The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), an onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with R3, a provider of enterprise distributed ledger technology (DLT) and services. Together they will accelerate the development of Qatar’s financial technology industry and collaborate on initiatives to promote common interests.
Under the agreement, the QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintechs in Qatar. The partnership also aims to promote education and training on asset digitisation and the use of DLT. The two organisations will also create working groups to observe new and emerging regulatory paradigms and together, they will help the QFC deploy DLT nationally.
Yousuf Mohamed Al-Jaida, chief executive officer of QFC, announced the partnership with R3. He stated: “We are pleased to partner with R3. We will explore opportunities that will contribute to the growth and success of the financial technology industry in Qatar. Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar.”
Commenting on the MoU, David E. Rutter, chief executive officer and co-founder, R3, said: “We are delighted to work with the QFC. As a result of the partnership, we can help enhance Qatar’s rapidly growing fintech industry and promote exciting initiatives around asset digitalisation and DLT.
“The QFC is already making great progress in expanding the development of fintech in Qatar. This collaboration will further help create an environment conducive to innovation. We look forward to using our experience and expertise to assist the QFC in supporting the growth of Qatar-based fintech companies.”
Qatar’s financial technology industry has grown rapidly over the past few years. There have been a variety of factors affecting this. Firstly, extensive digital transformation has driven the industry. But further, government support for fintech innovation and a rising interest in digital banking and Islamic fintech has also impacted it.