JULY 5, 2018 | ASTANA
On July 5, 2018, the official opening ceremony of the Astana International Financial Centre Astana (AIFC) took place during the Astana Finance Days International Finance Conference at the "Expo" Congress Centre. The Centre, a brainchild of the President of Kazakhstan Nursultan Nazarbayev, is set to become the largest financial services provider in the EEA and Central Asia region. A key feature of AIFC is the jurisdiction of common English law, which is familiar and convenient for investors.
President of the Republic of Kazakhstan Nursultan Nazarbayev, representatives of the country's top leadership, foreign heads of state, heads of major global financial organizations participated in the opening ceremony.
The main event of the ceremony was the launch of the AIFC Exchange (Astana International Exchange, AIX). Privatization of Samruk-Kazyna assets, bonds of the Ministry of Finance of the Republic of Kazakhstan, as well as Islamic sukuk bonds will be placed on its platform by the end of 2018.
It should be noted that AIFC has a Financial Services Regulatory Committee (hereinafter - AFSA). AFSA licenses a wide range of services, including investment and asset management, private banking, fund administration and administration, custodial services, Islamic finance, and the work of representative offices.
For the first time in the post-Soviet space a special jurisdiction with its own law based on the principles of English commercial law is introduced within the framework of AIFC keeping with the standards of the world's leading financial centers such as London, New York, Hong Kong, Singapore, Dubai. An independent court of AIFC has been established, which deals with commercial and civil disputes, as well as with the International Arbitration Center.
AIX's strategic partners are the Shanghai Stock Exchange and NASDAQ.
An Expat-center has been set up that provides foreign experts with a one-stop system, a simplified mode of issuing visas, registration, obtaining work permits and other procedures.
Particular attention by the AIFC is given to the development of FinTech.
In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the International Financial Center "Astana" (AIFC). The purpose of AIFC is the formation of a leading center of financial services on international level. For the first time in the post-Soviet space, the principles of English law will be introduced, the official language of the financial center will be English.
AIFC's tasks are to assist in attracting investments to the country's economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. AIFC also aims to develop the insurance market, banking services and Islamic finance.
Astana Finance Days
The celebration of the 20th anniversary of Astana will be supplemented with the official opening of the Astana International Financial Centre and the launch of the AIFC Exchange, which will give further impetus to the development of Astana, making into a regional financial hub.
The official opening of AIFC will be held within the framework of Astana Finance Days on July 3-5, 2018, with the participation of foreign heads of state, Nobel and Pulitzer Prize winners, as well as heads of international financial institutions.
More than 150 speakers from 40 countries will share their expertise and professional skills in various fields of economics, finance, ecology and information technology.
Astana Finance Days will include an exhibition of digital initiatives "AIFC Digital Exhibition", as well as the following forums and conferences:
* Astana Islamic Economy Forum;
* Green Growth Forum / GEWR`2018;
* Global Finance Forum;
* 2nd Astana International Capital Markets Forum;
* FinTech 2018;
* Sessions of the Eurasian Economic Commission;
* AIFC Law Conference
Content provided by AIFC, via Reuters.