Qatar: QFC expands its platform to more FinTech providers
Source: Middle East Insurance Review | Nov 2019
The Qatar Financial Centre (QFC) has expanded the number of FinTech activities to be licensed and conducted by companies listed on the QFC platform, in a move which reaffirms its commitment to strengthening the FinTech ecosystem in Qatar.
Under new rules and guidance, the activity of non-regulated professional services firms has been widened to FinTech services providers which include activities such as, but are not limited to: providing cybersecurity solutions, application programming interfaces (API), cloud computing, and developing blockchain-based technologies, AI and companies which provide a platform for facilitating real-time transaction capability of internet connected devices.
By opening up to FinTech services providers, the QFC said it recognises firms that are delivering technology to the financial sector and would like to ensure that Qatar remains well positioned as a leading international FinTech hub, as set out in the Qatar National Vision 2030. This initiative is also part of the QFC’s new strategy, announced earlier this year, in which the financial centre pledged to bolster Qatar’s FinTech sector.
The QFC has already cemented numerous agreements with FinTech entities with the aim of developing the industry in Qatar, including the MoU with B-Hive, a European collaborative innovation FinTech platform, in October 2018. In addition, the expansion of FinTech services on the QFC platform also aligns to the Qatar National Fintech Strategy developed by Qatar Development Bank, and a taskforce which the QFC consulted on.
“The QFC has already opened its doors to FinTech firms such as Goals 101 and QPay, and we have a healthy pipeline for welcoming even more companies that offer innovative solutions and services in the thriving FinTech space,” said Mr Henk Jan Hoogendoorn, managing director of financial sector office, QFC Authority. M