On November 21, 2018, during the visit of the Prime Minister of the Republic of Kazakhstan Bakhytzhan Sagintayev to Singapore, Anuar Seifullin, Director General for ABC-I2BF Seed Fund LLP, Adil Nurgozhin, Managing Director for Baiterek Holding, and Olzhas Zhienkulov, Chairman for the Management Board of Paladigm Capital, signed the memorandum on joint investment into innovative projects at the Kazakhstan-Singapore Business Forum.

Joint activities on investing in start-up companies are planned in order to stimulate the development of innovative technologies and business models, to facilitate the export of Kazakhstan's technological products and services, and technology transfer.

The memorandum signed by the parties determines the preliminary conditions and procedures for joint consideration and financing of projects for the purpose of investing in technology companies at an early stage of their development, as well as selection criteria.

It should be noted that ABC-I2BF Seed Fund, established in 2018 by PI NURIS, a subsidiary of the Nazrabayev University, and I2BF Global Ventures, makes investments with a similar mandate in Kazakhstan. As part of the new initiative, Paladigm Capital and Baiterek Holding are planning to invest KZT 350 million each, which will significantly increase the amount of funding provided to start-ups, and, importantly, will contribute to a more efficient entry of Kazakhstani companies to foreign markets, in particular, Singapore and South-East Asia countries.

ABC-I2BF Seed Fund and Olzhas Zhienkulov, co-founder and CEO of Paladigm Capital, have already jointly invested in Clockster Kazakhstani start-up that engaged in developing biometric systems for time tracking. The intention to conduct further the systematic work on joint investment is a logical continuation of this cooperation. Baiterek Holding participates in this initiative in support of the innovation development and venture financing.

I2BF Global Ventures (www.i2bf.com) is an international venture investment management company headquartered in New York with offices in Moscow, London and Astana.

Paladigm Capital (www.paladigm.capital) is a liquid asset and late-stage portfolio and venture capital investments management company, established and existing in Singapore.

pr.nuris@nu.edu.kz