Kazakhstan, China Enhance Cooperation On Financial Oversight

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, July 24. A memorandum has been signed between the regulators of Kazakhstan and China in the fields of banking and insurance supervision, Trend reports via Kazakhstan's National Bank.

The National Bank of Kazakhstan, the Agency for Regulation and Development of the Financial Market of Kazakhstan, and the National Financial Regulatory Administration (NFRA) of China signed a memorandum of understanding.

"The agreement aims to exchange experiences and develop cooperation in banking and insurance supervision. The main goal is to improve coordination and ensure the security of the financial systems of both countries," the statement says.

In the course of the meeting, agreements were reached on cooperation in the area of effective banking regulation to prevent illegal activities, strengthen the stability of banks, and protect the rights of financial services consumers.

Moreover, the document has been developed in accordance with the recommendations of the Basel Committee on Banking Supervision and the key international standards in the field of banking regulation.

Currently, three Chinese-owned banks operate in Kazakhstan: the Industrial and Commercial Bank of China in Almaty, Bank of China in Kazakhstan, and Altyn Bank. The total assets of Chinese subsidiary banks amount to 2.1 trillion tenge (approximately $3.99 billion), or 3.3 percent of the total assets of Kazakhstan's banking system. The equity capital of the Chinese subsidiary banks is 368 billion tenge (approximately $699 million).

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