OMM Newsroom
Asian countries have discussed ways to expand investment opportunities and facilitate cross-border financing as digital technologies transform financial markets.
Representatives of 16 member states of the forum attended the first CICA Finance Summit in Astana, the capital of Kazakhstan. The event marked the launch of a new financial platform within the Conference on Interaction and Confidence-Building Measures in Asia (CICA), which brings together 28 countries.
New financial cooperation platform
Kazakhstan proposed establishing the CICA Finance Summit in 2022. The platform became operational during Azerbaijan’s chairmanship of CICA. The initiative is chaired by the administration of the Astana International Financial Centre, while Azerbaijan’s Ministry of Finance serves as co-chair.
A broad business base already exists for developing the platform. More than 5,200 companies from CICA member states are registered with the Astana International Financial Centre.
Digital payments and green finance
Participating countries put forward various proposals to strengthen financial ties. China said new energy, water supply and healthcare projects could be supported through the China-Eurasia Economic Cooperation Fund.
India presented its experience in digital payments and cybersecurity. The country’s UPI payment system processes approximately 825 million transactions a day.
Israel emphasized that the development of digital finance and artificial intelligence requires robust regulation, cyber resilience and investor protection.
Russia proposed expanding the use of national currencies in international settlements, as well as cooperation on digital currencies, stablecoins and blockchain systems. Türkiye highlighted fintech, impact investment and green finance. Jordan supported regional co-financing for infrastructure, green projects and Islamic finance.
Representatives of the Palestinian territories called for increased investment in development projects and greater support for the economy from financial institutions.
Attracting private capital among key goals
Most of the proposals made at the summit focused on attracting more private and cross-border capital, particularly for sustainable projects.
The summit concluded with the adoption of a document covering green and sustainable finance, the use of national currencies in mutual settlements, digital finance and cross-border financial infrastructure.
A conference held after the summit examined in greater detail the preparation of commercially viable projects capable of attracting private investment.
Although participants identified potential areas of cooperation, turning these proposals into concrete projects could prove challenging because CICA members have different financial systems, regulatory frameworks and economic priorities. Decisions within the organization are made by consensus.
The next CICA Summit is scheduled to be held in Baku on Oct. 15 under Azerbaijan’s chairmanship.
