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The Qatar Financial Centre Authority (QFCA) has signed a memorandum of understanding (MoU) with R3, a globally leading provider of enterprise distributed ledger technology (DLT) and services, to 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.
"Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar," said QFCA chief executive officer Yousuf Mohamed al-Jaida.
The partnership also aims to promote education and training on asset digitisation and the use of (DLT).
The two organisations will create working groups to observe new and emerging regulatory paradigms and support the QFC's deployment of DLT at national level.
David E Rutter, chief executive officer and co-founder, R3, said the QFC is already making great progress in expanding the development of fintech in Qatar, and this collaboration would 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," he said.
Qatar's financial technology industry has grown rapidly over the past few years, driven by extensive digital transformation, government support for fintech innovation and a rising interest in digital banking and Islamic fintech.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).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.
"Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar," said QFCA chief executive officer Yousuf Mohamed al-Jaida.
The partnership also aims to promote education and training on asset digitisation and the use of (DLT).
The two organisations will create working groups to observe new and emerging regulatory paradigms and support the QFC's deployment of DLT at national level.
David E Rutter, chief executive officer and co-founder, R3, said the QFC is already making great progress in expanding the development of fintech in Qatar, and this collaboration would 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," he said.
Qatar's financial technology industry has grown rapidly over the past few years, driven by extensive digital transformation, government support for fintech innovation and a rising interest in digital banking and Islamic fintech.
