Renat Bekturov, Governor of the Astana International Financial Centre (AIFC), recently led a delegation to China, hosting "AIFC CONNECT: SHANGHAI 2026" in Shanghai.
In an exclusive interview with EqualOcean, Bekturov said that amid rising geopolitical risks and the accelerating globalization of Chinese enterprises, Kazakhstan and the AIFC — built on a common-law framework — are becoming the "golden bridge" connecting China with Eurasian markets.
"Bilateral trade is approaching USD 50 billion, and more than 8,000 Chinese companies are registered in Kazakhstan, with around 1,200 inside the AIFC. But I believe the potential is far from fully unlocked," Bekturov said.
Renat Bekturov is a seasoned financial services professional with 19 years of experience and the current Governor of the Astana International Financial Centre (AIFC). He previously served as Chairman of the Board and Chief Financial Officer of the Astana International Exchange (AIX), playing a central role in building the AIFC and the Exchange from the ground up. Earlier in his career, he held positions at Kazakhstan's National Investment Corporation, the Development Bank of Kazakhstan, and ABN AMRO Bank, gaining extensive experience in capital markets and corporate finance, including the first sukuk issuance in the CIS region. He holds a Master's degree in Banking and Finance from the University of Leicester in the United Kingdom and is a Chartered Financial Analyst (CFA) Charterholder. He was awarded Kazakhstan's prestigious "Altyn Belgi" badge and speaks Kazakh, Russian, and English fluently.
What Is the AIFC? Think of It as the 'Hong Kong of Eurasia'
EqualOcean: Please briefly introduce the AIFC to Chinese entrepreneurs.
The AIFC is an international financial services hub based in Astana, the capital of Kazakhstan, and built on English common law. In December 2015, the President signed a special constitutional law establishing the AIFC, and we began registering companies in 2018. To help Chinese audiences understand, I would compare it to Hong Kong — the same country, but an independent legal system. Hong Kong became the connector between common law and the Chinese market for historical reasons; the AIFC aims to replicate a similar role in the Eurasian landmass."
We have an independent commercial court, an International Arbitration Centre (IAC), an independent financial regulator (AFSA), and the Astana International Exchange (AIX). The entire institutional design is intended to make cross-border capital flow as frictionless as it is in Hong Kong.
Since its official launch in 2018, the AIFC has made remarkable progress. As of March 2026, cumulative investment attracted through the AIFC has exceeded USD 21 billion, with more than 5,400 companies from 88 countries registered in its jurisdiction and 10,000 jobs created in its ecosystem. For three consecutive years, Astana has ranked as the leading financial centre in Eastern Europe and Central Asia on the Global Financial Centres Index (GFCI).
The Core Message from the Shanghai Visit
EqualOcean: The AIFC hosted an event in Shanghai this year. What is the most important message you want to convey to the Chinese market?
The world has become very unstable in recent years, with a lot of political risk. The message I want to convey is that Kazakhstan remains a neutral, pragmatic, and stable country. The AIFC, as a common-law-based international business jurisdiction, provides convenience for companies coming from both the East and the West.
China's economic achievements over the past few decades are a miracle; it is now one of the world's largest economies. But currently, China faces challenges of overcapacity and slowing domestic demand, and many companies are thinking about going global. Kazakhstan can play a huge role in this process. Bilateral trade is approaching USD 50 billion, and more than 8,000 Chinese companies are registered in Kazakhstan, with about 1,200 in the AIFC. But I believe the potential is much larger than this number.
For us, Shanghai is the heart of China's mainland financial system and one of the world's top 6 financial centers. We are very honored to be a strategic partner of the Shanghai Stock Exchange, which is also a shareholder of AIX. In 2025, AIX launched the world's first spot Solana ETF and Kazakhstan and Central Asia's first spot Bitcoin ETF, further enriching the cross-border financial toolkit.
The Institutional Edge of the Common-Law Framework
EqualOcean: The AIFC operates under an English common-law framework. What is the most compelling institutional advantage for Asian investors?
Common law is a framework that international business has operated under for decades; companies are familiar with it. If you go east from China, you have Hong Kong; if you go west, the nearest common-law jurisdiction is the AIFC in Kazakhstan.
The AIFC is the only independent common-law jurisdiction in Central Asia, offering a business-friendly environment that includes tax incentives for licensed companies, simplified labor and visa regimes, and favorable residence conditions for foreign employees. In addition, the AIFC has passed the FATF assessment on anti-money laundering and counter-terrorist financing standards and received OECD tax transparency accreditation, providing investors with high-standard compliance assurance.
Especially considering changes in the geopolitical landscape, land transport is becoming more important. From China to Europe, sea freight takes 60 to 90 days, while land transport takes only 14 days. Of course, trains carry less volume than ships, but more trains can be run. Transport and logistics are areas that deserve focused attention.
Tangible Breakthroughs in Cross-Border Capital Flows
EqualOcean: AIX's shareholders include the Shanghai Stock Exchange and the Silk Road Fund. How does this equity-level partnership translate into actual cross-border capital movements?
