His Excellency Governor of Qatar Central Bank (QCB), Sheikh Abdulla Bin Saud Al-Thani declared that the QCB will announce its FinTech strategy within the framework of the Qatar National Vision 2030, while stating the significance of FinTech in the development of the banking and financial sector. The strategy will be in cooperation with financial institutions and financial technology companies, where the central bank will create a modern regulatory environment supporting innovation and market stability.
The governor elucidated the rapid development of the global financial sector and articulated the necessity of technology in the provision of financial services. He enunciated the role of technology in transforming the banking sector from its conventional channels to digital alternatives. HE Sheikh Abdulla Bin Saud Al-Thani mentioned that preparations for the launch of digital banks are under way.
The Qatar Central Bank, in a statement said, “The financial and banking sector and the investment sector are undergoing a major transformation with the interaction of advanced technology. New business models provided by FinTec and technology companies have great potential to increase the efficiency of financial services, but at the same time, this will bring complications to the regulators, which may lead them to take balanced steps, in order to maintain financial stability, preserve the rights of depositors and shareholders, and encourage investment.”
While speaking on the existing FinTech challenges faced by traditional banks, he apprised that the technology companies offer efficient solutions for financial services which are faster and at a lower cost. His Excellency stressed that the regulatory and supervisory bodies are required to reduce regulatory gaps and maintain financial stability.