3 years ago

Qatar eyes BD's fintech sector

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Qatar eyes to tap the potential of the fintech (financial technology) sector in Bangladesh, India and Pakistan, according to a top official of the Qatar Financial Centre (QFC).

This is mainly due to Doha's 'solid' business ties with these countries and more, said QFC Authority chief executive Yousuf Mohamed al-Jaida recently.

Mr al-Jaida said this in an interview that appeared in the newsletter of the World Alliance of International Financial Centres, Gulf Times reported on Sunday.

The first six months of 2020 proved to be opportune as demonstrated by fintech's continued expansion into Qatar, he observed.

The time is favourable also for local institutions' continued push for developing Qatar's fintech framework and regulatory environment, Mr al-Jaida cited.

Fintech is used to describe new innovation and technology that seeks to improve and automate the delivery and use of financial services.

"With Qatar's fintech sector still in development stages, fintech enjoys an unsaturated market bursting with opportunities for cutting-edge financial services and innovation for both institutions and consumers alike," Mr al-Jaida was quoted as saying.

Qatar Fintech Hub, with QFC as a partner, brings together a vibrant community of fintech entrepreneurs, industry experts, regulators and investors, he said.

It will create "significant" developments and opportunities in the short and long term, the QFC executive added.

The QFC is home to a host of global fintechs like Instimatch Global, Fintech Network and Luxembourg-based Fineon Exchange that trade export receivables and trade finance assets.

It also houses QPay, Qatar's largest fintech company, according to the report.

The QFC has diversified portfolio of clients, who have created a vibrant business community and international network, Mr al-Jaida said.

It offers key opportunities for partnerships, cross-over and collaboration, particularly in light of high demand from banks, he added.

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