29 firms register in Qatar Financial Digital Assets Lab

29 firms register in Qatar Financial Digital Assets Lab

Qatar Financial Centre (QFC) recently published that it witnessed record growth in 2024, welcoming 836 new firms to its platform, a 156 percent growth compared to 2023 as well as 29 firms into its Qatar Digital Assets Lab.

The upsurge brought the total number of QFC firms to 2,489 and the combined assets under management to over USD 33 billion. It also enlarged the QFC community to over 11,700 employees, representing 153 nationalities.

The firms registered in 2024 represent 90 countries, with the largest number of firms coming from the United Kingdom, India, the United States, Jordan, Turkiye, France, Lebanon, and Qatar. These firms span a wide range of activities and industries, including fintech, consulting services, media, IT, and wealth management.

QFC also signed 24 memoranda of understanding in 2024, including agreements with prestigious financial institutions such as Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, The Hashgraph Association, and the Chartered Institute for Securities and Investment. QFC established other significant partnerships during the year, including a memorandum of understanding with Qatar Media City and a collaboration agreement with Qatar Science and Technology Park (QSTP), aimed at facilitating business setup in the State of Qatar

The Digital Assets Lab, which commenced activities with 29 participants, developing unique digital solutions and services based on distributed ledger technology (DLT). To support the program, QFC issued the Digital Assets Framework to regulate digital assets, which includes comprehensive and clear legal guidelines for digital assets creation and regulation, including processes related to tokenization, legal recognition of ownership rights of encryptions and underlying assets, custody arrangements, and transfer and exchange transactions. These initiatives align with the Qatar FinTech Strategy and reinforce the country’s position as a regional leader in financial innovation.

Commenting on the QFC 2024 performance, CEO of QFC Yousuf Mohamed Al Jaida said, “The exceptional growth witnessed by the Qatar Financial Centre in 2024 reflects our commitment to provide a developed and attractive business environment for local and international companies. These achievements would not have been possible without the concerted efforts of all business units, along with close cooperation with our clients, key stakeholders in Qatar and our strategic local and global partners. Over the past year, we have continued to enhance innovation and support economic growth and diversification in Qatar, and we aim to achieve more successes in the coming years.”

QFC brings blockchain firms together to spur DLT globally

QFC brings blockchain firms together to spur DLT globally

QFC ( Qatar Financial Center) has played an instrumental role in the recent collaboration and partnership of two DLT entities, The Hashgraph Group, a Swiss-based international business, venture capital and technology company, and SettleMint a blockchain transformation company. The partnership seeks to accelerate the impact of DLT ( Distributed Ledger Technologies) and digital assets across several industries.

As per QFC press release this partnerships aims to make DLT more accessible for organisations worldwide and drive their adoption on a global scale. In September 2024, the Lab launched its inaugural cohort, comprising 29 innovators, with the goal of providing them with a comprehensive ecosystem to develop, test, and commercialise cutting-edge solutions addressing industry needs and challenges through digital assets and distributed ledger technologies.

The Lab was established to foster collaboration among start-ups, businesses, and researchers to develop innovative solutions, products, and services in digital assets and distributed ledger technologies. The partnership between SettleMint and THA marks a milestone for the Lab, highlighting its potential to shape the industry and contribute significantly to the Qatari market.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented on the partnership stating, “This partnership between SettleMint and The Hashgraph Group is a testament to the QFC Digital Assets Lab’s success in fostering collaboration and driving innovation. By facilitating partnerships like this, the Lab strengthens Qatar’s position as a leader in emerging technologies while contributing to a more dynamic and diversified economy.”

Kamal Youssefi, President, The Hashgraph Association (THA), added, “The cornerstone of our strategy at THA is strategic partnerships. Our ultimate aim is to empower a thriving community and build up a vibrant Web3 ecosystem that leverages Hedera platform capabilities. We are excited to partner with innovative organisations to co-create value and contribute towards building an empowered digital future. THA strongly believes in QFC’s vision, and it is strategy to institutionalise Digital Assets and establish Qatar as a leading regional hub for innovative web3 solutions covering Asset Tokenization, Digital Assets, DeFi and Onchain Finance, and we look forward to working with SettleMint and other ecosystem partners to contribute towards Qatar’s 2030 Digital strategic goals.”

Stefan Deiss, Founder and CEO of The Hashgraph Group, noted, “We’re thrilled to be both investing in and partnering with SettleMint as we work to integrate Hedera-powered applications for enterprises and organizations in Qatar and globally. The future of Web3 solutions will include the tokenization of Real-World Assets, and the combined forces of Hedera’s energy-efficient DLT platform with SettleMint and the futuristic ecosystem at QFC’s Digital Assets Lab will empower enterprises and governments towards a digital economy.

Matthew Van Niekerk, Chief Executive Officer, SettleMint, commented, “The QFC Digital Assets Lab is building a powerful ecosystem that fosters meaningful partnerships, lasting collaborations, and the next generation of digital asset solutions in the region and beyond. This investment and strategic partnership highlight the Lab’s effectiveness in bringing together industry-leading companies to drive impactful outcomes.”

Blockchain company DMZ Finance joins Qatar Digital assets lab

Blockchain company DMZ Finance joins Qatar Digital assets lab

Singaporean Blockchain fintech company DMZ Finance has been chosen by Qatar QFC Digital Assets Lab, which was developed by the Qatar Financial Centre (QFC) a special economic zone established by the Qatar government to promote the development of the national financial industry.

DMZ Finance is dedicated to “Navigating DeFi with World-Class Banking”. By partnering with world-class banking institutions, DMZ Finance provides traditional financial institutions and VIP investors with comprehensive institutional-grade solutions for entering the crypto world.

The QFC Digital Assets Lab is its new innovative platform, guided and supported by the Qatar Central Bank (QCB). QFC aims at promoting the development and application of digital asset technology in Qatar and the whole Middle East region. Joining the lab is a crucial step toward obtaining a TSP license in Qatar, which is key for compliance in the issuance, custody, and operation of digital asset exchanges.

DMZ CEO Lee Kai Yang commenting,” Joining the QFC Digital Assets Lab is a significant achievement. “QFC Digital Assets Lab recognizes the DMZ team’s technical strength. We look forward to working with QNB and other partners to promote adoption of blockchain technology, creating a safer, more efficient, and transparent global financial system.”

In June 2024, Blade Labs is a financial technology that tokenizes financial productions and services secured a fintech license at Qatar Financial Center, and was also admitted to the Digital Asset Lab. Blade Labs had partnered with The Hashgraph Association, a Swiss digital enabler of the Hedera Network, to utilize DLT ( distributed ledger technology) to foster and advance financial services to the masses of the MENA region.