Qatar calls for bolstering GCC technological infrastructure, payment systems

Qatar on Tuesday suggested strengthening joint action by the Gulf Co-operation Council (GCC) countries to promote growth, sustainable development and financial stability and also called for developing technological infrastructure and payment systems.
This was suggested by the Qatar Central Bank (QCB) Governor HE Sheikh Bandar bin Mohamed bin Saoud al-Thani, who chaired the 82nd meeting of the Committee of Central Banks Governors of the GCC.
"More efforts are needed to strengthen joint action frameworks by promoting constructive dialogue and co-ordination efforts among the various GCC committees, namely the Committee of Central Banks Governors, in order to proactively address the challenges and ensure rapid developments in the financial and banking sector, thereby promoting growth opportunities," he said.
He underlined the importance of strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges the world is experiencing in relation to growth, sustainable development, financial stability, and interest rate policies, which would influence the growth in the countries of the region.
Sheikh Bandar called for exchanging experiences and co-ordinating joint initiatives to unify concepts and strengthen the protection systems to ensure financial and economic stability, especially in light of the unprecedented developments in fintech and the resulting changes in banking and financial services in order to keep pace with this progress.
This, according to him, may be achieved by developing a technological infrastructure and payment systems, along with appropriate rules and legislation to regulate the activities and maintain financial stability.
He also highlighted some of the risks lurking in financial systems as a result of new technologies, including those associated with cryptocurrencies, money laundering and terrorist financing operations, and the challenges associated with fraudulent financial operations, which negatively affect financial stability and security and represent a threat to regulatory and financial systems, at both regional and global levels.
He stressed the "the need to raise the levels of co-operation between the authorities responsible for nurturing the financial and banking systems in the region to focus on developing flexible and innovative plans and solutions to confront these challenges and reduce the associated risks."
During the past several years, the GCC registered great achievements, which contributed to the advancement and prosperity of the region, helping them to achieve advanced rankings in various indicators and compete with developed countries in various fields, according to Sheikh Bandar.
He also made a special note of the efforts undertaken by the Committee of Central Banks Governors of the GCC in supporting economic growth and maintaining financial stability in the Gulf countries, largely on account of the co-ordinated efforts in numerous financial and banking initiatives.