QFC signs MoUs with Paris Europlace, Finance Innovation to support Doha’s digital industry

The Qatar Financial Center (QFC) has signed two memoranda of understanding (MoU) with Paris Europlace and Finance Innovation, to support the growth of Doha’s booming digital industry.Paris Europlace is responsible for promoting and developing the Paris financial marketplace. Finance Innovation was launched by the French Ministry for the Economy and Finance in 2007 to stimulate the Paris financial centre, and encompasses 480 member organisations and companies.The agreements aim to support the development of the digital industry in Qatar, the exchange of expertise in innovation trends, cross-promoting start-ups in France and Qatar, as well as developing appropriate incentive packages to attract global and local companies operating in the digital and technology industry to establish a long-term presence in Qatar.The signing ceremonies were attended by Sheikh Ali bin Jassem al-Thani, ambassador of Qatar to France; Yousuf Mohamed al-Jaida, chief executive, QFC Authority (QFCA); Sheikha Alanoud bint Hamad al-Thani, managing director, Business Development, QFCA; as well as other QFC officials and high-level executives of Paris Europlace and Finance Innovation.Sheikh Ali said the MoU is in line with the letter and spirit of the said Agreement, and considered that signing the MoU is a testimony to the strategic relations between Qatar and France.“The digitalisation of the economy is a key component of Qatar’s ambitious national initiatives and the QFC’s mandate, both of which aim to enable further economic diversification,” al-Jaida said.Sheikha Alanoud said by leveraging the expertise of the French institutions, particularly in the FinTech industry, “we are confident that we can contribute significantly to the growth of the sector in Qatar.”“The MoU is an important step to accelerate our co-operation in different sectors such as investment banking, infrastructure financing, asset management but also, in financial innovation, based on a strong support to the FinTech, particularly in the most innovative fields, Blockchain, AI, new payment solutions,” according to Arnaud de Bresson, chief executive, Paris Europlace.Joelle Durieux, chief executive, Finance Innovation said the agreement will ultimately allow French startups to expand their presence into the Middle East and North Africa region and explore further prospects for growth.Additionally, QFC officials addressed the audience of the WISE@Paris Summit, which is a Qatar Foundation initiative. The event gathered 800 French, European and international stakeholders, among them political decision makers, social entrepreneurs, innovators, non-governmental organisations and students, to discuss and collaborate on actionable and innovative solutions in education, and was sponsored by the QFC.“WISE is a response to the necessity of revitalising education and providing a global platform for the development of new ideas and solutions. It has evolved into a thriving global, multi-sectoral community, which continues to generate fruitful dialogue and productive partnerships,” Omran al-Kuwari, chief executive, Qatar Foundation International, said.