Industry Updates

'SAMENA Daily' - News

Kazakhstan, UAE to Collaborate in Digital Solutions, AI for Financial Sector

Kazakhstan and the United Arab Emirates (UAE) have agreed to collaborate on introducing digital solutions and artificial intelligence (AI) technologies in Kazakhstan’s financial sector, the National Bank’s press service reported on March 28.

These agreements were reached at the meetings of delegates from the National Bank and the Agency for Regulation and Development of the Financial Market during their working visit to UAE.

The UAE’s expertise in digital banking and AI technologies in the financial sector is expected to enhance the efficiency of digital financial services and bolster the financial ecosystem’s cyber resilience.

With the Central Bank and the UAE Securities and Commodities Authority, Kazakhstan’s delegation agreed to leverage the UAE’s experience in regulating digital financial assets, Islamic banking, and financial market development.

The parties committed to fostering investments in each other’s financial markets, increasing liquidity in exchange markets, and proceeding to exchange experiences in capital market development between the Abu Dhabi Stock Exchange, the Kazakhstan Stock Exchange, and the Astana International Financial Centre.

They also explored the possibility of Kazakhstan exchanges joining the Tabadul digital exchange trading platform to attract capital from a wide range of investors in the UAE and Gulf countries.

With the Mubadala state holding company, the Banks Federation and the Abu Dhabi Commercial Bank, Kazakhstan’s delegation discussed building expertise in the financial sector and co-investing opportunities in the Kazakhstan economy jointly with Mubadala, which is known for its successful financing of major investment projects. They also invited the UAE to expand lending to Kazakhstan’s economy.