Astana International Financial Centre (AIFC) has reinforced its leading position in the Central Asia and Eastern Europe region, as per the Global Financial Centers Index rating. The centre confirmed the presence of a favourable legal and regulatory environment, coupled with a well-established infrastructure for business operations, investment attraction, and human capital development.
AIFC’s growth and expansion
Over the past year, the AIFC registered over 600 new participants, bringing the total number of companies to more than 2,300, spanning 78 countries. The Astana International Exchange (AIX) debt instruments market experienced unprecedented growth, marked by the listing of 56 debt instruments in 2023. The total raised capital surpassed $1.95bn during this period. The AIX also expanded by including seven equity instruments, including shares from the Kazakhstan Electricity Grid Operating Company (KEGOC).
In 2023, the AIX welcomed 14 new members, including Kazakh and European brokers and custodians. As of December 21, the trading volume on the AIX reached a historic high of $510mn compared to $173mn in 2022.
Record-Breaking asset management
Innovative products and services
To bolster investment attraction, the AIFC continues introducing new products and services previously unavailable in Kazakhstan’s financial market. From 2022 the volume of transactions under the pilot project on the interaction of AIFC crypto exchanges with Kazakh banks reached around $220mn, a 104-fold increase compared to 2022. The number of clients surged by 6.7 times to 41,384.
The AIFC’s crowdfunding platforms supported over 300 projects, totalling over $35mn. In 2023, nearly 150 projects worth $14.3mn were funded, spanning industries such as IT, construction, commerce, agriculture, services, manufacturing, and engineering.
Regulatory achievements and collaborations
The Astana Financial Services Authority (AFSA) granted authorization to 20 companies offering financial services in AIFC. Seven ancillary service providers (ASP) consultants were registered, bringing the overall count of such companies to 116.
In the current year, the AIFC signed collaborative agreements with nine regulators, including the Cayman Islands, the Kyrgyz Republic, Luxembourg, Mongolia, Oman, Russia, the United Arab Emirates, Hungary, and Uzbekistan. This development elevated the total number of cooperation agreements to 53.
AIFC Court and International Arbitration Center milestones
The AIFC Court and the International Arbitration Center (IAC) also achieved significant milestones by successfully resolving and enforcing a record number of cases, totalling 736, including 38 judgments, 191 arbitral awards, and 507 mediated settlements. Lord Burnett of Maldon assumed the role of the AIFC Court’s Chief Justice, while Thomas Krummel was appointed as the Chairman of the IAC. The AIFC courtrooms are accessible in eight countries, including Armenia, Azerbaijan, Georgia, the Kyrgyz Republic, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan. Over the years, 566 lawyers from 30 countries have registered with the AIFC Court to represent parties in cases.
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