Посты с тэгом: AFSA

The Global Financial Innovation Network (GFIN) is a newly-formed alliance of 28 financial regulators and organisations including, Financial Conduct Authority of the UK, International Monetary Fund, World Bank Group and Astana Financial Services Authority, committed to: 

(1) collaborate and share experience of innovation in respective markets; 

(2) exchange of knowledge and lessons learned in RegTech related matters; 

(3) provide firms with an environment to test cross-border solutions.

The GFIN initiative on cross border testing would allow firms to simultaneously test innovative products, services or business models in multiple jurisdictions, including Kazakhstan, United Kingdom, Singapore and other jurisdictions.

We are pleased to be part of this initiative. GFIN will facilitate greater regulatory cooperation between the like-minded authorities to foster a sustainable global financial ecosystem. This network is an extension of AIFC’s commitment to further facilitate cross-border financial activities in a fair, transparent and efficient manner, – said Asylbek Davletov, Chief FinTech Officer of the AFSA.

Firms wishing to participate testing must meet the application requirements of all the jurisdictions in which they would like to test. For example, a firm wishing to test in Kazakhstan, Australia and Hong Kong must independently meet the eligibility criteria, and/or other relevant standards of the regulators of those jurisdictions.

Firms interested in applying to take part in the pilot cross border tests should review the list of participating regulators and submit an application before the 28 February 2019 deadline.

The Network has also published a Terms of Reference for the group and is encouraging other regulators and international organisations to join.

See more about the GFIN.

The ceremony of joining the Group of Banking Supervisors from Central and Eastern Europe (BSCEE), a regional group of Basel Committee on Banking Supervision, took place on 26 November 2018 in Abu Dhabi on the margins of the International Conference on Banking Supervision of the Basel Committee.

Membership of the Astana Financial Services Authority (AFSA) in the BSCEE will allow alignment of banking regulatory framework of the Astana International Financial Centre (AIFC) with the standards of the Basel Committee in the field of regulation and supervision of the banking services market.

BSCEE facilitates cooperation among its members to help with the integration of the Basel standards and core principles, provides avenues for exchange of information and supervisory experiences. The Group also serves as a high-level forum for technical discussions and encourages research, training and educational programs.

Accession to the BSCEE is an important step towards forming sound banking market in the AIFC. The banking sector will play critical role in establishing the AIFC as regional financial services hub. Banking sector plays important role in facilitating flows of capital and allocation of financial resources for purposes of development and economic growth.

“The AFSA is pleased for being accepted as a member of the BSCEE. Membership of the AFSA in the BSCEE is an important milestone in development of the AIFC. Banking sector is considered as one of the highest priorities of the AIFC and commencement of cooperation with members of the BSCEE will contribute to establishment of the AIFC as regional financial hub”, said Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA.

Monetary Authority of Singapore (“MAS”), Astana Financial Services Authority (“AFSA”) and Astana International Financial Centre Authority (“AIFCA”) have signed a tripartite Cooperation Agreement to boost FinTech ties between Singapore and Kazakhstan.

The Agreement provides a framework for cooperation between AFSA, AIFCA and MAS in FinTech innovations, allowing the three authorities to explore possibilities of joint participation in innovative projects and sharing of information on innovation in their respective markets. The Cooperation Agreement was signed by Mr. Mukhtar Bubeyev, Acting Chief Executive Officer of the AFSA, Mr. Nurlan Kussainov, Chief Executive Officer of the AIFCA, and Mr. Sopnendu Mohanty, Chief FinTech Officer of MAS.

Mr. Kussainov welcomed the signing of the Agreement, saying, “Fintech is one of the main activities of the AIFC and we are glad to expand our international cooperation by signing this memorandum with MAS. It will enhance cooperation on issues of common interest, strengthen exchange of information in area of fintech innovation within both jurisdictions”.

Mr. Bubeyev stated: “We are delighted to enter into agreement with MAS to enhance cooperation and promote innovation in financial services. We believe that it will open more opportunities for innovative companies in both jurisdictions”.

Mr. Mohanty said, “This agreement is one step towards closer collaboration between the FinTech ecosystems of Singapore and Kazakhstan. It will pave the way for FinTech firms in both countries to collaborate, capture new opportunities and grow the FinTech landscape”. 

Reference:

The Astana International Financial Centre (AIFC) was established by the initiative of the President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan.

The AIFCA is a company limited by shares established by the National Bank of the Republic of Kazakhstan. The AIFCA supports the activities of the other AIFC Bodies and their organisations as well as the AIFC Participants and their employees and represents their interests to the extent of its competence.

 www.aifc.kz  

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre, a legal entity and statutory body of the Republic of Kazakhstan, 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 activities related to financial services in the AIFC. The AIFC Regulations and Rules provides for the authorization, registration, recognition and supervision of financial firms and market institutions.

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.  As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

The Astana Financial Services Authority (“AFSA”) has established cooperation with Bank of Lithuania.

Agreement provides a framework for co-operation, information sharing and referrals in fintech innovations area between the AFSA and Bank of Lithuania. Parties believe that through co-operation with each other, they will be able to further the promotion of innovation in their respective markets. In this light, the framework also anticipates potential development of joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), and other areas of new technologies and services.

Both parties have strong innovation functions and teams within their authorities aimed to support companies in their endeavor to develop and implement technological innovations. Accordingly, joining forces in this field will open more opportunities for innovation companies in both jurisdictions.

