ASTANA – Astana is ranked second in Eastern Europe and Central Asia in the 10th edition of the Smart Centers Index (SCI 10), published by independent experts Z/Yen.
Nur Alem Museum in Astana. Photo credit: The Astana Times.
Cyprus and Tallinn take the first and third spots, respectively. Astana ranks 52nd out of 77 in the overall global ranking, reported the Astana International Financial Centre’s (AIFC) press service on Nov. 27.
The Smart Centers Index evaluates the ability of global commercial and financial hubs to create, develop, and implement technologies and innovations across various sectors, including science, energy systems, machine learning and more. Astana was first included in this index in November 2022, ranking 64th overall.
According to the index, the leading SCI centers are located in regions that combine an innovative culture with a highly effective university sector across all STEM subjects (science, technology, engineering and mathematics), supported by a well-developed regulatory system and strong commercial and financial services.
AIFC Governor Renat Bekturov stated that financial sector innovation is a vital aspect of the AIFC. As an international financial center, the AIFC promotes the growth of the insurance, banking, green, and Islamic finance industries and financial technology, digital assets, and creative initiatives.
“For example, through digitalization, we have streamlined the process for registering new participants, launched the Tabys mobile app for retail investors, and the Court and International Arbitration Centre use the eJustice electronic system for dispute resolution. To stimulate innovation, the AIFC regulator, AFSA, offers the ‘sandbox’ FinTech Lab, where companies can test advanced financial services and digital asset-related projects. The Innovation Hub fosters innovative technologies in finance, while the AIFC Academy supports the professional services market. Innovation will remain a hallmark of the AIFC, both in the development of the center and the entire financial services sector,” he said.
The AIFC ecosystem currently includes over 3,400 companies from more than 80 countries. Around 20% of these companies operate in the information and communication technology sector. The AIFC is also a platform for several crowdfunding platforms and cryptocurrency exchanges. Nearly 20 companies participate in the regulatory ‘sandbox’ FinTech Lab, further driving innovation within the AIFC ecosystem.
The SCI Index is compiled using 132 instrumental factors provided by indicators from the World Bank, the Organization for Economic Cooperation and Development (OECD), and the UN. These instrumental data points are combined with 1804 ratings from 287 respondents to the SCI online survey.
The SCI10 reviewed 131 commercial and financial centers, with 77 centers included in the updated edition, having received a sufficient number of ratings from respondents to qualify for the ranking.
