Published: September 21, 2018
Banks across the EMEA region are pushing ahead with digitising their businesses, as financial institutions look for ways to speed up the manual processes slowing down large parts of their transaction banking business.
In many cases, the digitisation process is being instigated at a governmental level. In Kazakhstan, for example, the state is preparing to open the Astana International Financial Centre (AIFC), a business centre similar to Dubai’s International Financial Centre, that will put innovation and technology at the forefront of its operations, alongside Islamic finance.
The AIFC will differentiate itself from Astana’s existing business and financial district by having its own independent judicial system and jurisdiction based on English common law, rather than Kazakh law. The official language of the AIFC is English.
Revival of the country’s finance industry is sorely needed after a spate of state bailouts and defaults in the banking sector since the turn of the millennium.
“Undoubtedly, the future of business is digital as we experience emerging technologies that transform our lives,” according to the promotional material for the upcoming AIFC opening. “Policy makers, captains of industry and professionals must discuss the next big step towards inclusive growth which stimulates sustainability, encourage responsible industrialisation and promote equality.”