ASTANA, September 17: Kazakhstan’s capital has climbed eight places to rank 57th among 117 financial centres worldwide in the latest Global Financial Centres Index (GFCI 40), while retaining its position as the leading financial hub in Eastern Europe and Central Asia.
Astana’s overall rating increased by 18 points, rising from 684 to 702, according to the 40th edition of the index. The city had ranked 65th in the previous edition.
The latest result extends Astana’s run at the top of the Eastern Europe and Central Asia regional ranking, a position it has maintained for more than three years.
Within the region, Cyprus ranked 72nd globally, followed by Warsaw at 78th, leaving Astana 15 places ahead of its nearest regional competitor.
Astana gains despite regional decline
Astana’s improvement came as the average rating of financial centres across Eastern Europe and Central Asia declined by 1.09 percent. The GFCI report nevertheless noted strengthening among some of the region’s leading financial centres.
The Kazakh capital was also included among 10 financial centres that respondents expect to become more significant in the global financial system over the next two to three years.
Astana ranked ninth in that category after receiving 45 mentions from survey participants.
Its performance also improved in financial technology, with the city moving four places higher in the separate FinTech ranking, from 55th to 51st.
Renat Bekturov, Governor of the Astana International Financial Centre (AIFC), said the improvement reflected growing international confidence in Astana and Kazakhstan as financial destinations.
He said the AIFC viewed the ranking as an independent assessment of efforts to improve the legal and regulatory environment, develop capital markets and financial technologies, and expand international connections.
Bekturov added that the broader objective was to translate Astana’s progress into new investment, more international companies and greater opportunities for businesses in Kazakhstan.
New York remains world’s top financial centre
The latest index assessed 139 financial centres, of which 117 qualified for inclusion in the main ranking.
New York retained the top position, followed by London, Hong Kong and Singapore. Shanghai, Tokyo, Seoul, Shenzhen, Dubai and Zurich completed the global top 10.
GFCI 40 was compiled using 144 quantitative measures from international organisations, including the World Bank, Organisation for Economic Co-operation and Development and United Nations.
The assessment also incorporated 39,531 evaluations from 6,147 financial-sector professionals.
Survey participants identified digital infrastructure as one of the key priorities for financial centres over the next five years, including cloud technologies, data transmission systems and cyber resilience.
Other priorities included attracting FinTech and digital-asset businesses, strengthening measures against money laundering and financial crime, and further developing capital markets.
AIFC strengthens Astana’s financial role
Astana first entered the Global Financial Centres Index in March 2018 and became the highest-ranked financial centre in Eastern Europe and Central Asia in March 2023.
The Astana International Financial Centre has since sought to strengthen the city’s position through the development of financial infrastructure, capital markets, digital assets and an internationally oriented legal and regulatory framework.
The AIFC provides participating businesses with access to financial instruments and international markets as well as an independent dispute-resolution framework and a regulatory environment designed around international standards.
These initiatives are intended to strengthen Astana’s role as a regional platform for international investment, cross-border capital flows and financial-sector development.
Published twice a year, the Global Financial Centres Index is produced by UK-based Z/Yen Group in partnership with the China Development Institute. It evaluates financial centres across five broad areas: business environment, financial-sector development, infrastructure, human capital and reputation.