The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with SettleMint NV, a trusted blockchain technology platform, to collaborate on blockchain and digital asset initiatives in the financial industry.
The MoU aims to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organisations, to accelerate the adoption of blockchain and digital asset business models and solutions.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “We are delighted to collaborate with SettleMint Blockchain LTD to explore use cases of blockchain technology and digital assets in Qatar’s financial industry.This partnership reflects the QFC’s commitment to supporting innovation and identifying new opportunities that benefit our stakeholders and Qatar’s wider financial ecosystem.To that end, we look forward to future joint initiatives with SettleMint.”
Commenting on the MoU, Matthew Van Niekerk, Founder & CEO, SettleMint, said: “At SettleMint, we are passionate about empowering developers to easily build on web3 infrastructure and enabling companies to unleash the full potential of blockchain technology for their clients and the ecosystems in which they operate. SettleMint has been supporting the financial industry for several years from experimentation to the production application. We are thrilled to partner with the QFC and leverage their expertise and network to drive blockchain adoption and innovation in Qatar’s financial sector.”
Blockchain technology has emerged as a game-changer across industries, improving efficiency, security, and transparency in business operations. Through the collaboration, the QFC and SettleMint will help business entities in Qatar’s financial sector innovate and develop a safer and more efficient way of doing business.
ABOUT QATAR FINANCIAL CENTRE
Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. QFC offers its own legal, regulatory, tax, and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. QFC welcomes a broad range of financial and non-financial services firms.
For more information about the permitted activities and the benefits of setting up in QFC, please visit www.qfc.qa
SETTLEMINT BLOCKCHAIN LTD
SettleMint is the world’s most complete high-performance low-code Blockchain development platform that empowers engineering teams to build, integrate and launch any Blockchain application with speed and delivery at scale. By providing the world’s most complete full stack development experience, SettleMint enables enterprises and public organizations to quickly move from pilot to production and reap the full benefits of Blockchain, whether they are looking to optimize backend processes, digitally transform their business or simplify complex and costly data exchange procedures. Build on any supported chain, in a managed cloud instance, bring your own cloud, or deploy fully on-premises.
