Astana is ranked 2nd in Eastern Europe and Central Asia in the Smart Centres Index
In the 10th edition of the Smart Centres Index (SCI 10), published by independent experts Z/Yen, the city of Astana has improved its position, securing 2nd place in the Eastern Europe and Central Asia region. Cyprus and Tallinn take the 1st and 3rd spots, respectively. Astana ranks 52nd out of 77 in the overall global ranking.
The Smart Centres Index evaluates the ability of global commercial and financial hubs to create, develop, and implement technologies and innovations across various sectors, including science, energy systems, machine learning and more. Astana was first included in this index in November 2022, when it ranked 64th overall.
According to the index, the leading SCI centres are located in regions that combine an innovative culture with a highly effective university sector across all STEM subjects (science, technology, engineering and mathematics), supported by a well-developed regulatory system and strong commercial and financial services.
Renat Bekturov, Governor of the Astana International Financial Centre, commented:
“Innovation in the financial sector is an integral part of the AIFC. As an international financial centre, we support the development of not only the insurance, banking, green and Islamic finance markets but also financial technologies, digital assets and innovative projects. For example, through digitalisation, we have streamlined the process for registering new participants, launched the Tabys mobile app for retail investors, and the Court and International Arbitration Centre use the eJustice electronic system for dispute resolution. To stimulate innovation, the AIFC regulator, AFSA, offers the ‘sandbox’ FinTech Lab, where companies can test advanced financial services and digital asset-related projects. The Innovation Hub fosters innovative technologies in finance, while the AIFC Academy supports the professional services market. Innovation will remain a hallmark of the AIFC, both in the development of the centre and the entire financial services sector.”
To date, the AIFC ecosystem includes over 3400 companies from more than 80 countries. Around 20% of these companies operate in the information and communication technology sector. The AIFC is also a platform for several crowdfunding platforms and cryptocurrency exchanges. About 20 companies participate in the regulatory ‘sandbox’ FinTech Lab, further driving innovation within the AIFC ecosystem.
The SCI Index is compiled using 132 instrumental factors, provided by indicators from the World Bank, the Organisation for Economic Cooperation and Development (OECD), and the United Nations. These instrumental data points are combined with 1804 ratings from 287 respondents to the SCI online survey.
In total, the SCI10 reviewed 131 commercial and financial centres, with 77 centres included in the updated edition, having received a sufficient number of ratings from respondents to qualify for the ranking.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. www.aifc.kz
