Development of FinTech direction discussed by representatives of the World Alliance of International Financial Centers and AIFC

Representatives of the World Alliance of International Financial Centers (WAIFC) and AIFC discussed the development of the Fintech pillar on the Fintech Initiative.
The WAIFC delegation was headed by Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers. The meeting was also attended by WAIFC representatives from a number of countries, including Germany, the United Kingdom and South Korea.
The participants of the meeting discussed the promotion of cooperation between WAIFC members. Special attention was paid to capacity building and talent development, to actively identify new areas in financial technology that require closer coordination within WAIFC, in addition to the potentially existing activities of financial institutions, startups, universities and other parties. The problems of FinTech education and literacy development were also touched upon.
The parties noted that Fintech is the most dynamically developing industry and agreed to exchange experience and share the latest developments in this field.
Representatives of WAIFC Fintech Initiative emphasized that they are ready to provide full support to the Fintech Pillar of AIFC.
The next WAIFC Fintech Initiative meeting will take place on September 6, 2019 in Toronto, Canada.



AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the Astana International Financial Center (AIFC). The goal of the AIFC is to create a leading center of financial services at the international level. For the first time in the post-Soviet space, the principles of English law are introduced; the official language of the financial centre is English.
The objectives of the AIFC are to assist in attracting investments into the country’s economy by creating an attractive environment for investing in financial services; development of the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. AIFC also intends to develop insurance, banking and Islamic finance markets in the country.

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