Stakeholders representing the private sector, start-up community, banks and regulators came together recently to discuss fintech regulatory developments in Qatar, regionally and globally.
Qatar University’s (QU) Centre for Law and Development, within the College of Law, in conjunction with the Qatar Financial Centre (QFC) and DLA Piper Global Law Firm, hosted a stakeholder symposium this week, which focused on the emerging regulatory framework supporting the growth of financial technology (fintech) in Qatar.
The symposium featured a special panel session focusing on the new wave of regulatory technologies, currently revolutionising the supervision of financial services and other compliance-focused sectors.
Managing director of the Financial Sector Office in QFC Authority, Henk Hoogendoorn noted, “In light of the QFC’s sustained commitment to attracting financial institutions to Qatar, we are pleased to support this event on the growth of Qatar’s financial technology sector and engage in key discussions on its regulatory development.
“As Qatar’s fintech strategy is catalysing the presence of local and international fintechs, the need to develop and refine regulatory frameworks is a growing area of importance.”
“QFC offers an extremely conducive environment for fintechs to do business in Qatar. Last year, we widened the rules and guidance of licensed firms on the platform to include fintech service providers, and also have a range of benefits and incentives tailored specifically to them. As a result, we are welcoming an increasing number of fintechs with unique propositions onto our platform,” he added.
The aim of this symposium is to provide a forum where the perspectives of stakeholders can be communicated and exchanged and to enhance awareness of Qatari progress in regulating fintech.
Centre for Law and Development Section Head of Law and Policy Dr Andrew Dahdal, who leads the project, commented, “This event is an important opportunity for communication and overcoming silos in Qatar’s fintech sector. The ability to express the priorities of enterprise directly to regulators is vital to building an effective and resilient fintech ecosystem.”
DLA Piper is one of the leading global law firms advising on all aspects of the fintech sector. The firm’s multidisciplinary team offers integrated legal solutions that help clients navigate the increasingly complex environment at the intersection of transactions, technology and regulation.
“Technological innovation in the financial services arena is creating new opportunities globally, both for financial institutions and technology providers, and we are pleased to sponsor this forum for the exchange of ideas surrounding recent developments in the regulatory environment in Qatar and around the world,” Frank Ryan, incoming chair of DLA Piper LLP (US) added.
The symposium was co-organised by Qatar University, Qatar Financial Centre and DLA Piper.