Doha, March 07 (QNA) - Qatar Central Bank (QCB) launched on Tuesday the Qatar FinTech Strategy 2023 in line with Qatar National Vision 2030 objective of supporting diversification and innovation in the financial sector.
The strategy's launch came during a ceremony held on Tuesday at the Sheraton Grand Doha Resort and Convention Hotel, in the presence of HE QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani, along with a number of dignitaries and officials in the country.
In his speech on the occasion, HE QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani expressed his happiness for the launch of Qatar FinTech Strategy in line with Qatar National Vision 2030 objective of supporting the diversification and innovation in the financial sector and investing in a knowledge-based economy under the wise leadership of HH the Amir Sheikh Tamim bin Hamad Al-Thani.
His Excellency said that QCB's vision for financial technology is based on development, diversification, and increasing the competitiveness of the state of Qatar's financial technology and services sector through pioneer infrastructure, and providing solutions that positively affect customer experience.
His Excellency pointed out that the strategy is based on a comprehensive study of the financial technology sector globally, as well as the Qatari financial sector's foundations and the strengths of the national economy, creating a pioneering infrastructure for the financial technology market locally and globally, whilst ensuring the development of a comprehensive system for this sector, starting from the establishment of financial tech companies, all the way to mechanisms to enable them to grow and expand rapidly.
HE QCB Governor added that the strategy is based on four main axes: the establishment of a pioneering infrastructure including advanced regulatory rules and electronic platforms supporting the development of financial technology, prioritizing innovation and financial technology sector growth, especially Islamic financial technology and sustainable development, as well as insurance technology, empowering companies and enhancing their performance by using financial technology solutions, in addition to making the State of Qatar a financial technology hub, aided by the country's leading educational infrastructure, and providing smooth mechanism and support for the transition towards cash-less transactions.
His Excellency referred to QCB's many distinguished initiatives in supporting the financial technology sector, such as the introduction of electronic wallets, instant payments and transfers, and supporting digital banking services by issuing the first local prepaid electronic payment card (Himyan).
HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani highlighted QCB's strengthening of the role of regulatory oversight and supervising financial technology, in addition to QCB's eagerness to strengthen cooperation with other agencies and institutions operating in Qatar.
His Excellency further explained that QCB seeks to implement FinTech Strategy by setting regulations for digital banking services, crowd-funding, open banking services, insurance technologies, and various emerging technologies such as cloud services and digital customer experience, through several initiatives to be implemented in three phases, saying that he looks forward to cooperating with all relevant parties to implement Fintech and achieve its outcomes.
For his part, HE Assistant Governor of Qatar Central Bank (QCB) Sheikh Ahmed bin Khalid Al-Thani gave a detailed explanation of the strategy through which the bank seeks to embark on a journey of financial technology, in support of diversification and innovation in the financial sector in line with Qatar National Vision 2030.
His Excellency pointed out that the strategy aims to diversify and innovate in the field of financial services as a fundamental pillar of the local economy, and to make Qatar an attractive destination for foreign direct investment and competencies, in addition to building a knowledge-based economy.
His Excellency stated that the Qatar FinTech Strategy was designed to take into account several key principles, including benefiting from the investments made by the state, benefiting from Qatar's geographical and global spread, its leadership in Islamic banking and insurance services, as well as its leadership in the educational sector.
Also, HE Assistant Governor of Qatar Central Bank noted that the strategy works to take advantage of the strengths of the State of Qatar and the existing business system in it to enable the financial technology and financial services sector in the country to grow and enhance diversity and competition by promoting the development of the financial market infrastructure through the proper employment and utilization of competencies in the field of financial technology, and the creation of new fields in financial technology because of its impact on society.
He pointed out that the Qatar FinTech Strategy was developed to include four main axes: establishing a pioneering infrastructure for financial technology, priorities in areas of innovation and growth in the financial technology sector, developing human capabilities related to financial technology, and the impact of financial technology 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 the leader in this system.
Furthermore, HE Sheikh Ahmed bin Khalid Al-Thani gave an explanation of the main features of the strategy over 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 approach will provide tangible advantages over the next five years, especially in light of the spread and growth of financial technology in the State of Qatar.
In remarks, HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al-Thani stressed the importance of the Qatar FinTech Strategy launched by the Qatar Central Bank, noting that it contributes to strengthening the leadership of the State of Qatar in the field of financial technology services, instant payment systems and transformation from traditional banking channels to digital alternatives, regionally and globally.
His Excellency noted the great development witnessed by the banking sector in Qatar in recent years to keep pace with global developments in the field of financial technology, which supports the business sector in the country, enhances economic activity, business creation, financing and attracting investments, expressing confidence that the new strategy will support the development of financial services provided by banks in Qatar, which is a quantum leap for the banking sector, and enhances the capabilities of banks in providing new and innovative products to customers, whether they are individuals or commercial companies. (QNA)