AIFC develops cooperation of Central Asian financial regulators
18:12 03 Декабрь 2021 3304
Aifc.kz – A high-level meeting involving financial regulators of AIFC’s independent jurisdiction, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, as well as a number of international financial organizations was held on December 3, 2021 at the AIFC premises.
The meeting was an important step towards the implementation of the Joint Statement adopted at the meeting of the Consultative Group of the Heads of Central Asian States, held on August 6 this year in Turkmenbashi city (Turkmenistan). The Joint statement underlined the importance of joint development of the financial system and attraction of investment to the region. AIFC was identified as an economic platform connecting the countries of the Central Asian region, as well as with foreign investors.
The purpose of the Meeting of Regulators was to develop regional cooperation in the area of financial supervision and exchange of experience in the regulation of the stock, banking and insurance markets. The event will promote the role of the financial sector in supporting the region’s economic development.
The Governor of AIFC Kairat Kelimbetov noted the importance of mutual understanding and strengthening regulatory cooperation at the regional level.
"The analysis of the impact of coronavirus pandemic and the crisis caused by it showed the need to integrate economies and strengthen cross-border interaction. This also applies to the Central Asian region, where deepening economic ties can give new impetus to the development of all five countries. The AIFC platform can provide access for neighboring countries to the world capital markets to attract investment, with countries to be able to cooperate more actively with foreign partners to implement new projects".
"The development of regulatory cooperation between Central Asian countries can contribute to reducing the fragmentation of regulatory requirements in support of cross-border economic initiatives, for example in the field of financial technologies, payment systems, issuance of Islamic securities, green financing, etc. A region with close economic ties and rapidly developing markets will be even more interesting to investors, Mukhtar Bubeyev, the Chief Executive Officer of the Astana Financial Services Authority said.