QFCA partners with R3 to boost Qatar’s fintech sector
The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), has signed a memorandum of understanding (MoU) with R3, a provider of distributed ledger technology (DLT) solutions, to speed up the development of the country’s fintech sector.
QFCA signs MoU with R3
As part of the agreement, the two firms will collaborate to create an innovation lab catering to commercial banks and fintech firms in Qatar and train people on asset digitisation and the use of DLT. The pair will also set up working groups to “observe new and emerging regulatory paradigms” and support the QFC’s deployment of DLT at a national level.
“The QFC is already making great progress in expanding the development of fintech in Qatar, and this collaboration will further help create an environment conducive to innovation,” comments David Rutter, CEO and co-founder of R3.
Yousuf Mohamed Al-Jaida, CEO of QFC, adds the partnership will help the organisation explore opportunities, foster innovation and create an environment “that will contribute to the growth and success of the financial technology sector in Qatar”.
Based in Doha, the QFC is an onshore business and financial centre that offers a platform for firms to set up their business in Qatar. It 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.
