The Astana International Financial Centre (AIFC) held negotiations and signed a number of bilateral agreements with financial institutions of South Korea within the framework of the President of the Republic of Kazakhstan Nursultan Nazarbayev's state visit to Seoul.
Kairat Kelimbetov, the AIFC Governor visited Korea Exchange (KRX) and briefed the Korean partners on the five institutional reforms and the National Plan "100 specific steps" initiated by President Nazarbayev. It should be noted that the AIFC was established within the framework of the National Plan on the instruction of the Head of State.
At the meeting, Kairat Kelimbetov noted that the Constitutional Law ensuring unprecedented conditions for the AIFC's participants was signed. The Parties also discussed interaction in the sphere of exchange of experience and use of new financial instruments. Additionally, the KRX and the AIFC inked the Memorandum of Cooperation based on which they will hold joint professional training programs as well as conferences and seminars.
The AIFC delegation also held meetings with the Korea Capital Market Institute (KCMI) and the Korea Financial Investment Association (KOFIA), focusing on ways to enhance competitiveness and strengthen functions of the financial market in Kazakhstan. The sides agreed to further deepen their relations based on the memorandums of cooperation signed during the negotiations in Seoul.
Besides, the Kazakh side got familiar with the latest achievements in the sphere of trusted money transfer systems and transactional platforms during the meeting with representatives of GivtechCo Ltd. and NongHuypBank.
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.
Korea Exchange (KRX) is the world's largest exchange by volume transactions with derivatives, one of the twenty largest stock exchanges by market capitalization. Implements trading in stocks, bonds, futures.
The Korea Exchange was created through the integration of Korea Stock Exchange, Korea Futures Exchange and KOSDAQ Stock Market under the Korea Stock & Futures Exchange Act.
Korea Capital Market Institute (KCMI) develops and studies research topics most needed and relevant to Korea’s capital market development and greater competitiveness of the financial investment industry.
Korea Financial Investment Association (KOFIA) is the sole self-regulatory organization (SRO) of the Korean financial industry. KOFIA approaches self-regulation as a service that should be responsive, flexible and market-friendly, rather than rigid and heavily supervised. To ensure its ability to effectively conduct its role and function as an SRO, KOFIA maintains the Self-Regulation Committee (SRC). The SRC is responsible for KOFIA's overall self-regulation activities, such as making decisions for the establishment and revision of regulations, and applying penalties to members and executives.
GivtechCo., Ltd. was established in November 2015 for the improvement of electronic financial services and ensuring the safety of online financial transactions.
NongHuypBank founded in March 2012, is a subsidiary of NongHyup Financial Group Inc, which, in turn, is wholly owned by NASF (National Agricultural Cooperative Federation). The Bank has about 1,200 branches and offers commercial banking services for its member cooperatives as well as retail banking for consumers in South Korea.