QCB grants licenses for websites comparing insurance policy prices

By Shilpa Annie Joseph, Official Reporter
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QCB issues new license for websites
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The Qatar Central Bank (QCB) has called on businesses that provide websites with price comparison tools for insurance policies to submit their applications as soon as possible in order to obtain the necessary license from the bank.

According to a statement from QCB, the announcement is in accordance with fintech and financial sector strategies and results from QCB’s unwavering commitment to upgrading and regularizing the financial sector in Qatar.

The statement added that “the instructions concerning the websites of comparing prices of insurance policies are intended to license and regularize operation of providers of services of websites of comparing prices of insurance policies in Qatar, pointing out that such informative instructions can be accessed through QCB’s official website.”

Earlier this month, Qatar Central Bank urged companies that are willing to operate the buy now, pay later (BNPL) system to submit applications in order to receive the license from the bank. QCB noted that it will receive the applications for licenses in September, pointing out that all instructions about applications can be found on QCB’s official website.

The announcement comes to regularize the work of BNPL’s service providers in Qatar, in conformity with the financial sector strategy and QCB’s constant endeavor to regularize and upgrade the financial sector in the country, as per the reports.

Further, International reserves and foreign currency liquidity of Qatar Central Bank (QCB) jumped in July to reach $66 billion (QR241.572 billion), an increase of 13.13 percent, compared to $58 billion (QR213.532 billion) in the same month last year.

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