Singapore delegation got acquainted with the AIFC activities
The Singapore delegation that arrived to the Republic of Kazakhstan to participate in the 6th CICA Summit, headed by the Minister in the Office of the Prime Minister, the Second Minister of Foreign Affairs and the Second Minister of Education, Dr. Mohamad Maliki Bin-Osman, got acquainted with the activities of the Astana International Financial Centre hereinafter referred to as AIFC, Centre). The delegation was met by the AIFC Governor. Kairat Kelimbetov stressed that 27 Singaporean companies have already been registered in the jurisdiction of the Centre.
During the visit the guests were introduced to the work of the AIFC Bodies and Organisations – the Astana International Exchange (AIX), the AIFC Court and International Arbitration Centre, Astana Financial Services Authority.
Representatives of Singapore were informed about the advantages of jurisdiction and the achievements of the Centre, as well as familiarized with the products of the AIFC. The delegation was also presented with the joint development of the AIFC Court and IAC with the Singaporean IT company Crimson Logic – the e-Justice system.
e-Justice is an online portal that allows parties to file claims with the AIFC Court and the IAC electronically from anywhere in the world without the need for a physical presence in Astana. The portal provides assistance in managing the processes of legal proceedings and electronic processing of legal documents. This development is the first for the Central Asian region.
As a result of the meeting, the Parties agreed to further strengthen relations.
Reference:
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
The Conference on Interaction and Confidence Building Measures in Asia (CICA) is a multinational forum for enhancing cooperation towards promoting peace, security and stability in Asia. CICA is a forum based on the understanding of the direct connection between peace, security and stability in Asia and in the global world. The Member States, while affirming their commitment to the UN Charter, believe that peace and security in Asia can be achieved through dialogue and cooperation leading to a common indivisible area of security in Asia.
