Guest Q&A|Renat BEKTUROV: Financial Inclusion Dri…
Digital trade is increasingly becoming an important part of global trade and reshaping the system's rules. What mechanisms should be used to promote the coordination andformulation of rules for digital trade? How can we ensure emerging technologies and thedigital economy promote a more inclusive form of globalization?Renat BEKTUROV
Governor, Astana International Financial Centre
Digital trade has become a vital part of the global economy, with recent data highlighting its rapid expansion. In 2022, digitally delivered services accounted for 54% of total services exports, reaching approximately $3.82 trillion. By 2023, global retail e-commerce sales were estimated at $5.8 trillion, with projections indicating a 39% increase that could push the market beyond $8 trillion by 2027.
As the digital economy continues to grow, ensuring its benefits are widely shared requires addressing key challenges related to access, fairness, and protection. Millions of people, particularly in developing countries, still lack reliable internet access, limiting their ability to participate in digital trade. Investments in broadband expansion, satellite internet, and mobile networks, combined with digital literacy programmes, can help bridge this gap.
SMEs play a crucial role in the global economy but often face barriers such as high costs, complex regulations, and limited access to international markets. Strengthening digital infrastructure, simplifying trade regulations, and improving cross-border payment systems can enable SMEs to compete on a global scale. Enhanced cybersecurity measures are also essential to protect businesses and consumers from digital threats.
Financial inclusion remains a key factor in promoting equitable access to the digital economy. Expanding mobile banking, digital wallets, and blockchain-based transactions can provide broader access to financial services. At the same time, effective regulations for digital currencies and fintech companies are necessary to ensure security, prevent fraud, and maintain financial stability.
The rise of remote work and the gig economy has created new job opportunities worldwide. However, many freelancers and gig workers lack essential protections such as fair wages, social security, and legal rights. Establishing fair labour standards, taxation policies, and worker protections can help ensure that digital labour markets remain sustainable and inclusive.
The ethical use of AI and emerging technologies, which are becoming key components of digital trade, is another critical consideration. While AI and automation are transforming industries, they must be developed responsibly to prevent bias and ensure equitable access to innovation. Transparent AI frameworks and responsible technology policies can promote inclusivity in sectors like healthcare, education, and public services.
Global cooperation and public-private partnerships are fundamental to building a more equitable digital economy. Collaboration on cybersecurity standards, fair taxation of digital services, and international trade agreements will help create a balanced and sustainable digital landscape.
The AIFC plays an important role in shaping Kazakhstan's digital economy. The AIFC is committed to fostering innovation-driven regulatory reforms, strengthening international cooperation.
In this context, it is worth mentioning the AIFC FinTech Lab, a tailored live environment, where firms can offer innovative financial and RegTech services without being immediately subject to the full set of regulatory requirements.
The AIFC has also been enhancing its digital assets trading ecosystem. Through these initiatives, the AIFC is positioning itself at the forefront of digital trade and financial innovation, driving Kazakhstan and the broader Eurasian region toward a more inclusive, efficient, and sustainable digital economy.
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