NBG and AFSA sign bilateral MoU to unlock securities market access

The National Bank of Georgia (NBG) and the Astana Financial Services Authority (AFSA) have signed a Memorandum of Understanding (MoU) during Astana Finance Days to enable bilateral access and mutual recognition across their respective securities markets.

According to the NBG, the agreement was formally executed by NBG First Vice Governor Ekaterine Mikabadze and AFSA Chief Executive Officer Evgeniya Bogdanova.

The MoU aims to facilitate reciprocal market access across targeted financial service sectors between the Astana International Financial Centre (AIFC) and Georgian capital markets. The accord establishes a framework for closer operational ties, easing cross-border delivery of financial services between the two jurisdictions.

Under the agreement, AFSA and the NBG will collaborate to build practical mechanisms for market participants to access both capital ecosystems, while adhering to the legal and regulatory mandates of each jurisdiction.

The updated framework also provides for enhanced supervisory cooperation and information exchange between the regulators, safeguarding financial stability as cross-border activity scales.

“This Memorandum aims to facilitate reciprocal access to financial services between our two nations while strengthening regulatory and supervisory cooperation. In turn, this will expand commercial horizons for financial institutions and market participants in both jurisdictions, driving cross-border investment flows.

Deepening integration between our markets serves as a vital prerequisite for the sustainable development of securities markets across the wider region,” stated Ekaterine Mikabadze, First Vice Governor of the National Bank of Georgia.

“Regional financial integration acquires tangible value when regulatory collaboration translates into actionable opportunities for market participants. This agreement with the National Bank of Georgia represents a major milestone in that direction.

We aim to unlock new channels for financial institutions and investors, laying the groundwork for Central Asia and the South Caucasus to emerge as a more interconnected and compelling destination for international capital,” added Evgeniya Bogdanova, Chief Executive Officer of AFSA.

The pact builds upon years of institutional cooperation between the two authorities. AFSA and the NBG signed their initial MoU in 2018, establishing a foundational structure for supervisory dialogue and information sharing.

This updated accord marks the next phase of bilateral ties, shifting focus from general regulatory coordination to concrete operational mechanisms designed to integrate the AIFC and Georgian securities markets.

The signing ceremony took place during a high-level panel at Astana Finance Days entitled “From Fragmentation to Integration: Regional Cooperation for Stronger Financial Markets.”

During the associated roundtable discussion, senior regulatory officials and representatives of international financial institutions from Central Asia, the Caucasus, and partner jurisdictions explored practical pathways toward cross-border market connectivity and regional financial integration.