Results of the session “Central banks: learning through cooperation”

The session “Central banks: learning through cooperation” was held as part of the Astana Finance Days 2022 conference in a hybrid format with the participation of representatives of the central banks of Kazakhstan and Armenia, as well as speakers from the Inter-American Development Bank and the Greater Eurasia Research Center. The participants of the session discussed existing opportunities for capacity building in central banks, including various ways to combine research efforts in banks, especially on the topics of technology and innovation in the field of finance.

Advances in digital technology and data are changing the landscape of finance and banking, presenting both challenges and opportunities for further development. Many central banks are now asking questions about how to shape the regulatory, operational and technology agenda with innovation in mind. To identify the necessary solutions, central banks in different parts of the world are now joining together and creating communities within which banks are trained and conduct joint research, including on the topic of innovation in finance. Examples of such communities are the Financial System Greening Network, the Bank for International Settlements, the Southeast Asia Central Bank Network, and others.

As part of the discussion, representatives of regional central banks shared their current approaches to updating the knowledge and skills of employees and the formation of research topics and projects. The speakers spoke about the experience of creating communities that unite the activities of banks in the field of research and education. The activity and plans of the Greater Eurasia Research Center in the field of research projects with the participation of central banks in the region were also presented at the session. The center is an initiative of the Hong Kong University of Science and Technology and began cooperation with the AIFC in 2021, within which it opened a representative office on the territory of the AIFC. The Greater Eurasia Research Center aims to become the leading research and education platform in the region. AIFC support will allow the center to expand cooperation between countries and contribute to the development of science on the Eurasian continent.

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The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz