- Kazakhstan’s capital strengthens its position as Eastern Europe and Central Asia’s leading financial centre
ASTANA: Kazakhstan’s capital, Astana, has strengthened its position on the global financial map, climbing eight places to 57th among 117 financial centres worldwide in the 40th edition of the Global Financial Centres Index (GFCI 40).
Astana’s overall rating rose by 18 points, from 684 to 702, reflecting continued progress in its financial ecosystem, regulatory environment, capital markets and financial technology sector.
The latest ranking also confirms Astana’s position as the leading financial centre in Eastern Europe and Central Asia, a distinction the capital has maintained for more than three years.
Strong Regional Performance
Astana’s advancement came despite a 1.09 per cent decline in the average rating of financial centres across Eastern Europe and Central Asia. The index nevertheless noted that the region’s leading financial centres continued to strengthen their positions.
In the regional standings, Astana was followed by Cyprus at 72nd globally and Warsaw at 78th, leaving a 15-place gap between Astana and its nearest regional competitor.
The results underline the growing role of Kazakhstan’s capital as a regional platform for financial services, investment and cross-border business.
Astana Among Emerging Global Financial Centres
Astana also featured among the 10 financial centres that survey respondents expect to play a more significant role in the global financial system over the next two to three years.
Kazakhstan’s capital ranked ninth on this forward-looking list, receiving 45 mentions from respondents, highlighting expectations for its continued development and international integration.
Astana also improved its position in the separate FinTech ranking, moving four places from 55th to 51st globally.
AIFC Driving International Financial Integration
Renat Bekturov, Governor of the Astana International Financial Centre (AIFC), said the latest results reflected growing confidence in Kazakhstan and the AIFC among international financial professionals.
“Astana’s eight-place rise and continued regional leadership send an important signal of growing confidence in the AIFC and Kazakhstan among the international financial community,” Bekturov said.
He emphasized that the ranking itself was not the ultimate objective, but rather an independent assessment of efforts to improve Kazakhstan’s legal and regulatory framework, develop capital markets and financial technologies, and expand international financial ties.
According to Bekturov, the ultimate measure of progress would be reflected in increased investment, the arrival of international companies and greater opportunities for Kazakhstani businesses.
Digital Finance and Capital Markets in Focus
The GFCI survey also identified several priorities that financial centres should address over the next five years.
These include strengthening digital infrastructure, particularly cloud technologies, data transmission and cyber resilience; attracting FinTech companies and digital-asset businesses; enhancing measures to combat money laundering and financial crime; and further developing capital markets.
The findings highlight the growing importance of technology, regulatory resilience and investor confidence in determining the competitiveness of international financial centres.
New York Retains Global Leadership
At the top of the global ranking, New York retained first place, followed by London, Hong Kong and Singapore.
Other financial centres in the global top 10 included Shanghai, Tokyo, Seoul, Shenzhen, Dubai and Zurich.
The GFCI 40 assessed 139 financial centres, with 117 included in the main ranking. The index incorporated 144 quantitative measures drawn from international organisations, including the World Bank, the Organisation for Economic Co-operation and Development and the United Nations.
It also incorporated 39,531 assessments from 6,147 professionals working in the financial sector.
Astana’s Rise Since 2018
The Global Financial Centres Index is published twice a year by the UK-based Z/Yen Group, in partnership with the China Development Institute (CDI). It is widely used as an international benchmark for assessing the competitiveness of financial centres.
The index evaluates centres across five broad areas: business environment, financial sector development, infrastructure, human capital and reputation.
Astana first entered the GFCI ranking in March 2018 and became the leading financial centre in Eastern Europe and Central Asia in March 2023.
A major contribution to the capital’s growing financial profile has come from the Astana International Financial Centre, which has focused on developing its legal and regulatory framework, financial infrastructure, capital markets and digital-asset ecosystem while expanding opportunities for international and regional investors.
A Regional Platform for Global Business
The AIFC provides businesses and investors with access to financial instruments and international markets, an independent dispute-resolution system and a regulatory framework aligned with international standards.
It has also positioned itself as a platform for financial technology development, investment attraction and cross-border business activity.
Astana’s latest GFCI performance further underscores Kazakhstan’s efforts to establish its capital as a regional hub for investment, financial services and international capital flows, strengthening its links with global financial markets.
BY: The Times Union
