AFSA and National Bank of Georgia sign Memorandum of Understanding to advance mutual access to financial markets

On September 9, the Astana Financial Services Authority (AFSA) and the National Bank of Georgia (NBG) signed a Memorandum of Understanding (MoU) on Mutual Access and Recognition in Financial Services on the sidelines of Astana Finance Days 2026.

The MoU establishes a framework for closer regulatory cooperation aimed at facilitating mutual access between the Astana International Financial Centre (AIFC) and Georgian financial markets in selected areas of financial services. The agreement covers capital markets and asset management activities and provides a basis for cooperation on cross-border provision of financial services and cross-border listing of securities.

Under the MoU, AFSA and NBG intend to work towards practical mutual access arrangements for eligible market participants, subject to the respective legal and regulatory requirements of each jurisdiction. The framework is supported by enhanced supervisory cooperation and information exchange between the two authorities, helping to ensure that greater cross-border market access is accompanied by appropriate regulatory oversight.

The agreement builds on the long-standing cooperation between AFSA and NBG. The two authorities first signed a Memorandum of Understanding in 2018 establishing a framework for regulatory cooperation and information exchange. The new MoU represents a further step in this relationship, moving towards practical mechanisms designed to strengthen connectivity between the financial markets of the AIFC and Georgia.

Evgeniya Bogdanova, Chief Executive Officer of AFSA, said: “Regional financial integration becomes meaningful when regulatory cooperation translates into practical opportunities for market participants. This agreement with the National Bank of Georgia is a building step in that direction. By working towards efficient access between our markets with sound regulatory and supervisory standards, we aim to create new opportunities for financial institutions and investors and to lay the foundations for Central Asia and the South Caucasus to emerge as more connected and attractive investment destination for international capital.”

Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia, said: “This Memorandum represents an important step in further strengthening cooperation between the National Bank of Georgia and the Astana Financial Services Authority. By establishing a framework to facilitate the cross-border supply of financial services and enhance regulatory and supervisory cooperation, the Memorandum is expected to broaden opportunities for financial institutions and market participants in both jurisdictions and facilitate greater cross-border investment. At the same time, strengthened cooperation between our markets can contribute to greater capital market connectivity and support the sustainable development and deepening of capital markets across the wider region”.

The signing took place in connection with the AFSA high-level regional roundtable “From Fragmentation to Integration: Regional Cooperation for Stronger Financial Markets,” held as part of Astana Finance Days 2026. The roundtable brought together senior representatives of financial regulatory authorities and international organisations from Central Asia, the Caucasus, and other partner jurisdictions to discuss practical approaches to regulatory cooperation, cross-border market connectivity, and financial integration.

The MoU reflects AFSA’s broader approach to international regulatory cooperation, with an increasing focus on practical arrangements that can facilitate cross-border activity while maintaining effective supervision and appropriate safeguards.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]