Qatar’s commitment to financial innovation is well known in the world. The authorities in the countries are always eager to take proactive steps to make Qatar an innovation hub of the world.
The Qatar Financial Centre (QFC) recently signed a Memorandum of Understanding (MoU) with B-Hive, a European collaborative innovation fintech platform, to join their efforts to develop the financial technology industry (FinTech) in Qatar.
The pact highlights the QFC’s commitment to the national FinTech agenda which aims to attract international FinTech ecosystems to Qatar. The MoU was signed by Chief Executive Officer of QFC Yousuf Mohammed Al Jaida and CEO and Managing Partner of B-Hive Wim De Waele. This agreement is a reflection of QFC’s commitment to financial innovation in the financial sector and will undoubtedly contribute to developing the growing FinTech industry in Qatar.
B-Hive is a European collaborative innovation FinTech platform based in Belgium that brings together major banks, insurers and market infrastructure players to leverage the opportunities offered by digital transformation for the financial services industry.
This MoU will also facilitate cooperation on several aspects based on the promotion of business opportunities and knowledge sharing. The two entities will also work closely to discuss the latest trends in these disruptive technologies, legislation and other data, as well as the organisation of global activities to further promote the industry in both countries.
Under the MoU, QFC and B-Hive will contribute to the growth of FinTech-related communities by engaging with start-up support institutions as well as financial institutions and regulators.
Furthermore, potential joint projects focusing on developing disruptive financial technologies will be explored, as well as the development of training and talent management programmes.
Global FinTech funding topped $31bn for 2017, according to KPMG, which brings the total global investment in the FinTech sector over the past three years to $122bn. These figures certainly demonstrate the growing importance of FinTech as well as the diversity of investment opportunities in the industry.
The global rise of the FinTech industry is also undeniable, which saw $41.7bn raised in the first half of 2018, surpassing last year’s record total. The regional industry is booming as well, with the number of FinTech startups in the Middle East more than doubling from 46 to 105, between 2013 and 2015, according to the State of FinTech 2017 report. The number of startups in the industry is also expected to increase to 250 by 2020, demonstrating the growth potential of FinTech in the Middle East, as well as opportunities towards increasing financial inclusion.
Qatar’s focus on encouraging the culture innovation will not only benefit the residents but will also help country to become a global innovation centre.
