Qatar Financial Centre Authority (QFCA) has signed an MoU with R3 to develop Qatar’s fintech sector. The partnership will establish an innovation lab for commercial banks and fintech companies in the country, develop working groups to observe new regulatory paradigms and help QFC deploy DLT at a national level.
Facts
- QFCA and R3 will collaborate to create an innovation lab catering to commercial banks and fintech firms in Qatar.
- The two firms will also train people on asset digitisation and the use of distributed ledger technology (DLT).
- QFCA and R3 will establish working groups to observe new and emerging regulatory paradigms.
- The partnership will help QFC deploy DLT at a national level.
- R3 CEO and co-founder, David Rutter, says the collaboration will further help create an environment conducive to innovation.
- QFC CEO, Yousuf Mohamed Al-Jaida, says the partnership will help the organisation explore opportunities and foster innovation.
- QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges 10% corporate tax on locally sourced profits.
