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Tribune News Network
Doha
The Qatar Financial Centre (QFC) has increased the number of financial technology (fintech) activities to be licensed and conducted by companies listed on the QFC platform.
Under new rules and guidance, the activity of non-regulated Professional Services firms has been widened to fintech service providers, which include activities such as, but are not limited to, providing cybersecurity solutions, application programming interfaces (API), cloud computing, developing blockchain-based technologies, artificial intelligence and companies which provide a platform for facilitating real-time transaction capability of internet connected devices.
By opening up to fintech service providers, the QFC recognises firms that are delivering technology to the financial sector.
QFC would like to ensure that Qatar remains well positioned as a leading international fintech hub, as set out in the Qatar National Vision 2030.
This initiative is also part of the QFC’s new strategy, announced earlier this year, in which the financial centre pledged to bolster Qatar’s fintech sector.
The QFC has already struck numerous agreements with fintech entities with the aim of developing the industry in Qatar, including the memorandum of understanding with B-Hive, a European collaborative innovation fintech platform, in October 2018. In addition, the expansion of fintech services on the QFC platform also aligns with the Qatar National Fintech Strategy developed by Qatar Development Bank.
Fintech has seen significant growth over past few years and its applications are now prevalent in various sectors and industries, such as e-commerce, trade, banking and investment management,” said Henk Jan Hoogendoorn, Managing Director of Financial Sector Office, QFC Authority.
Sadiq Hamour, Director of Financial Institutions, QFC Authority, said, “Despite the global fintech industry’s remarkable growth, the Middle East accounts for only 1.8 percent of global fintech startups in the past five years. This means that there is still a lot of potential in this region to be realised, particularly in the Islamic finance fintech space.”
In addition to the expanded services of non-regulated fintech activity allowed on the QFC platform, the Investment Promotion Agency of Qatar, will offer an incentive programme to international businesses that include business operations in the country.
Doha
The Qatar Financial Centre (QFC) has increased the number of financial technology (fintech) activities to be licensed and conducted by companies listed on the QFC platform.
Under new rules and guidance, the activity of non-regulated Professional Services firms has been widened to fintech service providers, which include activities such as, but are not limited to, providing cybersecurity solutions, application programming interfaces (API), cloud computing, developing blockchain-based technologies, artificial intelligence and companies which provide a platform for facilitating real-time transaction capability of internet connected devices.
By opening up to fintech service providers, the QFC recognises firms that are delivering technology to the financial sector.
QFC would like to ensure that Qatar remains well positioned as a leading international fintech hub, as set out in the Qatar National Vision 2030.
This initiative is also part of the QFC’s new strategy, announced earlier this year, in which the financial centre pledged to bolster Qatar’s fintech sector.
The QFC has already struck numerous agreements with fintech entities with the aim of developing the industry in Qatar, including the memorandum of understanding with B-Hive, a European collaborative innovation fintech platform, in October 2018. In addition, the expansion of fintech services on the QFC platform also aligns with the Qatar National Fintech Strategy developed by Qatar Development Bank.
Fintech has seen significant growth over past few years and its applications are now prevalent in various sectors and industries, such as e-commerce, trade, banking and investment management,” said Henk Jan Hoogendoorn, Managing Director of Financial Sector Office, QFC Authority.
Sadiq Hamour, Director of Financial Institutions, QFC Authority, said, “Despite the global fintech industry’s remarkable growth, the Middle East accounts for only 1.8 percent of global fintech startups in the past five years. This means that there is still a lot of potential in this region to be realised, particularly in the Islamic finance fintech space.”
In addition to the expanded services of non-regulated fintech activity allowed on the QFC platform, the Investment Promotion Agency of Qatar, will offer an incentive programme to international businesses that include business operations in the country.
