Fintech Hub of the Astana International Financial Center (AIFC) and the international payment system Mastercard agree to cooperate with the aim of supporting existing and launching new joint projects to develop the innovation ecosystem and financial market in Kazakhstan and Central Asia.
The parties agreed to jointly develop projects for the improvement and digitalization of financial services, promotion of financial technologies in the field of payments and e-commerce, and involvement of more small and medium-sized businesses in the digital economy. The partnership will focus on joint events, educational programs and research for startups and financial organizations, as well as cooperation within the framework of Smart City initiatives to digitize payment systems to improve the convenience of citizens and businesses.
Mastercard welcomes and supports the aspiration of the Fintech Hub of the AIFC to become a provider of the development of the ecosystem of financial technologies, e-commerce and the venture capital market based on the special jurisdiction of the AIFC.
Last year, Mastercard announced a global program which pledges to bring 50 million micro and small businesses into the digital economy by 2025, which is especially relevant in the context of the pandemic. In line with this commitment, Mastercard recently announced the cooperation together with the public sector and key players in the ecosystem to stimulate the digitalization of SMEs and the development of entrepreneurship in Kazakhstan. . Algorithms for access to electronic payments and e-commerce tools, the creation of digital payment infrastructure and support for startup acceleration programs for Kazakhstani entrepreneurs will also be developed.
Earlier, the Fintech Hub of the AIFC announced the launch, together with the Russian Fund for the Development of Internet Initiatives (IIDF), of the first fintech accelerator for banks in Kazakhstan, to find and implement the best technological solutions in leading financial corporations in the country. The main partner of the program is Mastercard.
Rafal Trepka, General Director of Mastercard in Kazakhstan and Central Asia, noted: “Kazakhstan is striving to become a leader in the region in terms of the digitalization of the economy and we are happy to support this goal. The country is creating the necessary conditions for the development of the digital ecosystem, achieving sustainable economic growth and improving the living standards of citizens. Therefore, we want to help our partners in the development and implementation of projects that will expand the offer of innovative products to kazakhstanis. We believe that our cooperation will contribute to the formation of a more open, safe, efficient and transparent environment for all participants in the economy".
Reference:
The Astana International Financial Center (AIFC) was established on the initiative of the first President of the Republic of Kazakhstan Nursultan Nazarbayev. The constitutional law establishing the AIFC was signed on December 7, 2015. The goal of the AIFC is to form a leading center for international financial services. The objectives of the AIFC are to assist in attracting investments in the country's economy, creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan and ensuring its integration with international capital markets. www.aifc.kz
The Fintech Hub of the AIFC is a meeting point for global startups, entrepreneurs, corporations, investors, leading industry experts and specialists. The development of fintech at the AIFC includes programs to support startups, corporate innovations, the venture capital market, specially developed rules and a regulator that allow testing products and solutions in the field of fintech. https://fintech.aifc.kz/
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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