History of creation — Regional financial centre — Agency of the Republic of Kazakhstan on regulation of activities of the regional financial centre of Almaty city

Project on creation of the regional fniancial centre in Almaty city was initiated by the President of the Republic of Kazakhstan. It was announced by the Head of the republic on the meeting with members of Kazakhstan Banks Association in 1995 and also during his speech on Congress of Kazakhstan financiers in november, 2004.

In the framework of realization of this project the company "Boston Consulting Group" was involved by the Government of the Republic of Kazakhstan. "Boston Consulting Group" took part in creation and development of financial centres of Singapore and Thailand. Observation of advantages and disadvantages of development the financial centre in Kazakhstan and elaboration of recommendations on legal, infrastructure and management of the future regional financial centre of Almaty city were the main objectives of the company.

Tasks on development of the financial sector of the Republic of Kazakhstan were specified in Adress of the President of the Republic of Kazakhstan "Strategy of entering the Kazakhstan into the world's 50 most competitive countries" on March 1, 2006. Meanwhile, special attention has been paid to development of Almaty city as the main financial centre of the Central-Asian region. The key directions of it were creation of favourable conditions and opportunities for large financial organizations in granting of loans, insurance and financial services for large regional business-projects and also providing the financial centre with infrastructure of high level.

On June 5, 2006, the President of the Republic of Kazakhstan signed Law #145-III of the Republic of Kazakhstan "On the regional financial centre of Almaty city" (RFCA), which is the special legal regime dealing with regulation of activities of the financial centre participants and directed to development of the financial market of the Republic of Kazakhstan.

The authorized body of the financial centre - Agency of the Republic of Kazakhstan on regulation of activities of the regional financial centre - started its work the same year.