AFSA participates in annual Budapest Eurasian Forum

19-20 September 2022, Budapest (Hungary) hosted the Annual Budapest Eurasian Forum, which is an international project of the Central Bank of Hungary. The event is held annually with the involvement of 15 thousand participants, including top executives of major banks, politicians, well-known representatives of academia and international organisations. This year, the line-up of speakers included the Governor of the Bank of Thailand, Director of Ban Ki-moon Foundation, Director of the Center for Sustainability at Columbia University and others.

Chief Executive Officer of AFSA, the Astana Financial Services Authority of the Astana International Financial Center (AIFC), Nurkhat Kushimov took part in the forum as a speaker at the panel session “FINANCE: Ingredients of success in the financial sector: How to strengthen new financial hubs in Eurasia?”. The session discussed the creation of a sustainable financial infrastructure and an attractive investment environment, the role of financial innovation and regulatory sandboxes that ensure success in the financial sector, as well as international competition for investment. Critical issues for building effective startups and a FinTech ecosystem were also addressed during the discussion.

AFSA is an independent regulator of the Astana International Financial Centre and a unique body that regulates financial, market and ancillary services provided within the AIFC. AFSA’s strong regulatory framework regulating innovation in FinTech, green finance and Islamic banking in addition to traditional finance has helped the AIFC establish itself as a leading regional platform in Eurasia. AFSA is an active member of the world’s key international standard-setting organisations. For example, last year AFSA chaired the Group of Banking Supervisors in Central and Eastern Europe (BSCEE). The fact that the AIFC has chaired the BSCEE group is significant in that Kazakhstan hosted an event of this magnitude for the first time in Central Asia.

“Currently there are over 1,500 companies from 65 countries of the world in the AIFC. The geographical coverage of participants continues to expand. The AIFC companies cover such major global players as China, the USA, the UK, Singapore, Germany, Finland and many others. Naturally, for us as a financial regulator the quality of companies is a priority. High standards of financial conduct, best international practices and recognition of the world’s leading financial institutions mean that participation in the AIFC is a sign of quality,” – said AFSA Chief Executive Officer Nurkhat Kushimov.

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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 1,500 firms from 65 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. www.aifc.kz