During the official visit of Prime Minister of Israel Benjamin Netanyahu to Kazakhstan, Astana International Financial Centre (AIFC) and Fintech Group Israel signed a memorandum of understanding to commence collaboration in promoting the development of financial technologies (fintech) ecosystem in Kazakhstan and the region.
The MOU identifies key areas of mutual cooperation on building the “Digital Bridge“ between two countries, which will create a direct connection between Astana and Israeli technology cluster and help enrich local human capital. Both parties expressed the willingness to work together in order to brand AIFC as a leading fintech hub leveraging on the experience and know-how of Israeli partners.
“AIFC identifies fintech as one of its main pillars and we give an utmost effort to kickstart the industry. To achieve tangible results in developing new fintech instruments and promote entrepreneurial behavior in Kazakhstan, we need to move quickly and learn from the best. In this regard, connecting with established fintech centers, like one in Tel Aviv, is a priority,” noted Kairat Kelimbetov, Governor of AIFC after the signing of the MOU.
The MOU comes in time when two countries are strengthening their economic ties. Developing next generation financial instruments will be important for the future growth. Both parties are looking forward to continuing the work in 2017.
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.