AIFC opened pavilion of Kazakhstan at the Fintech Festival in Singapore

Singapore Fintech Festival – the largest annual exhibition on Financial Technology in the world happening from 12 to 16 November 2018 in Singapore. This exhibition is attracting more than 30,000 participants, decision makers and investors from 109 countries in 2017, the event is considered by the global FinTech community as the world’s largest platform. Today Singapore thriving as an international hub at the forefront of Fintech innovation.

This event is a crucial platform for AIFC Fintech Hub to be represented in the international market. It will provide exposure and visibility to future investors, startups, academia and government partners who have not been engaged with the AIFC previously, as well as an opportunity to reengage with local partners and deepen such relationships. It is expected that there will be significant discussions regarding investment and partnership opportunities.

This year AIFC is having a country Pavilion where they will present AIFC, its main directions and priorities, present AIFC Fintech Hub and 7 best Fintech companies from Kazakhstan – Senim, Chocofamily, Ozara Finance, Eurasian Continental Fintech, Wooppay, Silkway Ventures Group (Kredit24), Small Businesses Stock Exchange.

The Grand opening of Kazakhstan Pavilion will be held 12 November 2018 at 12.15pm by H.E. Dr Usen A. SULEIMEN, Ambassador Extraordinary & Plenipotentiary of the Republic of Kazakhstan to the Republic of Singapore and New Zealand.

Also, within the trip to Singapore Kazakhstan’s delegation’s participants signed an important agreement of cooperation with one of the financial institute of Singapore.

Monetary Authority of Singapore (“MAS”), Astana Financial Services Authority (“AFSA”) and Astana International Financial Centre Authority (“AIFCA”) have signed a tripartite Cooperation Agreement to boost FinTech ties between Singapore and Kazakhstan.

Mr. Kussainov welcomed the signing of the Agreement, saying, “Fintech is one of the main activities of the AIFC and we are glad to expand our international cooperation by signing this memorandum with MAS. It will enhance cooperation on issues of common interest, strengthen exchange of information in area of fintech innovation within both jurisdictions”.

The Agreement provides a framework for cooperation between AFSA, AIFCA and MAS in FinTech innovations, allowing the three authorities to explore possibilities of joint participation in innovative projects and sharing of information on innovation in their respective markets. The Cooperation Agreement was signed by Mr. Mukhtar Bubeyev, Acting Chief Executive Officer of the AFSA, Mr. Nurlan Kussainov, Chief Executive Officer of the AIFCA, and Mr. Sopnendu Mohanty, Chief FinTech Officer of MAS.

Mr. Bubeyev stated: «We are delighted to enter into agreement with MAS to enhance cooperation and promote innovation in financial services».

Mr. Mohanty said, “This agreement is one step towards closer collaboration between the FinTech ecosystems of Singapore and Kazakhstan. We look forward to contributing and participating in AFSA’s and AIFC’s digital economy agenda”.

Also Paul Pullinger, representative of Ozara Finance, expressed his opinion about the AIFC Regulatory Sandbox:

«The AIFC Fintech Sandbox for regulatory side is very important. We are doing something new and something important. We are working with Islamic finance products and a Sandbox allows us to test performance, digital identity and security of the system and verify the transactions.  Thus, you are reducing the risk and fraud. Sandbox also is helping in terms of making that everything is supervised and regulated. It is really powerful benefit to make sure that good practice is everywhere». Also, Paul Pullinger emphasized the importance of such Festivals for the growing businesses where great ideas and best technological solutions come along.

Daulet Yermekov – Manager of “Senim” project – participant of the AIFC Regulatory Sandbox:

“Senim Smart-wallet is a mobile application that allows the user to make payments and get cashback, in addition, you can pay for various services: ordering food, paying for taxi, paying utility bills and so on. The application is already working in 4 cities of Kazakhstan.

We registered 2 projects in AIFC Regulatory Sandbox in February of this year: crowdfunding and investment platforms. The AIFC license for online banking is much easier and wider, it is easier to work on. Through these products we want to give an opportunity to attract funding within our ecosystem. I want to thank the AIFC for the chance to be a part of this Fintech Festival in Singapore. I think it is correct and timely support and for giving access to advanced technologies and knowledge, it is good for establishing excellent networking. Fintech is an area that is developing very quickly, so such events allow you to constantly stay informed. Also, I would like to note the great interest of the Festival’s participants – potential investors in Kazakhstan and in its readiness for the latest technologies, such as non-cash payments and online transfers”.