"Astana" International Financial Center announced official launch

With the AIFC, the Financial Services Regulatory Committee (AFSA) has begun its operations. The AFSA licenses a wide range of services, including the investment and asset management, private banking, fund administration, custodial services, Islamic financing, and representative offices, the AIFC reported.

Within the framework of the AIFC for the first time in the post-Soviet space, the special jurisdiction with its own right, based on the principles of the English commercial law and standards of the world's leading financial centers, such as London, New York, Hong Kong, Singapore, Dubai, was introduced. An independent court of the AIFC has been set up to consider commercial and civil disputes, as well as the International Arbitration Center.

On the basis of the AIFC there is a high-tech exchange (AIX), corresponding to the best world standards. The Shanghai Stock Exchange and NASDAQ are AIX's strategic partners.

An Expat-center was created, whose work will simplify the involvement of international experts in Astana. The AIFC provides a single window system, a simplified mode of issuing visas, registration, obtaining work permits and other procedures.

The main strategic directions of the development of the AIFC are the capital market, asset management, wealth management of individuals, Islamic financing, financial technologies.

We remind that in December 2015, President of Kazakhstan Nursultan Nazarbayev signed the Constitutional Law on the establishment of the "Astana" International Financial Center (AIFC). The purpose of the AIFC is to form the leading center of financial services of the international level. For the first time in the post-Soviet space, the principles of the English law will be introduced, the official language of the financial center will be English. The tasks of the AIFC are to assist in attracting investments in the country's economy by creating an environment that is attractive for investment in financial services, developing the securities market of Kazakhstan, ensuring its integration with the international capital markets. The AIFC also intends to develop in the country the market of insurance, banking services and the market of Islamic financing.

Photo: Kazinform