Posted on February 01, 2020

Stakeholders representing the private sector, start-up community, banks and regulators will come together to discuss Fintech regulatory developments in Qatar, regionally and globally in a symposium taking place on February 4.

The symposium is set to focus on the emerging regulatory framework supporting the growth of Fintech in Qatar and is co-hosted by Qatar University’s (QU) Centre for Law and Development, under the College of Law, Qatar Financial Centre (QFC) and DLA Piper Global Law Firm.

The symposium will feature a special panel session focusing on the new wave of regulatory technologies (RegTech) that is currently revolutionising the supervision of financial services and other compliance-focused sectors. Managing Director of the Financial Sector Office in QFC Authority, Henk Hoogendoorn reiterated the commitment of the QFC to attracting and fostering Fintech firms in Qatar. He noted, “In light of the QFC’s sustained commitment to attracting financial institutions to Qatar, we are pleased to support this event on the growth of Qatar’s financial technology sector and engage in key discussions on its regulatory development.

As Qatar’s Fintech strategy is catalyzing the presence of local and international Fintechs, the need to develop and refine regulatory frameworks is a growing area of importance.” He adds, “QFC offers an extremely conducive environment for Fintechs to do business in Qatar. Last year, we widened the rules and guidance of licensed firms on the platform to include Fintech service providers, and also have a range of benefits and incentives tailored specifically to them. As a result, we are welcoming an increasing number of Fintechs with unique propositions onto our platform.”

The aim of this symposium is to provide a forum where the perspectives of stakeholders can be communicated and exchanged and to enhance awareness of Qatari progress in regulating Fintech. The event is part of a three-year project funded by the Qatar National Research Fund titled “Fintech and RegTech: Building a resilient, inclusive and competitive legal and regulatory framework for 21st century finance in Qatar” (NPRP11S-1119-170016). The project helps Qatar achieve its Qatar National Vision 2030 goal of diversifying its economy by examining existing Qatari regulations relating to Fintech, and supporting necessary regulatory reforms through initiatives such as expert publications, working groups, policy forums and symposiums.  

Centre for Law and Development Section Head of Law and Policy Dr. Andrew Dahdal commented, “This event is an important opportunity for communication and overcoming silos in Qatar’s Fintech sector. The ability to express the priorities of enterprise directly to regulators is vital to building an effective and resilient Fintech ecosystem.”

source: The Peninsula