The Qatar Financial Center Authority, the legal and tax arm of the Qatar Financial Center – one of the leading financial and business centers in the Middle East, and R3, a leading global provider of corporate distributed ledger technology (DLT), have signed a Memorandum of Understanding aimed at accelerating the development of the FinTech industry in Qatar and cooperating in Qualitative initiatives that serve the common interests of both sides.
According to a statement issued by the Qatar Financial Center today, that under this agreement, the two parties will work together to build a potential research and testing environment, serving commercial banks and financial technology companies in Qatar, indicating that this partnership will contribute to strengthening the education and training methodology in the field of digitizing assets and using records technology. Distributed (DLT).
Under the agreement, the two parties will also establish working groups to monitor new and emerging regulatory models and support the QFC’s efforts to employ Distributed Ledger Technology (DLT) and promote its use at the national level. Commenting on this partnership, Mr. Yousef Mohamed Al Jaidah, CEO of the Qatar Financial Center said, "We are pleased to partner with a reputable FinTech company such as R3, where we will work together to explore opportunities that contribute to the growth and expansion of the FinTech industry in Qatar."Pointing out that this cooperation aims to promote innovation and provide a supportive environment for the growth of financial technology companies in Qatar.
In the same context, David Rutter, CEO and co-founder of R3, said, “We are pleased to work with the Qatar Financial Center to support the rapid growth of the financial technology industry in Qatar and to implement distinguished initiatives in the field of asset digitization and distributed ledger technology (DLT), noting that the Qatar Financial Center has come a long way.” He added that the financial technology industry will play a major role in supporting the development and progress of the financial technology industry in Qatar, and this cooperation will contribute to creating an environment conducive and supportive of innovation, adding "We will harness our extensive experience and expertise to assist the Qatar Financial Center in achieving its efforts in this field".
It is noteworthy that the financial technology industry in the State of Qatar has achieved rapid progress over the past few years, driven by the process of comprehensive digital transformation and government support for financial technology innovations, as well as the growing interest in digital banking services and Islamic financial technology.
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