Oman And Kazakhstan Sign Deal To Boost Financial Market Ties

Post by : Mumtaaz Qadiri

The Sultanate of Oman and the Republic of Kazakhstan have taken an important step to strengthen their economic partnership. Both countries signed a Memorandum of Understanding (MoU) during the Astana Financial Conference. This agreement focuses on financial regulation, exchanging expertise, and developing modern market infrastructure. By signing this memorandum, both sides aim to boost cooperation, build stronger financial systems, and improve opportunities for growth.

Signing Of The Memorandum

The MoU was officially signed by Abdullah bin Salem Al Salmi, Executive President of Oman’s Financial Services Authority (FSA), and Madina Abylkassymova, Chairperson of the Agency of Kazakhstan for Regulation and Development of the Financial Market. The signing took place at the Astana Financial Conference, a global gathering where regulators, policymakers, and financial leaders discuss the future of capital markets. This setting reflected the global importance of the partnership.

Strong Ties Between Oman And Kazakhstan

Oman and Kazakhstan have long enjoyed friendly relations built on mutual respect, economic cooperation, and cultural exchange. Over the years, the two countries have strengthened their ties through official visits, trade delegations, and joint projects in energy, logistics, investment, education, and tourism. This new MoU is another milestone that deepens their partnership, especially in the financial sector.

Global Cooperation And Shared Voice

A key part of the agreement is the commitment of both regulators to coordinate their positions in international organisations. By doing so, Oman and Kazakhstan will have a stronger voice in global financial discussions. They also plan to participate together in international events organised by these bodies. This will allow both nations to benefit from global best practices and to contribute to shaping the future of international finance.

Focus On Tabadul Platform

One of the important areas of cooperation under the MoU is the support for the Tabadul Platform. This platform is a regional initiative designed to link stock exchanges and make cross-market trading easier. By strengthening Tabadul, both countries hope to increase liquidity in their financial markets, attract more international investors, and support regional economic integration. This effort shows a shared commitment to creating stronger and more connected financial markets.

Technical Assistance And Training

The memorandum also includes a wide programme of technical cooperation. Both sides agreed to exchange regulatory expertise and organise visits by experts. They will also share research, reports, and publications related to the financial sectors they supervise. Training programmes will be launched to build skills, improve human resources, and strengthen legal and regulatory frameworks. These activities will help both Oman and Kazakhstan prepare their financial markets for future challenges.

Innovation And Financial Technology

Another important area of the MoU is innovation. Both regulators agreed to cooperate in the development of financial technology (fintech) solutions. This includes working together on digital financial services and projects connected to new technologies. The agreement also highlights efforts to promote financial literacy and inclusion, so that financial services are accessible to more people in society. This focus reflects the global trend of using technology to make finance easier, faster, and more secure.

Modernising Financial Market Infrastructure

The memorandum also focuses on developing joint projects that modernise financial market infrastructure. This includes adopting advanced technologies such as digital trading platforms and modern settlement systems. These improvements are designed to make financial markets more efficient, resilient, and competitive. By upgrading infrastructure, both Oman and Kazakhstan aim to attract more international investment and strengthen the position of their markets globally.

Benefits For The Omani Market

For Oman, the MoU brings a range of benefits. It will help introduce new financial products, encourage innovation, and attract more international investors. It also supports Oman’s goal of building a sustainable financial system that can meet the needs of its growing economy. The agreement also gives Oman access to Kazakhstan’s experience in financial regulation, which can help improve the performance of its own markets.

Kazakhstan’s Advantage From The MoU

Kazakhstan will also benefit from this partnership. By working with Oman, it can strengthen its financial ties with the Gulf region and beyond. The collaboration will give Kazakhstan access to Oman’s growing financial market and allow it to learn from Oman’s experience in Islamic finance, logistics, and investment. The agreement is also an opportunity for Kazakhstan to play a stronger role in regional and global financial cooperation.

Building On Previous Cooperation

This is not the first time Oman and Kazakhstan have signed a memorandum in the financial sector. In 2023, the Astana Financial Services Authority and Oman also signed an agreement that laid the foundation for collaboration. The new MoU expands on that earlier deal by covering more areas, including fintech, Islamic finance, asset management, training programmes, and efforts to prevent illegal practices in the market.

Commitment To Financial Inclusion

A significant part of the MoU is its focus on financial inclusion. Both countries want to make financial services accessible to more people, including those who have not traditionally used banks or financial institutions. By improving financial literacy and creating user-friendly services, Oman and Kazakhstan hope to bring more citizens into the financial system. This will support economic growth and improve quality of life.

Sustainable Financial Development

The memorandum also stresses the importance of sustainable financial development. Both regulators see innovation, capacity-building, and strong regulatory frameworks as essential for creating financial markets that can grow steadily without causing instability. By working together, Oman and Kazakhstan are aiming to build systems that are not only profitable but also safe, inclusive, and forward-looking.

Voices From Officials

Senior officials from both sides stressed that this agreement will build stronger ties in financial regulation and open the door to new opportunities. They highlighted that the MoU supports innovation, encourages the creation of new products in Oman’s market, and promotes overall growth. Officials also underlined that both countries share a vision of financial development that is global, inclusive, and sustainable.

Importance Of International Collaboration

The signing of this memorandum reflects the increasing importance of international collaboration in financial markets. In today’s globalised world, financial systems are connected across borders. By working together, Oman and Kazakhstan are preparing themselves for global challenges and opportunities. This partnership also shows how countries can support each other in building stronger and more secure markets.

The MoU is just the beginning of a deeper partnership. With joint training, shared projects, and innovations in fintech, the future looks promising for financial cooperation between Oman and Kazakhstan. Both countries will now focus on turning this agreement into concrete actions that bring results. Their joint efforts will support not only national goals but also regional and global financial integration.

The Sultanate of Oman and the Republic of Kazakhstan signed a memorandum of understanding to strengthen financial cooperation. The agreement, signed at the Astana Financial Conference, covers financial regulation, innovation, fintech, training, infrastructure development, and international collaboration. It builds on long-standing relations between the two countries and highlights their shared commitment to developing sustainable and inclusive financial markets. By working together, Oman and Kazakhstan aim to create stronger systems, attract more investors, and play a more influential role in the global financial community.

Oman Kazakhstan cooperation, Financial regulation deal, Market infrastructure growth