For Press

11/07/2017

Astana International Financial Centre and the Institute of Chartered Accountants of England and Wales (ICAEW) held a forum on financial technologies

Astana International Financial Centre (AIFC) and the Institute of Chartered Accountants of England and Wales (ICAEW) jointly with the Department of International Trade of Great Britain held a forum on financial technologies.

The Lord Mayor of London, Dr Andrew Parmley and Governor of the AIFC Kairat Kelimbetov as well as experts and representatives of business entities attended this event.

Participants of the forum discussed the impact of financial technologies on the development of Kazakhstan's financial industry. The forum provided a good opportunity for leading experts of AIFC, Deloitte, KPMG, PwC, EY, Blockex to share their views on the latest developments and trends in financial and blockchain technologies.

It was noted at the event that London’s unrivalled access to financial expertise and technical talents makes it uniquely well-equipped as a top global fintech hub. The UK’s world-leading fintech policy environment stems from innovative and supportive regulatory environment and government programmes.

Regulatory issues of financial technologies, cyber security, as well as opportunities provided by new technologies of the distributed registry were discussed within the framework of the forum.

According to information, provided within the framework of the forum, financial technologies are not only modern, but also profitable. For example, London Stock Exchange has a strong record in IPOs from the fintech sector – including Alfa Financial Software which floated in May (its current market cap of £1.2bn makes Alfa one of the largest IPOs on our market so far this year), and Worldpay (its IPO in October 2015 raised £2.48bn - the world’s largest Fintech IPO that year).

According to The Lord Mayor of London, Dr Andrew Parmley, the City of London may become an additional partner of Kazakhstan for the development of financial technology.

According to the Governor of AIFC Kairat Kelimbetov, AIFC and Akimat of Astana (City Hall) will jointly develop the market of financial technologies in Kazakhstan, based on the territory of EXPO after the exhibition. And the experience of the City of London in the study of future opportunities can be very forehanded.

As the Executive Director of ICAEW for technical issues, Robert Hodgkinson, mentioned, the financial technologies changes the way of access, management and protection of our financial world. “The pace of this change is unprecedented in our lifetime. The benefits, and indeed, the accompanying risks, of this new world are something that the global financial industry must find a way to manage and mentor in an appropriate way. This is where ICAEW, and our many partners in the UK, can offer a significant contribution and share with our international colleagues the insights we have gained though the UK’s position at the cutting edge of many of the innovations we see and discuss today, " - he said.

The development of financial technologies is one of the priority activities of the AIFC. The main goal is to create the most favourable conditions for the development of financial projects, including modern infrastructure, flexible regulation and attraction of strategic investors.

 

Reference:

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 the 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, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan. 

ICAEW (Institute of chartered accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports more than 147,000 members worldwide. We provide our members with knowledge and guidance, and ensure ICAEW Chartered Accountants are meeting the highest ethical and technical standards. As financial experts we act in the public interest offering insights into business and the economy that help to shape government policy and regulation.

Reference information

AIFC. Astana international financial center "Astana" (AIFC) was created on the initiative of the President of the Republic of Kazakhstan Nursultan Nazarbayev. The Constitutional Law on the establishment of AIFC was signed by the Head of State on December 7, 2015. The goal of AIFC is the formation of a leading center of financial services of international level.AIFC’s targets are to assist to an attraction of investments in the state’s economy, creation an attractive environment for investing in financial services, development of the bonds market of the Republic of Kazakhstan and providing an insurance of an integration with international capital markets.

 

ICAEW (Institute of Chartered Accountants in England and Wales) is an organization of professional accountants with more than 147,000 members in the world. ICAEW provides qualifications and professional development, shares knowledge and experience, protects the quality and integrity of accounting and financial professions. As leaders in accounting, finance and business, ICAEW members have the knowledge, skills and commitment to uphold the highest professional standards and integrity. ICAEW contributes to the success of people, organizations, societies, and economies around the world.