FinTech AIFC

The total investment activity in Fintech has grown from $18.9B in 2013 up to $111.8B in 2018 according to the KPMG’s Pulse of Fintech report. So, what is that field that in about 5 years expanded to the extent that major financial companies and regulators had to adjust to? For example, the Securities and Exchange Commission’s staff published guidelines on digital assets for about a month ago. (NEWSBTC)

According to Investopedia, Fintech is the new tech that seeks to improve and automate the delivery and use of financial services. In other words, it’s a “broad variety of technological interventions into personal and commercial finance.”

Fintech has the potential to increase economic growth in emerging as well as major economies through improving capital allocation and increasing efficiency.

Talking about emerging economies, the Astana International Financial Centre has Fintech as one of its major pillars. The AIFC Fintech could be a window to the Central Asian and CIS markets of over 300 million potential customers. There are several benefits/privileges that the AIFC provides that makes it that window to the regional market:
- Special tax regime. Exemption from payment of corporate, individual income, land tax and the property tax for a period of 50 years until the end of 2065.
- English Common Law. The prevailing law of the AIFC is based on the Constitution of the Republic of Kazakhstan and consists of the Constitutional Law, Acts of the AIFC which are based on the principles, legislation and precedents of the law of England and Wales, taking into account the standards of the leading world financial centres.
- Simplified VISA regime. A visa-free regime will be provided for up to 30 days for OECD, UAE, Malaysian, Singaporean and Monaco citizens. Participants of the AIFC and their family members will enjoy a special visa regime with the possibility of extending to 5 years.
- Work permit. AIFC participants are exempted from issuing a work permit for attracting foreign labour.

Those privileges aim at creating a business environment-friendly to companies, VCs, startups and individuals. Stay tuned to learn more!