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 financial technology industry in Qatar and collaborating in Qualitative initiatives that serve the common interests of both sides.
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. This partnership will contribute to enhancing the education and training methodology in the field of asset digitization and the use of distributed ledger technology (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. Yousuf Mohamed Al-Jaida, CEO of the Qatar Financial Center said: “We are pleased to partner with a reputable financial technology company such as R3, as we will work together to explore opportunities that contribute to the growth and expansion of the financial technology industry in Qatar. Through this cooperation, we aim to promote innovation and provide a supportive environment for the growth of financial technology companies in Qatar.”
For his part, Mr. David Rutter, CEO and Co-Founder of R3, commented on the signing of the Memorandum of Understanding, saying: “We are pleased to work with the Qatar Financial Center to support the rapid growth of the financial technology industry in Qatar and implement outstanding initiatives in the field of asset digitization and distributed ledger technology (DLT). . The Qatar Financial Center has come a long way 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, as we will harness our expertise and extensive experience to help the Qatar Financial Center achieve its efforts in this field.
The financial technology industry in Qatar has achieved rapid progress over the past few years, driven by the comprehensive digital transformation process and government support for financial technology innovations, as well as the growing interest in digital banking services and Islamic financial technology.
