Legal and financial experts along with representatives of companies discussed plans and orientations for Qatar to become a regional centre for financial technology with the aim of promoting economic diversification. This was discussed at a seminar organised by Centre for Law and Development (CLD) at Qatar University (QU) and sponsored by the Qatar Development Bank (QDB).
Speakers at the symposium discussed challenges and opportunities for Qatar in the field of financial technology in the light of the rapid changes in the financial sector.
Participants also reviewed similar international experiences from which Qatar can benefit.
Assistant dean for research at QU College of Law Dr Mona al-Marzouki stressed the importance of technical innovation in diversifying Qatar’s economy, praising the co-operation of all sectors of Qatari society to achieve this goal.
Ibrahim Mohammed Hassan, acting executive director of investments at QDB, stressed the importance of embracing innovations around the world and benefiting from them in the development of the financial sector, as well as stimulating the emergence of a vibrant local technology sector.
Qatar International Court judge William Blair praised Qatar’s efforts to implement a financial system that supports diversification efforts.
Commenting on the discussions, QDB head of Legal affairs Abdulrahman al-Qahtani said, in interacting with speakers and attendees, “we found that financial technology is a newly emerging phenomenon that requires extensive research, a clear regulatory framework, and highly skilled human capital to deal with it.”
The symposium produced valuable recommendations on best practices in financial technology regulation and policies, and comparisons were made with other financial technology centres, CLD director Dr Jon Truby said.
The CLD director added that discussions with experts and specialists from academia, central banks, industry regulators and judiciary highlighted that the promotion of financial technology through appropriate support and organisation will provide tremendous potential for small and medium-sized companies in Qatar to grow and develop. (QNA)
