01 april 2021
1. It is true that the year 2020 has changed the course of events profoundly. How can you use this unique experience to create the future you want?
Global investments in fintech reached USD 105 billion in 2020, the third-highest level ever, despite a drop from USD 165 billion in 2019. Pandemic brought many deals to a halt in H1’20; however, H2’20 reversed the trend as investors and fintechs learned to do business in a new normal. Various financial companies embraced digitalisation imperative and understand what is put at stake if they fail to implement the fintech innovations.
Read the full Pulse of Fintech H2 2020 report at https://bit.ly/3lpIKUl
2. Over the past yea the phone frauds have become more frequent in our region. This week the cybersecurity and information risk experts have personally come into collision with fishers having managed to analyse their tactics and strategy. We have prepared a few tips for you on how to easily identify fraudsters and, what is more important, how not to become their victim. Please, be on alert and take care!
Link to material: Https://bit.ly/3vyRNqy
3. Nowadays, many companies use cross-border assignments to enable their employees to gain international experience, access new markets, share knowledge, motivate employees, as well as a number of other reasons. When there is a conflict between the domestic laws of two countries and both countries claim that the individual concerned is a resident of a specific country, the individual is entitled to refer to the respective double tax treaty to determine his/her tax position in each country. Kazakh tax law adheres in general to international tax principles on the taxation of individuals employed by global companies. However, even though international double tax treaties ratified by Kazakhstan take precedence over its domestic tax law and are implemented directly, there are still a number of situations where a constraints and disputes regarding interpretation of domestic law and double tax treaties may arise.
Read more on Assel Nizamiyeva, Director of Tax and Legal Department, article about tax issues of cross-border assignments for AmCham Investors’ Voice magazine.
4. Over the past few years, the legislation of the Republic of Kazakhstan on pharmaceutical activities has undergone significant changes. According to the new Code, starting from 1 January 2021 companies engaged in medicines manufacturing and pharmacy warehouses will have to ensure compliance with the requirements of the Good Manufacturing Practice (GMP). Medicines manufacturers, distributors and pharmacy chains in Kazakhstan need to consider requirements of Kazakhstan legislation that have a significant impact on their activities.
Aliya Faizullayeva, KPMG Senior Legal Consultant, address the most frequent issues about relevant aspects of the pharmaceutical activity in the Republic of Kazakhstan in a piece of thought leadership for the AmCham Investors’ Voice magazine.
The full material is available here: https://bit.ly/30QU969
5. KPMG in Central Asia was included in the Pravo.ru-300 International rating of the leading law firms in the categories “Financial and Banking Law” and “Legal Support of Business”. The key goal of Pravo.ru-300 International is to develop a legal consulting map of the near-abroad countries and familiarise the Russian legal firms and users of legal services with the best practices, and assist in finding the reliable partners for joint project monitoring.
The rating results are available at https://bit.ly/3cgRQOP
Legal Practice of KPMG in Central Asia offers clients a wide range of services on resolving legal issues. We are interested in the success of your business and are ready to help you in managing the risks and opportunities of a rapidly changing legislative world.
For more information on the firm’s services please visit our website at https://bit.ly/3cELCsm
6. Concept of Green Finance is one of the most discussed topics among business issues. Kazakhstan, despite being new in this area has made substantial progress in regulatory reform in support of the Green Economy. Green financing refers to products and services, managing environmental risks, organizational strategies, organizations themselves, as well as investment sectors, industry initiatives and policy instruments. Importantly, Kazakhstan undertook certain measures towards development of the Green economy. For example, Kazakhstan on the way towards green future beside many other legislative acts adopts the Strategic Plan for Development until 2025 which includes the issue of green growth and environmental protection.
“We believe that Kazakhstan has a vast potential in this area that can drive sustainable and inclusive economic growth, providing affordable electricity in the most distant regions. Change towards green economy is not an option anymore but a necessity”, mentioned Assel Mukhambekova, Senior Manager of Legal Practice, and Zalina Geliskhanova, Consultant of Legal Practice, in their article for Investors’ Voice.
Follow the link to read the full material: https://bit.ly/30T4NJx
7. Our experience of the internet seems to be one of a myriad of passwords and separate logins, often being asked for the same information repeatedly as we create digital services accounts. There must be a better way, and a way which is more secure and less open to fraud. Digital trust is as important as fundamental security controls. Such level of trust requires effective interaction between the private and public sectors. The challenges of implementing digital identity are not insurmountable, but we should learn from past failures and perhaps reexamine our conviction that technology alone can deliver a simple solution.
“Much has been said recently about digital identity in Kazakhstan, and at first glance it may appear that all issues could be easily addressed by the public sector decision-makers. However, as stated in article, there are plenty of examples of digital identity failures around the world. Conversely, there are markets where private digital identity systems have been launched along with the public ones and ended up being used everywhere. There are similar solutions on the market today, but they are not yet widely accepted. Obviously, there are still a number of issues and the potential for other similar instruments to emerge in the market,” comments Konstantin Aushev, Director, IT Advisory, KPMG in Central Asia.
Read more about solving digital identity’s security and privacy challenges at: https://bit.ly/3cG9qME