Xignal Exchange is conducting a joint investment project with Kazakhstan’s leading bank

October 07 00:27 2022

Kazakhstan’s leading bank and global cryptocurrency exchange XIGNAL announced on September 29 (local time) that they will conduct a joint investment project.

Nurbank Co., Ltd., a stable commercial bank in Kazakhstan, has branches in each region and provides complex financial services for corporations and individual customers. Currently, it is reviewing the possibility of conducting a joint investment project with XIGNAL, a virtual asset exchange.

Nurbank Co., Ltd. has been operating since 1992, and has provided high-quality financial services for the past 30 years. It has also provided personal banking services to customers using innovative IT solutions. Currently, Nurbank Co., Ltd. participates in the pilot project of the Astana International Financial Center (hereinafter referred to as ‘AIFC’). The purpose of this project is to develop Kazakhstan’s potential to become a regional cryptocurrency hub in the future and prepare related legal procedures.

Currently, according to the main purpose of AIFC, Nurbank Co., Ltd. and XIGNAL are signing a cooperation agreement, and in the future, XIGNAL customers can trade in Tengge, a Kazakh currency, and transfer international foreign currency through the SWIFT system.

An XIGNAL official said, “In the process of signing the cooperation agreement, I knew that Nurbank Co., Ltd. was willing to invest in XIGNAL,” adding, “We are currently in the final stage of the agreement.” The official also explained that this partnership can minimize the outflow of Kazakhstan’s customer assets and internalize domestic and foreign customer digital assets through cooperation between the XIGNAL exchange and Nurbank.

Nurbank Bank President Gulnara Musatayeva also said he was honored to be selected as a participant in the AIFC exchange and Kazakhstan commercial bank cooperation pilot project, adding that digital assets and blockchain technologies are new industries in Kazakhstan, but at the same time have a lot of potential.

Nurbank Co., Ltd. has been providing high-quality compliance to the cryptocurrency market, and has successfully carried out a development strategy over a 30-year history, and the basics of this strategy are three. First, take a careful approach to customer needs, and second, secure asset soundness. Third, it added that it is to thoroughly comply with the requirements of compliance monitoring by using a weighted method in risk assessment and introducing leading banking technology.

The president of the bank concluded the XIGNAL cooperation agreement with Nurbank, saying, “The signing of the XIGNAL cooperation agreement shows that banks are participating in the most innovative and progressive projects in the fintech industry.”

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