" class="no-js "lang="en-US"> Advanced Payment Solutions Issued Licence by Astana Financial Services Authority to Act as Digital Investments Agent - Fintech Finance
Monday, February 06, 2023
Saltedge Report

Advanced Payment Solutions Issued Licence by Astana Financial Services Authority to Act as Digital Investments Agent

The Astana Financial Services Authority (AFSA) has issued a licence to Advanced Payment Solutions (APS) to deal in stablecoins on behalf of clients. The licence allows APS to place orders for the most popular pairs of transactions from USD and EUR to USDC and USDT and vice versa.

APS believes this is a milestone in the history of the convergence of centralized and decentralized assets, as well as being another step towards a more efficient and technically advanced payment and financial services sector.

Recently, in June, APS received a licence from AFSA to provide a wide range of cash transactions, ranging from fiat currency exchange and the sale of payment instruments to direct debits.

“While the first licence covers the fiat asset area, the second one extends to the field of decentralized instruments, and that is exactly where the payment and financial market is headed,” said Medet Koshtayev, CFO of APS. “Together, the two licences allow us to start building a new type of universal payment system that effectively combines the field of traditional fiat assets of all types with a variety of decentralized assets. In reality, this is a bridge between the past and the future in the payment and financial services world.“

According to APS, whose solutions are based on the Stellar blockchain, this is an important breakthrough, because blockchain technologies are characterized by the highest speed and transparency, as well as the exceptional reliability of each individual transaction.

“But for our international clients, it means more than just that. Digital payments and financial instruments provide them with something they dearly want, namely the lowest cost. What APS plans to develop is a legally compliant and
long-awaited bridge between traditional and digital finance. And the choice will lie completely with the customer as to which zone is more convenient to use,” Mr Koshtayev added.

He also noted the important role of the Kazakh regulator, AFSA, in this process. “The issuance of the licences was preceded by consistent and diligent work. The result demonstrates commitment to implementing the latest technology
and building highly reliable and efficient financial infrastructure. The great work done by AFSA emphasizes their concern that users receive a full range of financial services of the highest possible quality,” Mr Koshtayev stated further.

The trajectory being set by APS goes far beyond the financial market of only Kazakhstan and has great positive value for the global financial sector.

Mr Koshtayev added that the company has a consistent and structured plan for the effective use of its international experience in the field of payment solutions, taking into account the regulatory opportunities provided by the licences.

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