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| QFC, R3 Sign Agreement to Support Qatar's Fintech Industry |
The Qatar Financial Center Authority (QFCA) signs a Memorandum of Understanding (MoU) with R3, a global leader in enterprise distributed ledger (DLT) technology and services, an initiative to accelerate the development of Qatar's financial technology industry and encourage jobs to support Common interests together.
Under the terms of the deal, QFC and R3 will work together to create a potential experimental environment for commercial banks and fintechs in Qatar.
QFCA Chief Executive Officer Yousuf Mohamed al-Jaida said, "The partnership also aims to promote education and training on asset digitization and use of (DLT)".
The two organizations formed a working group to oversee the new regulatory paradigm and support QFC's rollout of his DLT at the national level. David E. Rutter, CEO and co-founder of R3, said QFC has already made great strides in scaling fintech development in Qatar and this collaboration will create an environment that fosters innovation. said to be even more helpful.
“We look forward to QFC leveraging our experience and expertise to help grow Qatar-based fintech companies.”
Qatar's financial technology industry has grown rapidly in recent years due to the drive for digital transformation, government support for fintech innovation, and growing interest in digital banking and Islamic fintech.
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