Kazakh Centrans JSC to start co-op with Astana International Financial Center

Baku, Azerbaijan, May 28

By Ali Mustafayev – Trend:

The Centrans JSC will start to work on the site of the Astana International Financial Center (AIFC), said the head of Centrans JSC Yeldar Abdrazakov, speaking at "KASE Talks" event, Kazakh media outlets reported.

"AIFC has a number of very good advantages, including a new technology platform and the use of UK law. How likely is it to create a regional financial hub in Astana? It is a complex issue. In my opinion, the biggest problem of the AIFC is the high expectations of its employees," Abdrazakov said.

Presently, the AIFC Financial Services Regulatory Committee has registered 10 companies, including the State Development Bank of China.

The regulatory and legal framework of the AIFC drafted and adopted a total of 30 general-purpose AIFC acts and 17 financial services regulations. In general, the legislative base of the AIFC includes 50 acts.

The financial center positions itself as a modern high-tech organization, with a favorable jurisdiction providing all the necessary conditions for attracting both direct and indirect foreign investments. In addition, the top managers of the project intend to create a unique platform for testing new financial products in Astana.

However, despite all the advantages of the AIFC, the head of Centrans JSC stressed that it is impossible to emulate the success of the Silicone Valley in Almaty or Astana.

"We don’t have so many talents, and there are no organizations that could exploit these talents," Abdrazakov said.

The official presentation of the AIFC will be held on July 5.

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Follow the author on Twitter: @Ali_Mustafayev

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