AIFC hosts annual high-level meeting on cooperation among Central Asia’s financial regulators
The Astana International Financial Centre (AIFC) has hosted a high-level meeting involving financial regulators of the AIFC, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The event involved 40 participants, including representatives of international organisations such as the European Bank for Reconstruction and Development, the Islamic Financial Services Board, Frankfurt Main Finance, Asian Development Bank, Centre for Global Development and representatives of the business.
The high-level meeting comes as a timely contribution to implementation of Treaty between the Republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan on friendship, good neighborliness and cooperation for the development of Central Asia in the 21st century effected in Cholpon-Ata on 21 July 2022. During the previous year’s meeting of financial regulators of Central Asia in December 2021, a Joint declaration was adopted reflecting intentions for using the potential of the AIFC in order to jointly develop the financial system, support cross-border economic initiatives in the area of financial services, attract investment to the region and strengthen cooperation between regulators.
The high-level meeting participants remarked that the AIFC encompasses best experience of international financial centres and is an efficient platform to stimulate direct portfolio investments into regional projects.
The meeting featured thematic sessions to discuss prospects of the development of Central Asian markets, Islamic finance, the role of insurance and reinsurance, regional infrastructure and new trends in financial services. A regulatory roundtable meeting focused on the current state and prospects of the development of national financial markets.
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The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 1,600 firms from 67 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus.
