Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), has signed a memorandum of understanding (MoU) with the global company Mastercard in order to create a framework for cooperation between the two parties.
Under the MoU, both parties will exchange experiences and resources, explore appropriate opportunities to create revenues, promote the development of renewable and sustainable products, and cooperate in education and training programs.
The two parties will also work to identify joint activities that can promote the development of emerging sectors and technologies, such as distributed ledger technology (DLT) and digital assets, including tokenization and regulated digital currencies, trade finance, environmental, social practices, and governance.
“Through this partnership, QFCA and MasterCard aim to build a promising future for the financial services industry, reinforcing their joint commitment to developing innovation in this sector and contributing to economic growth in their respective scope of work. This partnership is part of MasterCard’s efforts to support economic innovation through digital transformation that meets the needs of current and future generations. It also represents a milestone in the company’s continued commitment to building a strong, sustainable, and inclusive financial system.”
For his part, QFC’s Chief Executive Officer Mr. Yousuf Mohamed al-Jaida said that “QFC is pleased to partner with MasterCard to research and develop innovative solutions that support emerging sectors, financial technology companies, and other financial institutions, and to provide integrated solutions that help increase the growth of the financial services sector in the region.”
The MoU also reflects the desire of both parties to discuss the possibility of establishing a FinTech Innovation Lab that will serve financial institutions, financial technology companies, and other financial services companies.
MasterCard will support Qatar’s thriving startup ecosystem through its award-winning global financial technology Start Path program to nurture high-potential financial technology companies and startups and provide them with access to new products and partnerships around the world.