Astana rises eight places in GFCI 40 and retains regional leadership

 In the 40th edition of the Global Financial Centres Index, Kazakhstan’s capital ranked 57th among 117 financial centres worldwide. Astana’s rating increased by 18 points, from 684 to 702.

Astana improved its position in the Global Financial Centres Index 40 (GFCI 40), climbing eight places from 65th to 57th. The city retained its leading position in Eastern Europe and Central Asia, which it has held for more than three years.

In the regional ranking, Astana was followed by Cyprus, which ranked 72nd globally, and Warsaw, which placed 78th. The gap between Astana and its closest regional competitor was 15 places.

Astana’s rise came against a 1.09% decline in the average rating of financial centres in Eastern Europe and Central Asia. At the same time, the authors of the index noted that the region’s leading financial centres continued to strengthen their positions.

Astana was also named among the ten financial centres expected by survey participants to play a more significant role in the global financial system over the next two to three years. Kazakhstan’s capital ranked ninth on the list, receiving 45 mentions from respondents.

In the separate FinTech ranking, Astana rose four places from 55th to 51st.

“Astana’s eight-place rise and continued regional leadership send an important signal of growing confidence in the AIFC and Kazakhstan among the international financial community. For us, a position in the ranking is not an end in itself, but an independent assessment of the work we are consistently pursuing: improving the legal and regulatory environment, developing capital markets and financial technologies, and expanding international ties. Our goal is for this progress to be measured not only by Astana’s standing among global financial centres, but above all by new investment, international companies and opportunities for Kazakhstani businesses,” said Renat Bekturov, Governor of the Astana International Financial Centre.

GFCI 40 assessed 139 financial centres, 117 of which were included in the main index. The ranking was compiled using 144 quantitative measures provided by international organisations, including the World Bank, the Organisation for Economic Co-operation and Development and the United Nations, as well as 39,531 assessments from 6,147 financial sector professionals.

Survey respondents also identified the priority areas that financial centres should focus on over the next five years. These include developing digital infrastructure, including cloud technologies, data transmission and cyber resilience; attracting FinTech companies and digital asset businesses; strengthening systems to combat money laundering and financial crime; and further deepening capital markets.

New York retained first place in the global ranking, followed by London, Hong Kong and Singapore. Shanghai, Tokyo, Seoul, Shenzhen, Dubai and Zurich also ranked among the top ten.

The GFCI is published twice a year and is one of the leading international benchmarks for the competitiveness of financial centres. The index is produced by the UK-based think tank Z/Yen Group in partnership with the China Development Institute (CDI). It assesses financial centres across five broad areas: business environment, financial sector development, infrastructure, human capital and reputation.

Astana first entered the GFCI ranking in March 2018 and became the leading financial centre in Eastern Europe and Central Asia in March 2023. The Astana International Financial Centre has made a significant contribution to strengthening the city’s position by developing its legal and regulatory environment, financial infrastructure, capital and digital asset markets, and expanding opportunities for international and regional investors.

The AIFC provides businesses with access to financial instruments and international markets, an independent dispute resolution system, regulation based on international standards, and an environment for the development of financial technologies. The Centre continues to strengthen Astana’s role as a regional platform for attracting investment, facilitating capital flows and implementing cross-border projects.

Reference:

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

AIFC Press Office,

Ainur Issabayeva, press secretary

E-mail: [email protected]