The Qatar Financial Centre (QFC) Authority has hosted its first financial technology (fintech) event of 2017 in collaboration with the global strategy consultancy firm, Roland Berger.
The session, which was held at the QFC’s headquarters, attracted business and financial professionals from Qatar’s public and private sector. It aimed to identify and explain the key trends in the financial services sector and clarify how fintech is disrupting current practices and creating a completely digitalised method of banking and financing.
Kamal Naji, the QFC Authority’s chief strategy and business development officer, highlighted how fintech has transformed the financial services industry over the past few years.
He said: “Now more than ever before, the financial industry is relying on cutting-edge technology and technological innovation to provide its consumers with the highest levels of service.
“For so long, the financial industry refrained from resorting to technology as it continued using traditional methods to manage assets, provide commercial and retail loans, raise funding and transfer money. All of this is now changing across the globe.”
He added: “In the UK, reports show that the 11 leading start-ups in the robo-advice space currently manage over $15.7bn in client assets.”
During a presentation on the opportunities of digitisation and fintech for financial services companies, David Lecea, Roland Berger’s head of Banking Middle East, said: “We are now moving into a new era of fintech where collaboration of financial institutions and fintech startups will be the norm — it is exciting to see the QFC being at the forefront of such discussions.”
Peter Tavener, CFO and COO of Beehive, the GCC’s first peer-to-peer financing platform, said: “We found the event very engaging and look forward to continuing the discussion of how Beehive can contribute to the nascent fintech ecosystem in Qatar. We would like to thank the QFC and Roland Berger for inviting us.”
The event concluded with a group discussion on the different methods and uses of bringing the power of fintech to bear in Qatar and how these methods would benefit and strengthen the local economy and provide additional support for SMEs. The event comes as part of the QFC’s continuous efforts to develop human capital as a driver for economic growth and prosperity in line with Qatar National Vision 2030.
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