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AIFC and Fidor Solutions to Boost Fintechs in Kazakhstan

Astana International Financial Centre (AIFC) and Fidor Solutions have signed a memorandum of understanding (MoU) to drive fintech innovation in Kazakhstan and economic development in Central Asia, reports Jane Connolly of Fintech Futures, Finovate’s sister publication.

As a result of the MoU, the two organizations plan to foster fintech collaboration by developing initiatives to support a cashless economy in Kazakhstan and provide joint fintech education programs with key regional universities.

The understanding also includes support in developing the AIFC fintech marketplace and providing mentorship and partnership for accelerator programs.

Created by President Nursultan Nazarbayev in 2015, the AIFC drives innovative financial and technology initiatives with accelerator and incubator programs. It also attracts partnerships and investments from fintechs and venture capital firms.

Dubai-based Fidor Solutions – sister company to Fidor Bank – offers technology and advisory services to financial institutions with a focus on open digital banking.

“AIFC has great ambitions for its fintech innovation programme that go beyond borders,” said Kairat Kelimbetov, governor of AIFC. “We are proud to be growing our fintech network by signing an MoU with Fidor, a European fintech that has successfully developed internationally. Their contribution will be valuable to all our members and partners.”

“Fidor share similar core values to AIFC, such as openness and knowledge sharing,” added Gé Drossaert, board member and group CCO of Fidor. “The collaboration between our organizations will pave the way for fintech success in the region with a direct impact on the digital economy and financial access.”

The MoU was signed during the launch of the Fintech Summit of the Astana Finance Days in Nur-Sultan.

Fidor Solutions provides digital solutions for Fidor Bank, which demoed at FinovateEurope 2011. In 2016, the challenger bank was acquired by France’s Groupe BPCE for $158 million. Last year, however, Fidor requested a split from the 200-year-old bank and earlier this year the company’s founder and CEO, Matthias Kröner, stepped down citing “different views on future strategy.”