The AIFC participants’ pavilion was presented at Astana Finance Days 2024
The AIFC participants’ pavilion was organised at Astana Finance Days 2024, which was presented to the President of Kazakhstan, Kassym-Jomart Tokayev. Executives from major companies in the fields of finance, trade, digital technology, and metallurgy, all operating within the AIFC’s jurisdiction, shared their achievements and future development plans with the President.
Timur Turlov, CEO of Freedom Holding Corp., highlighted that the holding operates in 20 countries, with a market capitalisation exceeding $5 billion.
“The AIFC is an ideal ecosystem with its own legal framework, court and clear rules. Thanks to this, the European brokerage infrastructure of Freedom was ‘unpacked’ within the AIFC in just four months. We have become the largest retail broker in Kazakhstan due to the wide range of services and products provided through the Astana International Exchange”, said Timur Turlov.
According to him, since joining the AIFC, the number of Freedom Broker client accounts has grown by 235 000, with over 31 million transactions conducted, and trading volumes surpassing $2,5 trillion. Since 2020, Freedom Broker has issued 145 securities from 77 issuers, totalling more than $4 billion.
Wang Songhua, CEO of the Astana branch of China Construction Bank Corporation, emphasised that the branch began operations at the AIFC in 2019, becoming the first foreign bank to be established within the financial centre. Today, its activities cover five Central Asian countries, as well as the Caucasus and Mongolia.
“We chose the AIFC for several reasons: an independent regulator, preferential tax regime, a favourable business environment, an innovative trading infrastructure, simplified and expedited registration, close cooperation between Kazakhstan and China, and its position as the No. 1 financial centre in Eastern Europe and Central Asia,” said Wang Songhua.
By the end of June this year, the total assets under management of the Astana branch reached $833 million, of which $378 million were loans. The total value of financed projects, across different currencies, amounted to $896,5 million, 4,4 billion yuan, and over €6 million. Notably, 10 out of 12 supported projects were implemented by Kazakh companies.
Dmitry Kirsanov, Managing Director of Fix Price Group Plc, noted that the company’s network of Fix Price shops is represented in 10 countries in the region, including Kazakhstan. In Kazakhstan, there are more than 300 shops operating, almost 2 thousand jobs have been created, and there are plans for further active growth in Kazakhstan and other presence countries.
“Recently, we registered within the Astana International Financial Centre, and our shares are now traded on the Astana International Exchange. Why did we choose Astana? It is important for us to operate in a jurisdiction that enables efficient operations across all the countries we serve, and Kazakhstan offers exactly that – with advanced practices and access to a wide range of investors,” – Kirsanov explained.
Samat Daumov, Partner and Director of the Astana office of international law firm GRATA International, shared that since the firm joined the AIFC in 2019, more than 60 clients have sought legal assistance from GRATA International on matters related to AIFC’s regulations. According to him, the firm continues to receive legal inquiries from players across various industries, both from Kazakhstan and abroad. Clients from the UK, Switzerland, China, Luxembourg, Cyprus, and other countries turn to GRATA International for legal advice concerning AIFC operations.
“ Leveraging the opportunities and business environment offered by the financial centre, GRATA International remains a trusted member of the AIFC community. Our decision to join the centre was driven by the desire to expand our business, develop new client products and access an international regulatory framework. Since joining, the range of our services has grown in line with AIFC regulations, focusing on the needs of clients looking to enter the financial centre,” noted Samat Daumov.
GRATA International, founded in 1992 in Almaty, now operates across 22 jurisdictions in Eurasia. To date, the firm has provided legal services to over 14 000 clients and successfully completed more than 37 000 cases.
Vishal Sacheendran, Head of Regional Markets at Binance, shared that Binance is currently the leading blockchain ecosystem with the largest cryptocurrency exchange globally by trading volume and the number of registered users. Binance serves over 200 million users in more than 100 countries.
Binance Kazakhstan became the first digital asset platform to receive full regulatory approval for license from AFSA.
“ Kazakhstan is a priority country for Binance and can rightfully be called a regional cryptocurrency hub in Central Asia. I especially highlight Kazakhstan’s efforts in advancing new digital technologies and the cryptocurrency ecosystem. With the successful implementation of a pilot project, Binance Kazakhstan was licensed by the AIFC in September 2022, and since its launch in June 2023, the number of local platform users has exceeded 100 000,” said Vishal Sacheendran.
In the medium term, Binance Kazakhstan plans to expand its services to clients from other CIS countries and Asia, positioning itself as a supporting infrastructure for other markets where local regulations require licensed entities. Binance will continue working with Kazakh regulators to promote the crypto industry in the country and contribute to the development of a reliable regulatory framework for digital assets.
Additionally, representatives from other AIFC member companies, Solidcore Resources and Amicorp Fund Services, spoke at the AIFC Management Council meeting, presenting their development and expansion plans in the region to the Head of State.
Vitaliy Nesis, CEO of Solidcore Resources, said:
“Listing on AIX provided us with a safe harbor during a period of heightened geopolitical uncertainty, ensuring the continuity of stock trading when key market infrastructure elements faced disruptions and dislocations. It also opened up opportunities for new investors in the region to access our shares”.
Robin Hoekjan, Chief Operating Officer of Amicorp Fund Services (UK), remarked:
“Kazakhstan stands out as an emerging hub with one of the largest economic growth and foreign direct investment in Central Asia. The Kazakh government’s efforts to diversify its economy include a strong push to develop the financial sector. By collaborating with the government and AIFC, Amicorp Fund Services can contribute to the continued growth of Kazakhstan’s financial sector, particularly in investment funds”.
Reference
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. www.aifc.kz
Contact for media
Ainur Issabayeva, Press Secretary
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