The delegation of Astana International Financial Centre (AIFC) held negotiations with officials of the Government and the heads of financial organizations of the country during the visit to the Republic of Singapore.
Kairat Kelimbetov, Governor of the AIFC met with the Deputy Prime Minister of the Republic of Singapore Tharman Shanmugaratnam, and the heads of the Ministry of Finance, Monetary Authority of Singapore (MAS), Government of Singapore Investment Corporation (GIC), and National Welfare Fund "Temasek", as well as with the heads of Accounting and Corporate Regulatory Authority (ACRA), Economic Development Board (EDB), Singapore Stock Exchange (SGX), Central Provident Fund (CPF), and Standards, Productivity and Innovation Board (SPRING) .
During the meetings the Governor of the AIFC informed representatives of Singapore’s economic and financial community about the activities and measures taken to develop the AIFC’s key directions. As Kelimbetov noted, it is very important for the AIFC to study Singapore’s experience in the development of capital markets.
In general, an extensive programme of meetings, arranged jointly with the Embassy of Kazakhstan to Singapore, allowed to discuss in detail the issues of close cooperation between financial centres in the creation of a competitive, stable, high-tech and comfortable financial centre. The parties considered the opportunity of experience exchange in monetary management, financial services supervision and monitoring of financial stability, development of the stock market, asset management, implementation and effective use of investment tools, etc.
The AIFC delegation also participated in a seminar especially organized for them at Lee Kuan Yew School of Public Policy.
Kairat Kelimbetov, Governor of the AIFC, in his turn, delivered a lecture on the "Establishing new institutions in developing countries: Case of Kazakhstan" to the students of Lee Kuan Yew School of Public Policy.
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region 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 through the establishment of an attractive environment for investment in the financial services, 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.
Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.
Economic Development Board (EDB) is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre. It designs and delivers solutions that create value for investors and companies in Singapore. Its mission is to create for Singapore, sustainable economic growth with vibrant business and good job opportunities.
The National Welfare Fund of Singapore Temasek. Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 10 offices globally, Temasek owns a $242 billion portfolio as at 31 March 2016, mainly in Singapore and Asia.
Temasek's investment themes centre on: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; life sciences, consumer and real estate; as well as energy and resources.
Singapore Exchange (SGX) is Asia’s leading and trusted market infrastructure, operating equity, fixed income and derivatives markets to the highest regulatory standards. As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and 75% of listed bonds originating outside of Singapore.
SGX is the world’s most liquid offshore market for the benchmark equity indices of China, India, Japan and ASEAN and offers commodities and currency derivatives products. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities.