For two days in June, Astana hosted the 2026 edition of Astana Finance Days, a forum that brought together representatives of financial institutions collectively managing more than $26 trillion in assets. The event, organised by the Astana International Financial Centre (AIFC), underscored Kazakhstan's ambition to carve out a larger role in the global competition for capital.
The AIFC, launched in 2018, operates as a separate financial jurisdiction within Kazakhstan, with its own regulatory and legal framework based on English common law. It is home to the Astana International Exchange (AIX) and has attracted more than 6,000 registered participants as of the first half of 2026.
This year's forum, held under the theme “Delivering Impact. Capital in Action,” drew heavyweights including BlackRock, Goldman Sachs, Capital Group, and Brookfield. Discussions centred on capital markets, investment, and the shifting global financial landscape.
A model that others want to copy
During the main panel, “Rewiring the Architecture of Finance,” AIFC Governor Renat Bekturov said the centre's model was gaining popularity abroad. “Because of the AIFC, we are one of the leaders in the region in terms of adopting digital assets — digital tenge, stablecoins, and what goes beyond the tokenisation of assets,” he said. “We see that this model is becoming more popular and many countries try to replicate it.”
The question of whether the AIFC could evolve into a major international hub also surfaced, particularly in light of geopolitical tensions in the Middle East. “Someone who I spoke to this morning did liken it and say, ‘Will the AIFC become the new Dubai, given what’s happening in that region?’” said Sallianne Taylor of Bloomberg, who moderated the panel.
Speaking to journalists on the sidelines, Kazakhstan's Deputy Foreign Minister Suleimenov acknowledged that competition for investors is fierce. “There is always a certain degree of competition, and there will be,” he said, pointing to Doha, Dubai, and Abu Dhabi in the Middle East, and Shanghai, Singapore, and Hong Kong in Asia. “We will compete too. We need to talk to investors about what we can offer, what our advantages are and how flexible we are. Time will tell. Investors have to decide for themselves.”
Bekturov noted that competition is also intensifying as more countries develop their own financial centres, citing Oman, Vietnam, and neighbouring Uzbekistan as examples.
Liquidity remains the key challenge
Despite its growth, the AIFC faces a persistent challenge: limited market liquidity. Cumulative trading turnover on the AIX has exceeded $5 billion since its launch, with around $2 billion traded last year alone. “I mean, it’s not huge, but we have success,” Bekturov said.
“For emerging markets like Kazakhstan, it’s really difficult to build liquidity,” he added. “So, small steps. But it still remains a challenge.”
To make further progress, Bekturov said Kazakhstan needs to strengthen its position in international indices, alongside regulatory and legislative changes, new financial products, and a broader pool of market participants. A recent upgrade by S&P Global Ratings, which raised Kazakhstan's sovereign credit rating to BBB from BBB-, its highest since 2016, has also helped.
The liquidity challenge extends beyond the AIFC. Suleimenov called for a single strategy for Kazakhstan's financial market as the country develops new financial jurisdictions and platforms. Alongside the national jurisdiction and the AIFC, Kazakhstan is developing Alatau City, near Almaty, under a special legal regime designed to attract investment and foster innovation. Suleimenov said the different platforms needed common goals and “a single pool of liquidity” to avoid competing with one another for investors and liquidity.
As Kazakhstan positions itself as a bridge between Europe and Asia, the AIFC's success will depend on its ability to overcome these hurdles and convince global investors that it offers something unique. With interest from other countries seeking to replicate its model, the centre is clearly making a mark — but the road to becoming a true financial hub remains long.
