AFSA and China Banking and Insurance Regulatory Commission sign Memorandum of Understanding to enhance cooperation in banking and insurance supervision

The Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the China Banking and Insurance Regulatory Commission (“CBIRC”). The signing ceremony was held during the official visit of CBIRC delegation to the Astana International Financial Centre (“AIFC”).

The MoU was signed by Mr. Guo Shuqing, the Chairman of the CBIRC, Mr. Kairat Kelimbetov, the Governor of the AIFC and Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border banking and insurance establishments in their respective jurisdictions and facilitate supervisory information sharing between the CBIRC and the AFSA.

Mr. Guo Shuqing welcomed the signing of the MoU, saying: “The signing of MoU between the CBIRC and AFSA marks another solid layer of foundation for enhancing regulatory cooperation between China and Kazakhstan, which will further promote bilateral banking and insurance cooperation in serving bilateral economic and trade relations”.

Mr. Kelimbetov underlined importance of the signing of the MoU, saying: “I welcome establishment of cooperation between China Banking and Insurance Regulatory Commission and AFSA. Cooperation between the regulatory authorities will contribute to Chinese-Kazakh cooperation in Belt and Road Initiative”.

Mr. Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBIRC on issues of common interest, to strengthen exchange of information and supervision in the banking and insurance areas within both jurisdictions”.

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