Kazakhstan draws on DIFC model to enhance competencies

Thursday 18 February 2016

Dubai - MENA Herald: HE Kairat Kelimbetov, Governor of Astana International Financial Center (AIFC), Kazakhstan, says Astana has been focusing on the Dubai International Financial Centre (DIFC) model to enhance its capabilities and establish world class regulations.
“The UAE has shown to the world how to successfully diversify the economy and attract experts in various government entities and regulatory bodies. Dubai is a great example to follow as we move ahead with efforts to usher in changes. We will see major revolution in digital services in the next 10 years,” Kelimbetov said, addressing the first Commonwealth of Independent States Global Business Forum in Dubai.
He added that AIFC is working on establishing AIFC Courts and AIFC Regulatory Authority within the next 12 months.
HE Arif Amiri, Chief Executive Officer of DIFC Authority, said that Dubai has established its credentials as a major financial hub, which is reflected in DIFC catering to the requirements of the financial community in region and beyond.
“DIFC has provided the infrastructure and helped simplify the business process and offered a one-stop solution to make it easy for investors from around the world to do business in Dubai,” he added.
“Based on our track record of the last 12 years, we have revised our strategy for another 10 years. We have ensured world class regulations to make the international financial community comfortable,” HE Amiri said.
Nurlan Kussainov, Chief Executive Officer of Astana International Financial Center Authority in Kazakhstan, said that while no place can emerge as a financial technology centre, Kazakhstan has the potential to become a reliable business partner in digitization.
He said that Kazakhstan has ambitious plans to become a financial technology hub in the CIS region. “We can leverage on our neighbours such as China, India and the Middle East, to become a reliable partner for businesses when it comes to digitization,” he added.
Despite its dependency on oil which is witnessing an all-time record low price, Kazakhstan is still bullish on its economy. Strategically located on the Silk Road trade route, the country sees huge growth potential in various non-oil sectors, including fintech. “There is a huge potential for digitisation in Kazakhstan, especially within the finance and payments industry,” Kussainov said.
From hosting Expo 2017 to diversifying its economy in non-oil sectors, Astana has more ambitious plans for its people. “Education is part of our agenda for the next decade. It plays a key role in producing the right human capital, especially in IT. We are in the right time to become one of the best consumers of artificial intelligence,“ Kussainov concluded.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the CIS GBF 2016 has been organized on the theme, ‘Ancient Routes - New Opportunities’, to explore opportunities on old trading links to neighbouring regions and beyond as well as new Economic Union Eurasian alliances.

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