Qatar Financial Centre (QFC) welcomed to its platform "Qatar's largest" financial technology (Fintech) service provider, QPAY LLC.
The addition of QPAY to the growing number of financial services firms on the QFC platform demonstrates QFC’s commitment to developing Qatar’s financial services sector, as well as the Qatari economy.
QPAY, a member of the NEXXO Network, is Qatar’s largest Fintech company offering innovative, low cost and secure financial technology solutions targeting Qatar’s flourishing Small and Midsized Enterprise (SME) sector.
QPAY provides SMEs with multiple electronic banking and financial services such as low-income bank cards, salary bankcard solutions for small businesses, electronic commerce, Point of Sale (POS) solutions, electronic billing, top-ups and remittances. Such solutions are designed to empower the Qatari small business ecosystem to be efficient and financially digitised per the Qatari 2030 vision for a cashless society.
Henk J Hoogendoorn, managing director (Financial Sector) QFC Authority said: “We are pleased to welcome QPAY LLC to the QFC platform, a company that offers solutions that can help augment the output of SMEs in Qatar. Attracting and licensing Fintech companies that offer significant value to local businesses, such as QPAY, is part of the QFC’s initiative in supporting and developing the financial services sector.”
Sadiq Hamour, director (Financial Institutions) at QFC Authority said, “The QFC’s new strategy involves a renewed focus on financial services and industries with the aim to promote Qatar as a natural hub for innovation. The addition of QPAY to more than 90 financial services firms already registered on our platform across a variety of sectors demonstrates our commitment and progress towards this goal and a significant contribution to the development of the country’s FinTech sector.”
Nebil Ben Aissa, chief executive officer, QPAY said, “We are very pleased to join the QFC family and associate ourselves with a world-class financial centre. As members of the QFC, our mission is to strengthen the Qatari SME sector and help digitise small businesses to be ready for the World Cup 2022. We also plan to implement Fintech innovation, such as blockchain-enabled financial solutions in electronic banking, e-commerce and cross-border remittances. We are very excited, our visions are aligned, and we can’t wait to get started!”
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English Common Law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with some 81 countries.