Astana Financial Center, CBIRC to strengthen co-op in banking, insurance supervision

By  Trend

The Astana Financial Services Authority (AFSA) of the Astana International Financial Centre (AIFC) and the China Banking and Insurance Regulatory Commission (CBIRC) have signed a Memorandum of understanding to strengthen cooperation in the sphere of banking and insurance supervision, Kazakh media reported, referring to the press service of the AIFC.

The signing ceremony took place during the official visit of the CBIRC delegation to the AIFC.

The Memorandum was signed by the Chairman of CBIRC Guo Shuqing, the Governor of AIFC Kairat Kelimbetov and the Managing Director, Chief Policy Officer of AFSA Mukhtar Bubeyev.

The parties agreed to develop cooperation in the field of supervision of cross-border banking and insurance institutions in both jurisdictions and to facilitate the exchange of relevant information between CBIRC and AFSA.

The "Astana" International Financial Center is a financial hub for the states of Central Asia, the South Caucasus, the EAEU, countries of the Middle East, territory of the Western China, Mongolia and the countries of Europe.

The AIFC will be on the territory of EXPO-2017 and will use modern infrastructure and advanced technologies.

The main activities of the AIFC are the development of the capital market, asset management, asset management of wealthy individuals, Islamic finance, new financial technologies.