The Qatar Financial Center Authority, the legal and tax arm of the Qatar Financial Center, has signed a memorandum of understanding with MasterCard, the global company working in the field of innovation and technology in payment solutions, with the aim of providing a framework for cooperation between the two parties.
The scope of cooperation stipulated in the Memorandum of Understanding includes exchanging experiences and resources, exploring appropriate opportunities to create revenues, promoting the development of renewable and sustainable products, and cooperating 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 and assets Digital, including tokenization and regulated digital currencies, trade finance, and environmental, social and governance practices.
The memorandum of understanding also reflects the desire of both parties to discuss the possibility of establishing a financial technology innovation laboratory 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 Start Path program, with the aim of nurturing high-potential FinTech companies and startups and providing them with access to new products and partnerships around the world. “We are pleased to cooperate with MasterCard to explore 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,” said Mr. Yousef Mohamed Al-Jaida, CEO of the Qatar Financial Center.
For his part, Mr. G. said. in order to. Khalil, General Manager, MasterCard for the Middle East and North Africa, said that through this partnership, the Qatar Financial Center and MasterCard aim to build a promising future for the financial services industry, and strengthen their joint commitment to developing innovation in this sector and contributing to economic growth in their respective fields of work.
He added that this partnership is part of MasterCard’s efforts to support economic innovation through digital transformation that meets the needs of current and future generations, and represents a milestone in the company’s continued commitment to building a strong, sustainable and comprehensive financial system.
The Qatar Financial Center provides an excellent business platform for companies wishing to establish and conduct their activities in Qatar or the region in general. It also has its own legal and regulatory framework, tax system and well-established business environment that allows for up to 100% foreign ownership, 100% repatriation of profits and corporate tax at a competitive rate of 10% on profits from local sources.