Qatar Financial Centre Authority and Blockchain solution provider R3 have signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology).
As per the agreement QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintech in Qatar. The partnership also aims to promote education and training on asset digitization and the use of (DLT). The two organizations will also create working groups to observe new and emerging regulatory paradigms and support the QFC’s deployment of DLT at national level.
Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, said, “We are pleased to partner with R3, a renowned financial technology company, to explore opportunities that will contribute to the growth and success of the financial technology industry in Qatar. Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar.”
David E. Rutter, Chief Executive Officer and Co-Founder, R3, added “We are delighted to work with the QFC in helping to enhance Qatar’s rapidly growing fintech industry and promote exciting initiatives around asset digitalization and DLT. 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. We look forward to using our experience and expertise to assist the QFC in supporting the growth of Qatar-based fintech companies.”
Qatar has been moving forward with its blockchain strategy after Qatar’s National Blockchain Blueprint which was announced officially, by Qatar Communications Regulatory Authority. In addition, two blockchain announcements have come out of Qatar demonstrating that the Gulf country is starting to utilize and grow DLT (Distributed Ledger Technologies) and Blockchain. The first is the piloting of digital signatures and certificates to be validated on Qatar’s national blockchain network and the second is the inclusion of DLT in Qatar’s Central Bank Fintech strategy.
Additionally, even R3 is working with more governments in the GCC on blockchain enabled projects such as the recent announcement with UAE Central Bank for CBDC project.
R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity. R3 will not only assist UAE’s Central Bank in developing a CBDC but also in tokenizing financial and non-financial activities, in addition to the digitalization of other financial services.