‘QCB strengthened fintech through many initiatives’
The Qatar Central Bank (QCB) took many important initiatives over the past year to support the financial technology sector in Qatar, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani said during the launch of the ‘National FinTech Strategy’ on Wednesday.
He said the QCB issued six licenses for digital payment services, including electronic wallets, payments and instant transfers.
“Digital banking services have also been enhanced through the use of the Himyan card, which is the first local prepaid electronic payment card,” the governor said, adding that the bank issued regulations for electronic payment services and created a sector dedicated to market development and innovation to facilitate the transformation of our financial services sector.
He said that the Qatar Central Bank has also strengthened the role of regulatory oversight by emphasizing the role of monitoring financial technology, in addition to that, the QCB has also been keen to strengthen cooperation with other agencies and institutions operating in the country.
“Our fintech strategy is a milestone towards our broader drive to develop the leading financial services sector in Qatar, while benefiting from the infrastructure that the country has invested in as part of Vision 2030,” the governor said.
QCB is committed to implementing the financial technology strategy by setting regulations that include modern digital banking services, crowdfunding, open banking services, insurance technologies and various new technologies such as cloud services and digital know-your-customer, done through several measures to be implemented in three phases.
Assistant Governor of the Qatar Central Bank Sheikh Ahmed bin Khalid Al Thani explained the main features of the strategy for the next five years, where a set of initiatives aimed at implementing the Qatar FinTech strategy centered around a set of pillars were identified and it is expected that this the approach will yield tangible benefits over the next five years, especially in light of the proliferation and growth of fintech in Qatar.
He pointed out that the Qatar FinTech strategy was developed to include four main axes: establishment of a cutting-edge financial technology infrastructure, priorities in areas of innovation and growth in the fintech sector, development of human capabilities related to fintech and the impact of fintech. on society.
He indicated that the strategy includes several initiatives that require cooperation at the level of the authorities concerned with the financial technology system, with the Qatar Central Bank assuming the role of leader in this system.
