Limited, Branch of "Independent Audit Company "Centeraudit-Kazakhstan" Limited Liability Partnership in the AIFC, AnalyticaPro Solutions Ltd, and Branch of Scope Audit Kazakhstan LLP in the AIFC.
Most of the new ASPs are those providing consulting and audit services, followed by legal services providers. This trend is explained by the arrival of large big-name companies, which has understandably led to an interest in AIFC from an increased number of Ancillary Services Providers.
Meanwhile, the total number of AIFC participants registered in the first quarter of this year stands at 224 - twice as many as in the same period 2023 - bringing the total to 2,619.
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 2,600 firms from 78 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 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. https://aifc.kz/
Contact information:
Public Relations and Communications Division of AFSA:
+7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]
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