The Astana International Financial Centre co-hosted two panel sessions at the Astana International Forum
The first session, titled “Digital Asset Revolution: Astana on the Global Map of Digital Finance”, was led by Evgenia Bogdanova, Chief Executive Officer of the Astana Financial Services Authority (AFSA).
At the session, Zhaslan Madiyev, Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan; Lily Liu, President of the Solana Foundation; Binur Zhalenov, Chief Digital Officer and Advisor to the Governor at the National Bank of Kazakhstan; Nurkhat Kushimov, General Manager of Binance Kazakhstan; and Sanzhar Suleimanov, Vice President and Regional Director for Central Asia at VISA, discussed how digital assets are reshaping the financial landscape.
The rapid adoption of digital assets is already creating not only new opportunities, but also challenges for financial systems and the broader economy. In this context, the speakers explored the evolution of digital currencies – from cryptocurrencies and tokens to central bank digital currencies (CBDCs) – and their potential impact on monetary policy.
The discussion also highlighted Kazakhstan and the AIFC’s unique position within the global digital asset regulatory landscape, the potential of blockchain-based services to streamline cross-border payments and settlements, the implications of central bank digital currencies (CBDCs) for traditional monetary policy and the role of central banks, as well as the growing popularity of digital assets as investment instruments both in Kazakhstan and globally.
Nurkhat Kushimov, General Manager, Binance Kazakhstan: “We chose the AIFC as our jurisdiction because Kazakhstan is a strategically important market for Binance. It is especially valuable when a jurisdiction offers transparent, adequate, and well-balanced regulation. Moreover, as a company, we see it as our responsibility to operate in such environments – to share technology, invest in infrastructure and human capital, and support the development of local teams”.
Lily Liu, President of the Solana Foundation, said: “As an industry, the crypto sector must continue investing in talent development and capital formation. These have always been the foundational elements in building an ecosystem like Solana – consistently attracting developers and builders, and providing them with the necessary resources and expertise. (...) We are particularly committed to this in Kazakhstan, as the country stands out as one of the leading talent ecosystems in the region”.
At the session, Zhaslan Madiyev, Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan; Lily Liu, President of the Solana Foundation; Binur Zhalenov, Chief Digital Officer and Advisor to the Governor at the National Bank of Kazakhstan; Nurkhat Kushimov, General Manager of Binance Kazakhstan; and Sanzhar Suleimanov, Vice President and Regional Director for Central Asia at VISA, discussed how digital assets are reshaping the financial landscape.
The rapid adoption of digital assets is already creating not only new opportunities, but also challenges for financial systems and the broader economy. In this context, the speakers explored the evolution of digital currencies – from cryptocurrencies and tokens to central bank digital currencies (CBDCs) – and their potential impact on monetary policy.
The discussion also highlighted Kazakhstan and the AIFC’s unique position within the global digital asset regulatory landscape, the potential of blockchain-based services to streamline cross-border payments and settlements, the implications of central bank digital currencies (CBDCs) for traditional monetary policy and the role of central banks, as well as the growing popularity of digital assets as investment instruments both in Kazakhstan and globally.
Nurkhat Kushimov, General Manager, Binance Kazakhstan: “We chose the AIFC as our jurisdiction because Kazakhstan is a strategically important market for Binance. It is especially valuable when a jurisdiction offers transparent, adequate, and well-balanced regulation. Moreover, as a company, we see it as our responsibility to operate in such environments – to share technology, invest in infrastructure and human capital, and support the development of local teams”.
Lily Liu, President of the Solana Foundation, said: “As an industry, the crypto sector must continue investing in talent development and capital formation. These have always been the foundational elements in building an ecosystem like Solana – consistently attracting developers and builders, and providing them with the necessary resources and expertise. (...) We are particularly committed to this in Kazakhstan, as the country stands out as one of the leading talent ecosystems in the region”.
The second session organised by the AIFC centred on sovereign green bonds, recognised as an important tool for mobilising capital towards environmental and climate initiatives.
The session “Sovereign Green Bonds: Unlocking Financing for the National Sustainability Agenda” was moderated by Bakytzhan Karagoishin, Managing Director of Freedom Bank Kazakhstan. The panel featured Manas Gizhduaniyev, CEO of the AIFC Green Finance Centre; Sukhrob Khojimatov, Deputy Resident Representative of UNDP in Kazakhstan; Birzhan Astayev, Chief Markets and Products Officer at AIX; Ekaterina Komova-Benjamin, Country Officer for Kazakhstan at the International Finance Corporation (IFC); and Askar Namazbayev, Associate Director and Deputy Head for Kazakhstan at the EBRD.
According to the Climate Bonds Initiative, by the end of the third quarter of 2024, a total of 554 bonds – including green, social, and sustainability bonds – had been issued worldwide by 58 countries, amounting to USD 630.5 billion.
