QCB launches National Fintech Strategy

The National Fintech Strategy will support and enhance a diversified economy and investment in Qatar based on financial technology and technological innovation, said Qatar Central Bank (QCB) Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani who addressed the gathering at the launch of the ‘National Fintech Strategy ‘ at the Sheraton Hotel, Doha yesterday.

He said the new strategy revolves around four key pillars that will boost Qatar’s economic growth and enable it to compete with the rest of the world as a technologically advanced state.

The QCB governor said the Fintech strategy was designed to take into account several key principles, including taking advantage of the investments made by the state, taking advantage of Qatar’s geographical and global spread, its leadership in Islamic banking and insurance services, as well as its leadership in the education sector.

The fintech strategy will support the state in its journey to achieve scientific and technological advancements that the country has given top priority in its development goal, he said, noting that the new strategy will help improve the lifestyle of all citizens by providing seamless financial services.

He said a fully integrated payment platform has been created as part of the current update of the payment system software, including a central infrastructure system for fast payment network.

The fintech strategy was scheduled to be launched in the last quarter of 2023 and lay out a new strategy for financial technology.

Qatar’s central bank has also created the infrastructure to enable banks to accept payments from digital wallets.

Qatar’s fintech industry has continued to grow and attract international businesses over the past year.

QCB has given the highest priority to digital payment solutions over the past decade.

It has also approved various initiatives that will help support emerging financial technology companies over the past couple of years.

QCB, in its initiatives to drive growth in financial technology, has granted licenses to over 23 innovative fintech companies.

The QCB presented its first licenses for digital payment services in August last year and gave the green light to Ooredoo Money and iPay by Vodafone Qatar.

QCB launched Google Pay mobile payment service in the country and reiterated that all global digital wallet services including Apple Pay, Samsung Pay were now accepted in Qatar.

QCB has been in pioneering industry initiatives such as the Qatar Fintech Hub helping to boost the growth of the domestic fintech ecosystem and has supported more than 60 startups.

Fintech refers to firms that use new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing and big data are considered “ABCD” (four key areas) in fintech.