The Shanghai Stock Exchange became a shareholder of AIX almost eight years ago, helping us build the trading and settlement systems from scratch. AIX operates on the Nasdaq platform, and its Central Securities Depository maintains a direct account with Euroclear and is integrated with Nasdaq Dubai and the Abu Dhabi Exchange through the digital hub Tabadul. That is a direct contribution beyond capital.
In August last year, Jiaxin International Resources listed simultaneously on AIX and the Hong Kong Stock Exchange — the world's first dual primary listing between Hong Kong and Kazakhstan, and also the region's first yuan-denominated IPO. The company owns a tungsten mine in Kazakhstan; its shares rose more than 170% on the first trading day and reached over 10x at the peak within a year.
In addition, the Development Bank of Kazakhstan and Kazakhstan's national oil and gas companies issued dim-sum bonds in Hong Kong; our sovereign wealth fund, Samruk-Kazyna, issued the first-ever panda bond from Central Asia. This year, the Ministry of Finance is preparing its first-ever sovereign panda bond issuance, and companies such as Kaz Minerals have also announced panda bond plans. These are all examples of actual linkage between the two capital markets.
What Chinese Institutions Value Most
EqualOcean: What dimensions matter most to Chinese banks and securities firms when making cross-border investments?
First is market access. Kazakhstan is the largest economy in Central Asia, accounting for over 60% of regional GDP. You can find opportunities here in new transport routes, rare-earth metals, AI and digitalization, and food security. The entire Central Asian region has not yet been fully invested in; its potential has not been fully discovered.
Second is legal certainty. The AIFC's independent courts and arbitration institutions ensure that companies can obtain fair and independent rulings in the event of disputes. English as a working language also reduces translation costs. The entire ecosystem is designed to give investors peace of mind and make cross-border capital cheaper.
On the case-study side, Zijin Mining acquired Kazakhstan's RG Gold mine for USD 1.2 billion last year and subsequently consolidated its overseas gold assets into a listed entity valued at over USD 30 billion. In renewable energy, Chinese investors' plans for renewable projects in Kazakhstan have also been approved.
ESG and Sustainable Finance: Ahead of the Curve
EqualOcean: Green finance and asset management are hot topics in bilateral cooperation. What is the AIFC's positioning in these areas?
From its launch in 2018, the AIFC identified green finance as one of its three pillars. We helped Kazakhstan develop the region's first green taxonomy, and in 2020 the country's first green bond was issued. Today, Kazakhstan's green finance market exceeds USD 2.6 billion, and the AIFC Green Finance Centre has verified approximately 70% of all green bonds and loans issued in the country.
The AIFC Green Finance Centre is one of only about 15 organizations globally to hold both ICMA and GIP accreditations. We serve not only Kazakhstan but also helped Uzbekistan, Kyrgyzstan, Azerbaijan, and Mongolia issue their first green bonds. We have also launched Kazakhstan's first exchange platform for trading I-REC renewable energy certificates on AIX and plan to introduce trading in voluntary carbon market certificates, which aligns closely with China's enormous carbon market.
On asset management, CITIC Securities, CICC, and Tianfeng Securities are already participants on AIX. We are exploring how to make it easier for Chinese institutional investors such as QDII schemes to invest in securities listed on the AIFC and AIX.
The Most Explosive Growth Sectors in the Next 3-5 Years
EqualOcean: Looking ahead three to five years, which industries do you see as having the most explosive growth potential?
First is transport and supply chains. The Middle Corridor is highly integrated with the Belt and Road Initiative; warehousing, logistics, and trade finance will be major growth points. Second is rare-earths and minerals, especially copper and other materials used in new-energy vehicles and batteries. We not only want to export raw materials but also hope to process them locally in Kazakhstan — for example, Geely and Chery already assemble electric vehicles here.
Third is energy, including renewables. Kazakhstan is the world's largest uranium producer, accounting for over 40% of global primary uranium production, with state-owned Kazatomprom holding 24% of the global market. As the world transitions its energy mix, nuclear-power construction will strengthen uranium cooperation.
Fourth is digitalization and AI. In Kazakhstan, 90% of payments are already cashless, and government services are highly digitized. Last year we launched the region's first supercomputer. Kazakhstan has also produced its first AI unicorn, Higgsfield AI, a startup focused on AI video generation, backed by global investors including Menlo Ventures. The President takes AI very seriously and has set a target of USD 1 billion in IT service exports.
It is also worth noting that the AIFC was the first jurisdiction in the region to introduce regulation for digital assets, and in October 2025 it was recognized by IOSCO as a world-leading jurisdiction for crypto and digital asset regulatory standards. This lays the groundwork for cooperation between the two countries in blockchain, tokenization, and other cutting-edge areas.
China has a very active venture-capital market and leading AI models such as DeepSeek. I believe there is huge cooperation potential in digitalization and AI. Of course, all of this requires financial infrastructure support, and the AIFC's mission is to make capital flow frictionless.
One Sentence to Summarize the Core Value
EqualOcean: If you had to summarize the AIFC's core value for Chinese capital in one sentence, what would it be?
The AIFC is always open for business and ready to support you in any business you wish to conduct in the region.