ASTANA, Kazakhstan, March 29. Kazakhstan and the UAE have signed a memorandum of cooperation in the fields of FinTech and cybersecurity as part of the visit of a delegation from the National Bank of Kazakhstan and the Agency for Regulation and Development of the Financial Market of Kazakhstan to the United Arab Emirates (UAE), Trend reports via Kazakhstan National Bank.
In the course of the visit, meetings were held with the Chairman of the Central Bank of the UAE, Khaled Mohammed Balama, the head of the UAE Securities and Commodities Authority, Waleed Said Abdul Salam Al Awadi, the Chairman of the Abu Dhabi Securities Exchange, Ghannam Butti Almazrouei, the management of the sovereign wealth fund Mubadala, the administration of the UAE international financial centers, as well as banking and fintech companies.
In the meeting with the Central Bank of the UAE, there was an exchange of views on the current macroeconomic situation and experience in managing financial flows and regulating digital financial assets.
As a result of the meeting, a Memorandum of Understanding was signed, aimed at exchanging best practices in the development of financial markets and FinTech, ensuring cybersecurity, and promoting central bank digital currencies.
"Throughout the meeting with the UAE Securities and Commodities Authority, the parties discussed the trading results on the Kazakhstan Stock Exchange (KASE) and the Astana International Financial Center (AIFC) Exchange through the UAE’s Tabadul digital trading platform, as well as cooperation on the development of stock market infrastructure. There was also an exchange of experience on regulating digital financial assets and developing blockchain technologies with the leadership of the UAE’s Regulator for Virtual Assets," the statement says.
A consultation was also conducted with the leadership of the AIFC and the administrations of the Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) to discuss regulatory approaches for the UAE international financial centers, as well as conducting operations and mutual settlements within the jurisdictions of these centers.
Following the meeting with the Abu Dhabi Securities Exchange, both parties underscored the importance of developing infrastructure on capital markets and increasing the liquidity of trading instruments on the stock market.
Additionally, meetings were held with the investment holding company Mubadala and First Abu Dhabi Bank to discuss the prospects for expanding investment partnerships with Kazakhstan, as well as with regional offices of leading international companies such as BCG and Microsoft, to discuss creating infrastructure for the active development of artificial intelligence on Kazakhstan's financial market.
The Agency for Regulation and Development of the Financial Market of Kazakhstan is a government agency responsible for regulating and overseeing the financial market in Kazakhstan. Its role includes ensuring the stability and development of the financial sector, protecting the rights of consumers, promoting transparency, and facilitating the growth of financial services such as banking, insurance, and securities.