The issuance of such securities is gaining momentum worldwide, and the countries of Central Asia should not be left behind in this trend. Utilising these instruments enables more effective achievement of national development goals.
Manas Gizhduaniyev, CEO of AIFC Green Finance Centre: “Kazakhstan’s sustainable finance market has currently reached USD 1.7 billion, of which USD 600 million is attributed specifically to green bonds. I’m pleased to report that 70% of the green bond segment has been verified by our team at the AIFC Green Finance Centre. It is important to note, however, that to date all issuances have come from the corporate sector and multilateral development banks; Kazakhstan has yet to see any municipal bonds. This represents a significant opportunity, and the Green Finance Centre is actively working with subnational public entities to support their entry into the sustainable finance market. A notable example is the Social Entrepreneurial Corporation Aktobe, a subsidiary of the Akimat of Aktobe region, which is planning to issue Kazakhstan’s first social bonds linked to regional development goals.”
Birzhan Astayev, Chief Markets and Products Officer at AIX, stated:
“When it comes to sovereign green eurobonds that the Ministry of Finance might issue, there have been no precedents in Kazakhstan to date. However, I am optimistic that we will see this in the future. Why is this important? Beyond directing funds to environmental projects and improving quality of life, I would also emphasise the financial benefits. There are dedicated reserves – funds exclusively allocated for investment in green projects – managed by many international investors. If the Ministry of Finance issues green bonds, these resources would be unlocked, boosting demand for issuance and offering favourable placement opportunities for the issuer. This, in turn, would bring a direct financial advantage to the country.”
Experts at the session highlighted that the issuance of green bonds by government bodies signals their commitment to low-carbon development and provides an opportunity to attract capital for green projects on more favourable terms from investors. Investors are increasingly prioritising sustainable development, favouring such projects over investments in traditional economic sectors.
Participants in the session also discussed the main barriers hindering the issuance of sovereign green bonds, shared success stories and best practices in the sector, and examined the support provided by development banks and international financial organisations for green bond issuance.
The session “Sovereign Green Bonds: Unlocking Financing for the National Sustainability Agenda” was moderated by Bakytzhan Karagoishin, Managing Director of Freedom Bank Kazakhstan. The panel featured Manas Gizhduaniyev, CEO of the AIFC Green Finance Centre; Sukhrob Khojimatov, Deputy Resident Representative of UNDP in Kazakhstan; Birzhan Astayev, Chief Markets and Products Officer at AIX; Ekaterina Komova-Benjamin, Country Officer for Kazakhstan at the International Finance Corporation (IFC); and Askar Namazbayev, Associate Director and Deputy Head for Kazakhstan at the EBRD.
According to the Climate Bonds Initiative, by the end of the third quarter of 2024, a total of 554 bonds – including green, social, and sustainability bonds – had been issued worldwide by 58 countries, amounting to USD 630.5 billion.
The issuance of such securities is gaining momentum worldwide, and the countries of Central Asia should not be left behind in this trend. Utilising these instruments enables more effective achievement of national development goals.
Manas Gizhduaniyev, CEO of AIFC Green Finance Centre: “Kazakhstan’s sustainable finance market has currently reached USD 1.7 billion, of which USD 600 million is attributed specifically to green bonds. I’m pleased to report that 70% of the green bond segment has been verified by our team at the AIFC Green Finance Centre. It is important to note, however, that to date all issuances have come from the corporate sector and multilateral development banks; Kazakhstan has yet to see any municipal bonds. This represents a significant opportunity, and the Green Finance Centre is actively working with subnational public entities to support their entry into the sustainable finance market. A notable example is the Social Entrepreneurial Corporation Aktobe, a subsidiary of the Akimat of Aktobe region, which is planning to issue Kazakhstan’s first social bonds linked to regional development goals.”
Birzhan Astayev, Chief Markets and Products Officer at AIX, stated:
“When it comes to sovereign green eurobonds that the Ministry of Finance might issue, there have been no precedents in Kazakhstan to date. However, I am optimistic that we will see this in the future. Why is this important? Beyond directing funds to environmental projects and improving quality of life, I would also emphasise the financial benefits. There are dedicated reserves – funds exclusively allocated for investment in green projects – managed by many international investors. If the Ministry of Finance issues green bonds, these resources would be unlocked, boosting demand for issuance and offering favourable placement opportunities for the issuer. This, in turn, would bring a direct financial advantage to the country.”
Experts at the session highlighted that the issuance of green bonds by government bodies signals their commitment to low-carbon development and provides an opportunity to attract capital for green projects on more favourable terms from investors. Investors are increasingly prioritising sustainable development, favouring such projects over investments in traditional economic sectors.
Participants in the session also discussed the main barriers hindering the issuance of sovereign green bonds, shared success stories and best practices in the sector, and examined the support provided by development banks and international financial organisations for green bond issuance.