Astana International Financial Centre

Coordinates: 51°05′28.5″N 71°24′46.1″E / 51.091250°N 71.412806°E / 51.091250; 71.412806

The Astana International Financial Centre (AIFC) is a financial hub in Astana, Kazakhstan that officially launched on July 5, 2018.[1]

Astana International Financial Centre
IndustryFinancial Services
Founded2018 (planned launch)
HeadquartersAstana, Kazakhstan
Key people
Kairat Kelimbetov (Governor)
Websitehttp://www.aifc.kz/

On 20 May 2015, the President of Republic of Kazakhstan Nursultan Nazarbayev announced the “100 Concrete Steps” Plan of the Nation to implement the five institutional reforms, designed to provide a strong national platform needed to achieve country’s ambition of joining the top 30 developed countries by 2050.[2] As part of the Plan of the Nation, the AIFC was established with a special legal status to be based on the EXPO-2017 International Specialized Exhibition infrastructure.[3]

The Constitutional Law "On the Astana International Financial Centre" approved on 7 December 2015 provides a legal framework for the functioning of the AIFC as well as a favourable environment for its participants.[4]

The Astana International Financial Centre plays one of the main roles in attracting financial resources. It is positioned as a financial hub for the countries of Central Asia, the Caucasus, Eurasian Economic Union (EAEU), Middle East, Western China, Mongolia and Europe.[5]

Contents

AIFC bodies[4]Edit

AIFC Management CouncilEdit

It is a supreme authority that includes high profile leaders of global financial corporations and is chaired by the President of Kazakhstan. The main objectives of the Management Council include the determination of the strategic directions for the AIFC development and the assistance in the development of the favourable conditions for the formation of a leading financial centre. AIFC Development strategy was determined by the Management Council during its first meeting on 26 May 2016.[6]

AIFC AuthorityEdit

The AIFC Authority was established on 28 December 2015 and is responsible for the development of the overall strategic plan, promotion of the AIFC in the global markets, attraction of the potential participants to the AIFC.

Astana Financial Services Authority (AFSA)Edit

AIFC CourtEdit

The AIFC will have its own legal system based on the principles and rules of English law. The AIFC Court is independent in its activity and separable from the judicial system of the Republic of Kazakhstan. It shall have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to:

  1. hearing and adjudicating on any disputes between the AIFC participants, AIFC bodies and/or their foreign employees;
  2. hearing and adjudicating on any disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC;
  3. hearing and adjudicating on any disputes transferred to the AIFC Court by agreement of the parties.

The AIFC Court is planned to be launched in 2018.

AIFC International Arbitration CentreEdit

The International Arbitration Centre shall review disputes which the parties have agreed shall be settled by arbitration. It is planned to be launched in 2018.

AIFC Bureau for Continuing Professionals DevelopmentEdit

AIFC Bureau for Continuing Professional Development is responsible for human capital development and plans to retrain over 2000+ specialists in the financial industry of Kazakhstan and, ultimately, creating critical mass of professionals for AIFC eco-system and beyond. In addition, the Bureau is responsible for investment and financial literacy programs related to AIFC’s core pillars including Islamic Finance, Fintech, Capital Markets, Green Finance, as well as Asset and Wealth Management.

LanguageEdit

English is the official language on the AIFC territory.

Priority SectorsEdit

FinanceEdit

It is the goal that the AIFC become a regional financial centre and be a top 20 leading Asian financial centres within 10 years.[7]

Equities TradingEdit

The AIFC has partnered with NASDAQ and the Shanghai Stock Exchange.[7] The AIFC is the shareholder of the Astana International Exchange (AIX) that was established in 2017. AIX's first trading session was held on November 14, 2018, coinciding with the 25th anniversary of tenge, the national currency of Kazakhstan. The session was opened by Kazakh President Nurshultan Nazarbayev.[8]

Green TechnologyEdit

Information TechnologyEdit

ReferencesEdit

  1. ^ "Central Asian global financial hub AIFC opens in Astana". Business Standard.
  2. ^ "Embassy of Kazakhstan in the UK / 100 Concrete Steps". www.kazembassy.org.uk. Retrieved 2017-05-02.
  3. ^ "Astana International Financial Centre to Cement Capital's Place in Global Finance". Astana Times. Retrieved 12 December 2016.
  4. ^ a b "Constitutional Law "On the AIFC" dated 7 Dec 2015" (PDF).[dead link]
  5. ^ "Number of foreign companies in Kazakhstan increases 25 percent in the past year". astanatimes.com.
  6. ^ "The first meeting of the Management Council of Astana International Financial Centre was held in Astana | Invest In Kazakhstan". invest.gov.kz. Retrieved 2017-05-02.
  7. ^ a b "AIFC, green tech centre and IT start-up hub to begin operating in 2018".
  8. ^ "Kazakh President opens AIX's first trading session". astanatimes.com.

External linksEdit