Advisory Council on the Development of LegalTech established at AIFC

On 12 May 2020, the first meeting of the AIFC Advisory Council on the Development of LegalTech (AIFC LawTech Advisory Council) with the participation of the AIFC Governor was held at the Astana International Financial Centrе (AIFC).

The meeting was attended by members of the AIFC LawTech Advisory Council, recognised experts in the field of law and legal technology from the UK, USA, Switzerland, Netherlands, and Singapore.

The AIFC LawTech Advisory Council was formed with the aim of developing the LegalTech ecosystem in the AIFC, which can improve the efficiency and quality of legal services and make them more accessible.

To achieve these goals, the AIFC LawTech Advisory Council will promote cooperation between the AIFC and international stakeholders in the field of LegalTech, provide strategic guidance and recommendations for the development of a world-class regulatory framework on LegalTech.

Chairman of the AIFC LawTech Advisory Council, Mark Beer OBE:

“Although the legal technology sector has been growing exponentially since 2014, with over 13 billion USD invested so far, no country, no city and no economic zone has yet become the global hub: To be recognised as the leader in LegalTech. With the Astana International Financial Centre’s focus on Legal Technology and the establishment of an Advisory Council comprising some of the world’s LegalTech thought leaders, there is an opportunity to bring the global focal point for legal technology to Kazakhstan.”

 

The First Deputy CEO of the JSC “AIFC Authority”, Mr. Marat Aitenov, commented:

“There is no doubt that nowadays new technologies are developing quickly and affect people’s lifestyle to a great extent. LegalTech is no exception. We also look for opportunities in this very promising area of law and hope to bring the niche-tailored products to the region”.

 

Reference Information:

AIFC. In December 2015, the First President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the International Financial Centre Astana (AIFC). The purpose of AIFC is the formation of a leading centre of financial services on international level. For the first time in the post-Soviet space, the principles of English law will be introduced, the official language of the financial centre will be English. AIFC’s tasks are to assist in attracting investments to the country’s economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. https://aifc.kz/

AIFC Advisory Council on the Development of LegalTech (AIFC LawTech Advisory Council) – an advisory body established at the AIFC. The AIFC LawTech Advisory Council was formed with the aim of developing the LegalTech ecosystem in the AIFC, which can improve the efficiency and quality of legal services and make them more accessible. The mission of the AIFC LawTech Advisory Council is to provide strategic recommendations and solutions, maintain and expand international cooperation, and improve the regulatory framework of the AIFC.

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