July 22, 2020

Qatar is eligible to become a regional center for financial technology and banks are making investments to develop its electronic services

Bait Al Mashura expects the growth of financial technology services “Fintech” in the Qatari Market based on a package of factors: accelerating of the Corona pandemic to strengthen electronic payment systems and expanding of alternative banking channels and contactless cards with local banks in the context of precautionary and precautionary measures and to prevent virus risks, Aside from the Qatar Central Bank’s launch last March and immediately after the outbreak of the Corona crisis, it launched the Qatar Mobile Payment System (QMP), which provides a new and safe means of immediate electronic payment. The system aims to enable the user to use the electronic wallet on his mobile phone to carry out electronic payments from one person to another and pay the purchase price in addition to conducting withdrawals and cash feeds to electronic portfolios in an instant, 24 hours a day, seven days a week, as well the system enables the opening of electronic wallets for all users alike, which contributes to enhancing financial inclusion in the country.   pointed out that Qatar is eligible to become a regional center for financial technology in light of the efforts made by the Qatar Central Bank, the Qatar Financial Center and Qatar Fintech Hub to develop the sector that provides tremendous opportunities for growth in the Qatar market. Moreover, the Qatari banks are promoting major investments in developing their financing services Electronic banking, electronic payment systems and solutions, financial transfers, electronic wallets, point of sale solutions and bill payment, while estimates indicate that banks will focus their investments on strengthening cyber security systems to ward off potential electronic threats and deter any pirate attempts as the Qatari banking sector tops the list of the most secure sectors at the regional level with Qatar Central Bank is leading the implementation of a strategy to ensure the comprehensive growth of electronic banking services at the level of financial institutions subject to its control.