Astana International Financial Centre (AIFC), a financial hub in Kazakhstan, has inked a memorandum of understanding (MoU) with Fidor Solutions in order to facilitate fintech innovation in Central Asia.

Launched in 2015, AIFC aims to support investments in the financial services space as well as develop the securities market in Kazakhstan.

The latest agreement is aimed at supporting the development of a cashless economy in Kazakhstan.

Commenting on the tie-up, Fidor board member and group CCO Ge Drossaert said: “Fidor share similar core values to AIFC, such as openness and knowledge sharing. We are glad to put this into action by offering our expertise in launching this fintech education programme, and financial marketplaces while mentoring regional fintechs.

“The collaboration between our organisations will pave the way for fintech success in the region with a direct impact on the digital economy and financial access.”

Under the partnership, the two parties will jointly develop fintech education programmes in association with regional universities.

At the same time, the agreement will support the development of the AIFC fintech marketplace.

The MoU also includes mentorship and collaboration on accelerator programmes.

AIFC governor Kairat Kelimbetov welcomed the agreement, saying that Fidor’s input will be valuable to its members and partners.

“The AIFC has high expectations in relation to fintech directions,” Kelimbetov noted.