Astana International Financial Center (AIFC) and the global payment technology company Visa signed a Memorandum of Understanding and Cooperation with the view to developing the non-cash economy and developing AIFC FinTech ecosystem.
The document was signed by the CEO of the AIFC Authority Mr. Nurlan Kussainov and Mr. Hadi Raad, Senior Director, Regional Head of Emerging products & Innovation in CEMEA region.
According to the Memorandum, the Parties intend to cooperate agree to cooperate in the implementation of payment innovations and other technological products, as well as addressing the priority tasks of the country’s payment industry.
Hadi Raad, Senior Director, Regional Head of Emerging products and Innovation, CEMEA mentioned: “Visa as one of the leaders in the field of innovative non-cash payments, believes that state support is a key factor for the successful development of the non-cash economy. Together with Astana International Financial Center, we are aiming to realize a set of projects to develop FinTech ecosystem and to increase the level of financial literacy of the population. By implementing such innovational solutions as Visa PayWave and HCE (Host Card Emulation), Kazakhstan is already among top ten countries of the Central Europe, Middle East and Africa region by the indicator of non-contact technologies penetration. We hope that global experience of Visa and assistance of the AIFC will contribute to the further development of the non-cash economy in Kazakhstan.”
“Cooperation with Visa will help AIFC to develop new financial services based on the best global practices. A widely developed innovative payment system and the use of the latest FinTech developments will assist in the establishment of business-friendly infrastructure based on the financial center” – said CEO of the AIFC Authority Nurlan Kussainov.
As the Parties noted, the system communication between the global payment system Visa, that provides access to a network of electronic payments to cardholders in more than 200 countries and new financial center of Eurasia, will positively affect both financial institutions and cardholders.
Within the partnership framework, the Parties intend to exchange knowledge, conduct joint events, including seminars, trainings, conferences and presentations.
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre of financial services. For the first time in the post-Soviet region, a common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy of the Republic of Kazakhstan through the establishment of an attractive environment for investment in financial services, to develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
Visa is a global payment system that provides cardholders, retailers, financial and government institutions in more than 200 countries with access to a fast, secure and reliable electronic payment network. Electronic payments are made through the global innovative processing system VisaNet, which is capable of processing more than 65,000 transactions per second, providing protection from fraud for consumers and providing guarantees for making payments for trade and service enterprises. Visa is not a bank, does not issue payment cards, does not establish commissions or interest rates for consumers, and does not issue loans to cardholders. Nevertheless, innovative Visa solutions allow financial institutions to offer their customers more choice in ways of quick payment: by using debit, prepaid or credit card products. Detailed information is available at http://www.corporate.visa.com, https://www.facebook.com/VisaKazakhstan, http://www.visa.com.kz/, http://www.visanewscissee.com/