Almaty Forum: Fostering Cooperation in Asia-Pacific and Central Asia Financial Markets
Almaty Hosts ACG Meeting to Strengthen Financial Cooperation in Asia-Pacific Region
Almaty, Kazakhstan is hosting the 26th Annual General Meeting of the Asia-Pacific Association of Central Depositories (ACG) from Sept. 9-12. Organized by the Central Securities Depository of Kazakhstan (KCSD), the meeting aims to explore opportunities for collaboration between the financial markets of Asia-Pacific countries and Central Asia.
The panel discussions on Sept. 10 brought together foreign speakers, heads of Kazakhstan’s National Bank, the Kazakh Agency for Regulation and Development of the Financial Market, KASE, and stock market experts. Discussions revolved around the activities of Kazakh and international securities markets, digitalization, the use of AI, improving service quality, and risk management of central depositories, as reported by the KCSD’s press service.
National Bank Chair Timur Suleimenov highlighted the dynamic nature of the Asia-Pacific region’s market and its high investment potential. He emphasized the importance of building strong institutional partnerships between Central Asia and the Asia-Pacific region, which could unlock unprecedented economic opportunities for both sides.
Kazakhstan has attracted over $450 billion in foreign direct investment (FDI) in the past three decades, the highest per capita among Commonwealth of Independent States (CIS) countries, according to Suleimenov.
Deputy Managing Director of the International Monetary Fund (IMF) Bo Li discussed the resilience of economies in the Caucasus and Central Asia despite economic shocks. Li noted that stable growth is anticipated among oil importers, driven by domestic demand and expansion in the carbon industry and oil exports. Well-designed reforms could lead to 5-7% growth in countries over the next 4-6 years, he added.
Madina Abylkassymova, chairwoman of the Kazakh Agency for Regulation and Development of the Financial Market, emphasized the strategic importance of fostering mutually beneficial relations between the Asia-Pacific region and Central Asia. She mentioned Kazakhstan’s efforts to integrate its stock market infrastructure into the global capital market ecosystem.
Mark Gem, chairman of Clearstream’s Risk Committee, highlighted the need to unite financial market infrastructure between the Asia-Pacific region and Central Asia on a global scale. He commended the KCSD for fulfilling its mission and bridging opportunities between the West and the East.
The ACG, established in 1997, aims to strengthen cooperation among Central Securities Depositories in the Asia-Pacific region to enhance clearing and settlement efficiency. KCSD has been an ACG member since 2007.
KCSD, a key infrastructure organization in Kazakhstan’s post-trading services financial market, has been providing services for over 25 years. As of Jan. 1, the total volume of financial instruments held by KCSD reached 126.61 trillion tenge (US$264.7 billion), a 13.9% increase from the previous year. Over 3 million brokerage accounts are registered with KCSD to date.
