QFCA signs MoU with R3 to accelerate Qatar’s fintech industry growth

By Arya M Nair, Official Reporter
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The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, has signed a Memorandum of Understanding (MoU) with R3, a global leading provider of enterprise distributed ledger technology (DLT) and services, to accelerate the development of Qatar’s financial technology industry and collaborate on initiatives to promote common interests.

Under the agreement, the QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintechs in Qatar. The partnership also aims to promote education and training on asset digitization and the use of distributed ledger technology (DLT). The two organizations will also create working groups to observe new and emerging regulatory paradigms and support the QFC’s deployment of DLT at a national level.

Yousuf Mohamed al-Jaida_QFCA & R3 Fintech partnership
Yousuf Mohamed al-Jaida

“We are pleased to partner with R3, a renowned financial technology company, to explore opportunities that will contribute to the growth and success of the financial technology industry in Qatar. Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar.”

Mr. David E. Rutter, Chief Executive Officer and Co-Founder, of R3, said that “We are delighted to work with the QFC in helping to enhance Qatar’s rapidly growing fintech industry and promote exciting initiatives around asset digitalization and DLT. The QFC is already making great progress in expanding the development of fintech in Qatar, and this collaboration will further help create an environment conducive to innovation. We look forward to using our experience and expertise to assist the QFC in supporting the growth of Qatar-based fintech companies.”

Qatar’s financial technology industry has grown rapidly over the past few years, driven by extensive digital transformation, government support for fintech innovation and a rising interest in digital banking and Islamic fintech.

Related: Global event ‘Dubai FinTech Summit’ to take place from May 8