QFCA and R3 sign an MoU to support Qatar’s FinTech industry

By Leandra Monteiro

Qatar Financial Center Authority (QFCA), the legal and fiscal arm of Qatar Financial Center (QFC), an onshore financial and business center in the region, has signed a Memorandum of Understanding (MoU) with R3, a global provider of enterprise distributed ledger technology (DLT) and services, to accelerate the development of Qatar’s financial technology industry and collaborate on initiatives to advance common interests.

Under the agreement, QFCA and R3 will collaborate to create a potential laboratory environment catering to commercial banks and FinTechs in Qatar. The partnership also aims to promote education and training on asset digitization and the use of (DLT). The two organizations will also create working groups to observe new and emerging regulatory paradigms and support QFC’s deployment of DLT at the national level.

When we talk about the partnership, Yousuf Mohamed Al-Jaida, CEO of QFC, said: “We are pleased to partner with R3, a renowned fintech company, to explore opportunities that will contribute to the growth and success of the fintech 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 MoU, David E. Rutter, CEO and Co-Founder, R3, said: “We are delighted to work with QFC to help enhance Qatar’s rapidly growing fintech industry and advance exciting initiatives around asset digitization and DLT. QFC is already making great strides in expanding the development of fintech in Qatar and this collaboration will further contribute to creating an environment conducive to innovation. We look forward to using our experience and expertise to help QFC support the growth of Qatar-based fintech companies.”

Qatar’s financial technology industry has grown rapidly in recent years, driven by extensive digital transformation, government support for FinTech innovation and a growing interest in digital banking and Islamic FinTech.