The Alatau City Authority special management organisation, Alatau City Bank and the South Korean company Dunamu have signed a memorandum of understanding aimed at developing cooperation in digital finance and exploring the potential application of modern financial technologies in Kazakhstan. The signing ceremony took place in Seoul as part of the official visit of President of the Republic of Kazakhstan Kassym-Jomart Tokayev to the Republic of Korea.
One of the key areas of cooperation will be exploring the tokenisation of real-world assets (RWA) and the use of tokenised securities (Security Token Offerings, STO). The parties will also review the prospects for cooperation in stablecoins, payment solutions and other digital finance instruments.
Under the memorandum, Dunamu — the operator of the Upbit cryptocurrency exchange — will provide technological expertise to help develop potential tokenisation solutions and the corresponding digital infrastructure.
Alatau City Authority will support the analysis of the regulatory environment and coordinate engagement with the relevant government bodies and organisations, including in developing possible regulatory and pilot mechanisms. Alatau City Bank, subject to legal and regulatory requirements and commercial feasibility, will review potential areas of cooperation in RWA, stablecoins, payment solutions and the infrastructure connecting digital assets with the traditional financial system.
“For Alatau City, developing digital financial infrastructure is one of the important elements of building a new urban economy. Cooperation with Alatau City Bank and Dunamu will make it possible to combine international technological expertise, financial infrastructure and the opportunities of the special legal regime in order to study and subsequently pilot new digital financial instruments. Our priority remains creating a clear and secure environment for the adoption of innovative solutions and for attracting investment,” said Alisher Abdykadyrov, Chief Executive Officer of Alatau City Authority.
Dunamu Chief Executive Officer Oh Kyung-seok noted that the agreement will make it possible to combine the company’s technological expertise with the capabilities of its Kazakhstani partners in order to study practical models for developing digital financial infrastructure and to expand the use of the company’s technologies in international markets.
The parties intend to jointly explore possible models and projects, taking into account the legislation, regulatory requirements and institutional conditions of Kazakhstan. Specific projects, the mechanisms for their implementation and further formats of cooperation will be determined following subsequent work and, where necessary, formalised in separate agreements.