World Investor Week is a week-long, global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness on the importance of investor education and to highlight the various initiatives of securitiesregulators in this critical area. IOSCO launches its second annual World Investor Week (WIW2018) from 1 through 7 October 2018, following the success of last year´s event, which gathered together 80 jurisdictions from 6 continents.

In commitment to WIW 2018, the Astana Financial Services Authority with the support of other AIFC bodies, including AIFC Authority, the Bureau for Continued Professional Development, Green Finance Centre and the Astana International Exchange undertook a range of activities, such as offering investor-focused information, informing on consumer protectionin AIFC, increasing awareness on investor education initiatives, organising workshops and conferences and conducting national financial literacy campaign. WIW 2018 in the AIFC took place from 29th of September till 10th of October.

See how it was:

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The Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the China Banking and Insurance Regulatory Commission (“CBIRC”). The signing ceremony was held during the official visit of CBIRC delegation to the Astana International Financial Centre (“AIFC”).

The MoU was signed by Mr. Guo Shuqing, the Chairman of the CBIRC, Mr. Kairat Kelimbetov, the Governor of the AIFC and Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border banking and insurance establishments in their respective jurisdictions and facilitate supervisory information sharing between the CBIRC and the AFSA.

Mr. Guo Shuqing welcomed the signing of the MoU, saying: “The signing of MoU between the CBIRC and AFSA marks another solid layer of foundation for enhancing regulatory cooperation between China and Kazakhstan, which will further promote bilateral banking and insurance cooperation in serving bilateral economic and trade relations”.

Mr. Kelimbetov underlined importance of the signing of the MoU, saying: “I welcome establishment of cooperation between China Banking and Insurance Regulatory Commission and AFSA. Cooperation between the regulatory authorities will contribute to Chinese-Kazakh cooperation in Belt and Road Initiative”.

Mr. Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBIRC on issues of common interest, to strengthen exchange of information and supervision in the banking and insurance areas within both jurisdictions”.

The Astana Financial Services Authority (AFSA) and the Financial Regulatory Authority of Egypt (FRA) signed a Memorandum of Understanding for Consultation, Cooperation and Exchange of Information in the area of financial services, insurance and securities regulation.

The signing ceremony took place on July 4, 2018 in the backdrop of the launch of the Astana International Financial Centre by the President of Kazakhstan Mr. Nursultan Abishevich Nazarbayev.

The AFSA opened for business on 1 January 2018 and was officially launched during the Astana Financial Days Forum which commence on 3 July 2018.  Regulators and distinguished persons from around the world were present for the launch of the Astana International Financial Centre and participated in the forum.

The MOU was signed by Mr. Stephen Glynn, AFSA Chief Executive Officer and Dr. Mohammed Omran Chairman of FRA. The AIFC Governor Mr. Kairat Kelimbetov participated at the signing ceremony.

Mr. Stephen Glynn, Chief Executive Officer of the AFSA, stated: “This memorandum establishes the framework for collaboration between the AFSA and the FRA of Egypt.  We are very pleased to develop our relationship with the FRA and the signing of this MoU is an important step in formalizing our relationship to further promote our strategic objectives”.

Dr. Mohammed Omran, Chairman of FRA said: “FRA is pleased to sign this memorandum in Astana, one of fastest-growing cities in the world who has managed to transform the economy of Kazakhstan, and during the year in which Astana is celebrating becoming a recognized financial centre with the Official Launch of the Astana International Financial Centre. By joining forces, we can collectively better use our experience and capacity to develop financial markets in both countries.”

Kazakhstan has launched the Astana International Financial Center with the ambition of becoming a new financial hub following Hong Kong, Shanghai and Dubai. The Astana International Exchange – launched recently – is a regional platform to attract investment to Kazakhstan and the Central Asian Region linked to the Belt and Road Initiative. The AIX has signed partnerships with Nasdaq and the Shanghai Stock Exchange. CGTN’s Michal Bardavid is talking to Stephen Glynn, CEO of the Astana Financial Services Authority to discuss the economic potentials of Kazakhstan and how it can affect the region. 

Interview is available by following this link.

The Qatar Financial Centre Regulatory Authority (“QFC Regulatory Authority”) has entered into a Memorandum of Understanding (“MoU”) with the Astana Financial Services Authority (“ASFA”). The signing ceremony was held on the side lines of the official opening of the Astana International Financial Centre.

The MoU was signed by Mr Michael G. Ryan, Chief Executive Officer of the QFC Regulatory Authority and Mr Stephen Glynn, Chief Executive Officer of the ASFA and aims to promote greater cooperation and facilitation of supervisory information sharing between the QFC Regulatory Authority and the ASFA. 

The QFC Regulatory Authority and the Astana International Financial Centre have established a strong relationship, with a MoU signed between the two parties in August 2016 followed by extensive information sharing on Islamic banking and collaboration on best practice regulatory standards for financial centres. The QFC Regulatory Authority had also entered into a MoU with the National Bank of Kazakhstan, in October 2015. 

Mr Ryan welcomed the signing of the MoU, saying: “The QFC Regulatory Authority has established a close relationship with Kazakhstan and the Astana International Financial Centre and we are pleased to be extending this cooperative relationship to the ASFA.”

Mr Glynn said: “We are delighted to sign this memorandum which will deepen cooperation between the AFSA and QFC Regulatory Authority on issues of common interest, to strengthen exchange of information and supervision of financial institutions and enhance fair and safe environment within both jurisdictions”.