Oman and Kazakhstan sign MoU to strengthen financial cooperation and develop market infrastructure

Astana, Kazakhstan – The Sultanate of Oman, represented by the Financial Services Authority (FSA), and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market have signed a Memorandum of Understanding (MoU) to strengthen cooperation in financial regulation, exchange of expertise and the development of market infrastructure.

The memorandum was signed during the Astana Financial Conference, a global gathering of regulators, policymakers and financial leaders focused on the future of capital markets, by H.E. Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the FSA, and H.E. Madina Abylkassymova, Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.

Building on their longstanding ties, the Sultanate of Oman and the Republic of Kazakhstan have developed relations based on mutual respect, economic cooperation and cultural exchange. Over the years, these ties have been reinforced through high-level visits, trade delegations and joint initiatives across sectors such as energy, logistics, investment, education and tourism.

Within the memorandum, both regulators will coordinate their positions in international organisations and participate jointly in activities and events organised by these bodies. This cooperation is designed to give both countries a stronger presence in international financial dialogues and allow them to benefit from global best practices.

It also places particular emphasis on supporting and empowering the Tabadul Platform, a regional initiative designed to link stock exchanges and facilitate cross-market trading. By enabling smoother cross-border transactions, Tabadul is expected to boost market liquidity, attract more international investors and advance regional integration in line with agreed regulatory frameworks.

The memorandum also paves the way for a broad programme of technical assistance. This includes the exchange of regulatory expertise, the organisation of expert visits, and the sharing of research and publications related to the sectors supervised by each authority. In addition, it covers joint training programmes and collaboration in capacity-building and human resources development, all aimed at reinforcing the legal and regulatory frameworks in both the Sultanate of Oman and the Republic of Kazakhstan.

Another area of emphasis within the memorandum is innovation and financial technology. Both regulators committed to cooperation in the development of fintech solutions, projects linked to modern technologies, and collaboration on digital financial services. The memorandum also highlights joint initiatives in financial literacy and efforts to enhance financial inclusion, reflecting the shared objective of making financial services accessible to a wider segment of society.

The memorandum further seeks to enhance cooperation in developing joint projects to modernise financial market infrastructure. This involves deploying advanced technologies, such as digital trading platforms and modern settlement systems, to boost efficiency and resilience. By focusing on infrastructure, both sides aim to create markets that are more competitive and capable of attracting international investment.

Senior officials emphasised that the memorandum will not only build stronger regulatory ties but also support innovation, encourage the introduction of new financial products in the Omani market, and promote sustainable financial development.

The Sultanate of Oman and the Republic of Kazakhstan share longstanding relations rooted in mutual respect, economic cooperation and cultural exchange. The memorandum highlights this ongoing cooperation, following an MoU signed in 2023 between the Astana Financial Services Authority and the Sultanate of Oman that laid the groundwork for collaboration in financial regulation.

It expands this partnership into broader areas, including fintech, Islamic finance, asset management, capital markets, training and awareness programmes, as well as information exchange to strengthen oversight and prevent illegal practices.