The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), has signed separate memoranda of understanding with Bahrain FinTech Bay (BFB), Bahrain’s fintech ecosystem builder, and Partior, the global unified ledger market infrastructure for clearing and settlement, on the sidelines of the Web Summit Qatar 2024.
The MoU with BFB establishes comprehensive frameworks for co-operation in joint research projects and organising virtual sessions aimed at sharing knowledge and experiences to promote the fintech landscape in both countries. Under the MoU, each entity shall provide support, assistance, and resources to start-ups from both the QFC and BFB interested in expanding their businesses within each other’s territories. Additionally, they will facilitate their access to co-working spaces in Bahrain and Qatar during business trips.
The QFC’s partnership with Partior sets the stage for close co-operation between the two organisations and will build on their collective strengths to drive positive change, promote innovation and create lasting impact.
QFC CEO Yousuf Mohamed al-Jaida said, “The signing of these MoUs reflects the QFC’s commitment to form strategic partnerships with global industry leaders to develop secure and sustainable financial infrastructure in Qatar. Through this co-operation, we aim to explore opportunities that would contribute to enhancing innovation and providing an enabling ecosystem for the growth and development of the fintech sector and companies working in this vibrant industry.”
Suzy al-Zeerah, chief operating officer at BFB, said: “We are thrilled to announce the signing of the memoranda of understanding with the QFCA. This marks a key milestone in BFB’s commitment to furthering a resilient and innovative financial ecosystem in Bahrain and the GCC region. Through these collaborations, we aim to facilitate joint research projects, organise virtual sessions, and support startups, contributing significantly to the growth of the fintech sector in both countries.”
Stella Lim, chief operations officer, Partior, said: “Our collaboration with the QFCA marks a significant milestone in our commitment to foster a resilient and innovative financial ecosystem in Qatar and the GCC region and reflects our dedication to build on our global unified ledger and atomic settlement capabilities to address the operating inefficiencies experienced by industry players. We are looking forward to the possibilities this will bring.”
The QFC recognises the critical role of technology in enhancing operational efficiencies, security, transparency, and sustainability. Hence, it is committed to supporting technological innovation and adoption, which is underscored by the establishment of the QFC Tech Circle and Digital Assets Lab, two platforms that foster digital and technological advancement.
Related Story