QIIB and Mastercard have signed a Memorandum of Understanding (MoU) to establish a strategic partnership, which will focus on developing the bank's digital channels for international remittances and payments and increasing its customer base.
The agreement builds on the long-standing collaboration between the two parties.
In the initial stage, the focus will be on developing the bank's digital channels for international remittances and payments, QIIB said Saturday.
The move is part of the digital transformation plan implemented by QIIB in line with the Qatar Central Bank’s strategy for a comprehensive digital transformation of the banking sector.
The agreement also serves the goal of expanding the bank’s customer base through the development of international remittance services.
The MoU was signed by Dr Abdulbasit Ahmed al-Shaibei, CEO, QIIB, and Khalid Elgibali, Division President, Middle East & North Africa, Mastercard.
The signing ceremony took place at QIIB headquarters on Grand Hamad Street in the presence of the bank's senior management and several high-level officials from Mastercard.
Al-Shaibei stated, “We are extremely pleased to sign this MoU with such an important and trusted global partner as Mastercard. We would like to thank them for their interest in developing co-operation with us and enhancing it strategically in the coming period."
"Our relationship with Mastercard is deeply rooted, and over the years, we have woven a relationship of mutual co-operation with various dimensions. Through this memorandum, we seek to strengthen these working relationships for the benefit of both parties."
He said, "The MoU signed today primarily focuses on the development of our digital channels in the field of international remittances and payments.
“We aspire to leverage the advanced solutions provided by Mastercard in this regard and aim to be among the first banks in Qatar to use Mastercard solutions in cross-border remittances, taking us to a new level of operation in this area.
With the signing of the MoU with Mastercard, a joint workshop will be launched to focus on implementation methods and explore various joint working approaches.
"QIIB has sensed the desire and co-operation from Mastercard to enhance joint work, pushing us to be optimistic about achieving more in the implementation of our digital transformation plans. It shows what we have accomplished in previous years, propelling our operational plans forward and raising the operational efficiency we work towards to exceptional levels."
Expressing gratitude and appreciation for Mastercard, al-Shaibei stated, "I am confident that the joint discussions stipulated in the Memorandum of Understanding between QIIB and Mastercard's working team will be successful, contributing to the transition of the negotiation process into implementation."
Elgibali stated, "Mastercard is pleased to strengthen its long-term partnership with QIIB, a leading bank in Qatar. We look forward to leveraging our cutting-edge technology and extensive experience in cross-border payments to support the bank in providing fast, seamless, and secure remittance services.
“We are also keen to explore new opportunities for collaboration in areas of common interest to help accelerate the bank’s digital transformation journey.”
Emphasising the importance of Qatar as a vital market for Mastercard, he added, "Qatar’s dynamic banking sector is undergoing rapid growth and continuous evolution. Mastercard is partnering with leading financial institutions like QIIB to fuel this dynamic digital transformation journey as we work towards a connected, inclusive, and sustainable future.”
Reaching 90% of the world’s population across 140 markets, Mastercard enables banks to offer their customers a fast and flexible way to send and receive payments internationally.
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