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Tuesday, February 18, 2025 | Daily Newspaper published by GPPC Doha, Qatar.
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Business

Gulf Times

Qatar Central Bank issues Data Handling and Protection Regulation

In line with the Third Financial Sector Strategy and as part of Qatar Central Bank's ongoing efforts to regulate the financial sector and secure its data, QCB has issued the Data Handling and Protection Regulation for financial institutions in the State of Qatar.The Qatar Central Bank highlighted that this regulation sets clear guidelines for financial institutions on data protection, governance, and security, ensuring compliance with industry-leading practices.The regulation addresses key domains such as organizational and data governance, customer protection, data security, business continuity, and disaster recovery.By issuing this regulation, the Qatar Central Bank aims to establish an advanced and suitable regulatory framework for financial institutions and fintech companies in the country, fostering the development of innovative solutions in the financial sector. The goal is to provide advanced financial services efficiently while ensuring data protection.The Qatar Central Bank stressed the need for compliance with this data handling and protection regulation for financial institutions in Qatar, which will foster adherence to information security and data protection requirements. This will be achieved through a secure data handling approach, which involves managing risks through the implementation of best governance practices and operational security controls.The Qatar Central Bank emphasizes the importance of securing data usage within the financial sector and protecting customer data in light of growing security and privacy risks. QCB reaffirms its ongoing commitment to utilizing the best available technologies in data protection, ensuring a secure environment for financial institutions and their customers in all daily financial and banking transactions.The regulation can be viewed on Qatar Central Banks official website.

HE the Minister of Finance Ali bin Ahmed al-Kuwari participated in a session within the event which focused on the policy challenges faced by emerging markets given the rising uncertainty and changes in the global economic landscape.

Al-Kuwari participates in Al-Ula Conference on Emerging Market Economies

HE the Minister of Finance, Ali bin Ahmed al-Kuwari, took part in the opening session of Al-Ula Conference on Emerging Market Economies, taking place on Sunday and Monday in Al-Ula, Saudi Arabia.Al-Kuwari participated in another session within the event which focused on the policy challenges faced by emerging markets given the rising uncertainty and changes in the global economic landscape.Key issues include the mounting frequency of external shocks, exerting additional strain on these economies and necessitating swift policy adaptation. The heightened uncertainty further complicates decision-making, exacerbates emerging market fragility.In addition, structural challenges, such as high debt, sluggish growth, and clean energy transition, hinder progress. Furthermore, adapting to modern technologies demands massive investment, in addition to stepping up resource pressures and constraining emerging markets' ability to navigate these evolving complexities.Organised by Saudi Arabia's Ministry of Finance and the International Monetary Fund (IMF), the conference brings together a select group of finance ministers, central bank governors, and policymakers from emerging markets alongside global leaders from the public and private sectors, international institutions, and academia.It serves as a pivotal forum for discourse on economic trends, policy reforms, and resilience-building through robust international collaboration.

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