MoU to use blockchain technology for financial uplift in Kazakhstan

MoU to use blockchain technology for financial uplift in Kazakhstan

The Astana International Financial Centre (AIFC) the official fin-tech hub in Kazakhstan and the United Arab Emirates-based Fidor Solutions have come to sign a memorandum of understanding (MoU) for blockchain progress in the country.

The MoU covers the launch of fintech programs in Kazakhstan and promote economic development across Central Asia, reveals a press statement.

This MoU was signed in Nur-Sultan, during the launch of the Fintech Summit of the Astana Finance Days.

The AIFC is the official body dealing with financial-technology in Kazakhstan, and it was created by the first president of the Republic of Kazakhstan Nursultan Nazarbayev on 7 December 2015, to drive innovative financial and technology initiatives.

The organization AIFC focuses on research and development in new digital technologies in Kazakhstan. It has implemented accelerators and incubator programs and attracted partnerships and investments from leading fintech and VCs.

Kairat Kelimbetov, Governor of AIFC, expressed in the press statement

“AIFC has great ambitions for its fintech innovation programme that go beyond borders. We are proud to be growing our fintech network by signing an MoU with Fidor, a European fintech that has successfully developed internationally. Their contribution will be valuable to all our members and partners.”

Gé Drossaert, Board Member and Group CCO of Fidor, explains that, 

“We are glad to be joining AIFC’s fintech innovation programme. Fidor share similar core values to AIFC, such as openness and knowledge sharing. We are glad to put this into action by offering our expertise in launching this fintech education programme, and financial marketplaces while mentoring regional fintechs. The collaboration between our organisations will pave the way for fintech success in the region with a direct impact on the digital economy and financial access.”

Based in Dubai, UAE, Fidor Solutions’ international entity, sister-company to Fidor Bank, known as ‘the oldest fintech bank in the world,’ is a pioneer in the area of open banking. Fidor Solutions provides technology and advisory services to financial institutions and contributed to the creation of three innovative digital banks in 2018 alone. The organization contributes to fintech programs in key global financial centers.

This MoU foresees AIFC and Fidor fostering fintech collaboration to boost the digital economy and increase financial literacy and access. 

The key steps in the MoU would include various different initiatives to support the development of a cashless economy in Kazakhstan.

The MoU further covers a clause for the development of joint fintech education programs with major regional universities in the continent.

Through the MoU, Fidor Tech would also support the development of an AIFC fintech marketplace to ensure a boost in financial market innovation and collaboration while driving e-commerce activities.

Last but not least, Fidor Tech would also help the government of Kazakhstan through mentorship and partnership on accelerator programs.

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