History of creation

Publication date: 27/12/2013 Change date: 30/12/2013 09:51

In 1995 during a meeting of members of the administrative board and the Association of Banks of Kazakhstan with the President of the Republic of Kazakhstan the idea of the development of Almaty city as a regional financial centre has been announced first time.

Creation of the financial centre in Almaty city caused by the necessity of usage of the competitive advantages in the financial sector of  Kazakhstan against other countries of the region, to expand and attract the financial intermediation of international financial flows into Kazakhstan:

Firstly, there is a heavy concentration of different types of financial institutions with foreign capital in Almaty.

Secondly, the population of Almaty exceeds the population of other cities of Kazakhstan. The multinational factor of the city determines its cultural diversity.

Thirdly, there is sufficiently high investment potential in Almaty.

Fourthly, Almaty favorably differs from the major cities of neighboring states because there are large number of people with a high level of personal income - both foreigners and local citizens who are represented as creditworthy consumers of financial services.

Fifthly, Almaty remains as an attractive place for living and the leisure thanks to the essential beauty of environment and availability of qualified services, particularly in spheres of telecommunication, catering and entertainment.

An important factor that contributed to the development of Almaty city as a regional financial centre can be measured by closeness of the city to the “Silk Way Road” countries.

The aims of creation of the financial centre are the development of the securities market, ensuring its integration with international capital markets, attracting investments into the economy of the Republic of Kazakhstan through the securities market and trough the access of foreign issuers into the special trading floor of the financial centre.