The AFSA and the FRA of Egypt signed Memorandum of Understanding in the field of regulation of financial services

The Astana Financial Services Authority (AFSA) and the Financial Regulatory Authority of Egypt (FRA) signed a Memorandum of Understanding for Consultation, Cooperation and Exchange of Information in the area of financial services, insurance and securities regulation.

The signing ceremony took place on July 4, 2018 in the backdrop of the launch of the Astana International Financial Centre by the President of Kazakhstan Mr. Nursultan Abishevich Nazarbayev.

The AFSA opened for business on 1 January 2018 and was officially launched during the Astana Financial Days Forum which commence on 3 July 2018.  Regulators and distinguished persons from around the world were present for the launch of the Astana International Financial Centre and participated in the forum.

The MOU was signed by Mr. Stephen Glynn, AFSA Chief Executive Officer and Dr. Mohammed Omran Chairman of FRA. The AIFC Governor Mr. Kairat Kelimbetov participated at the signing ceremony.

Mr. Stephen Glynn, Chief Executive Officer of the AFSA, stated: “This memorandum establishes the framework for collaboration between the AFSA and the FRA of Egypt.  We are very pleased to develop our relationship with the FRA and the signing of this MoU is an important step in formalizing our relationship to further promote our strategic objectives”.

Dr. Mohammed Omran, Chairman of FRA said: “FRA is pleased to sign this memorandum in Astana, one of fastest-growing cities in the world who has managed to transform the economy of Kazakhstan, and during the year in which Astana is celebrating becoming a recognized financial centre with the Official Launch of the Astana International Financial Centre. By joining forces, we can collectively better use our experience and capacity to develop financial markets in both countries."

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