The Qatar Financial Center Regulatory Authority (QFCRA), the independent regulator of the QFC, has signed a Memorandum of Understanding (MoU) with Microsoft to further expand its digital transformation objectives.
QFCRA, which migrated to the Microsoft Cloud in 2020, will leverage Microsoft’s advanced cloud services to improve performance, increase resiliency and lower costs across its operations. The authority plays a key role in the development and maintaining the efficiency, transparency, and integrity of the country’s global business and financial sector.
As part of the MoU, QFCRA and Microsoft will explore a roadmap for solutions that leverage Artificial Intelligence (AI) and data analytics to derive actionable insights from social media analytics, AI-powered knowledge mining, Robotic Process Automation (RPA), chatbots and more.
Both entities will engage in awareness sessions to showcase the latest innovative Microsoft technologies and solutions, and QFCRA employees will be enrolled in the Microsoft National Skilling Program for Qatar.
“Our move to the Microsoft cloud in 2020 enabled us to deliver fast, secure on-demand services from anywhere at any time while reducing our IT running costs by more than 60 percent. We are proud to expand our partnership with Microsoft and maximize the power of the cloud to extract intelligent, actionable insights which will inform our decision-making, optimize our operations and transform the way we deliver our services.”
The expansion of its partnership with Microsoft empowers QFCRA to further leverage Microsoft cloud services and innovative technologies to achieve its objectives of maintaining financial stability, reducing systemic risk and developing financial awareness and protection for customers and investors.
Ms. Lana Khalaf, Country Manager at Microsoft Qatar, said that “With the exponential growth in data, organizations require highly secure trusted solutions to empower their business leaders to harness the power of data at scale for optimized operations and better decision making. We are pleased to partner with QFCRA to leverage advanced cloud technologies like AI to unlock actionable insights from their data.”