The Qatar Financial Centre Authority (QFCA) has signed a Memorandum of Understanding (MoU) with R3 to collaborate on initiatives to accelerate the development of Qatar’s financial technology industry. Under the partnership, the two organisations will work together to create a potential lab environment catering to commercial banks and fintechs in Qatar. Additionally, the partnership aims to promote education and training on asset digitisation and the use of distributed ledger technology (DLT). The QFC and R3 will also establish working groups to observe new and emerging regulatory paradigms and support the QFC’s deployment of DLT at the national level.
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Yousuf Mohamed Al-Jaida, CEO of QFC, commented on the partnership, stating, “Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar”. David E. Rutter, CEO and Co-Founder of R3, added, “The QFC is already making great progress in expanding the development of fintech in Qatar and this collaboration will further help create an environment conducive to innovation”.
Qatar’s financial technology industry has experienced rapid growth in recent years due to extensive digital transformation, government support for fintech innovation and rising interest in digital banking and Islamic fintech.
