Astana Financial Services Authority, Astana International Financial Centre Authority and Monetary Authority of Singapore sign Co-operation Agreement to enhance fintech innovations
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.
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. 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”.
Mr. Bubeyev stated: “We are delighted to enter into agreement with MAS to enhance cooperation and promote innovation in financial services. We believe that it will open more opportunities for innovative companies in both jurisdictions”.
Mr. Mohanty said, “This agreement is one step towards closer collaboration between the FinTech ecosystems of Singapore and Kazakhstan. It will pave the way for FinTech firms in both countries to collaborate, capture new opportunities and grow the FinTech landscape”.
Reference:
The Astana International Financial Centre (AIFC) was established by the initiative of the President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan.
The AIFCA is a company limited by shares established by the National Bank of the Republic of Kazakhstan. The AIFCA supports the activities of the other AIFC Bodies and their organisations as well as the AIFC Participants and their employees and represents their interests to the extent of its competence.
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre, a legal entity and statutory body of the Republic of Kazakhstan, 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 activities related to financial services in the AIFC. The AIFC Regulations and Rules provides for the authorization, registration, recognition and supervision of financial firms and market institutions.
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
