Australia’s ambassador to Qatar Jonathan Muir has launched the ‘Guide to Fintech Regulation in Australia and the Gulf Region,’ at the Australian embassy Qatar.
The guide was funded by the Council on Australian and Arab Relations in the Department of Foreign Affairs and Trade and outlines the regulatory environments applying to financial technology industry in Australia and the Gulf region.
The launch was attended by senior representatives from the Qatar FinTech Hub, Qatar Central Bank, and the Qatar Financial Centre.
“Australia has a competitive edge in Fintech, now ranking sixth in the world in Global fintech rankings. We have one of the fastest growing fintech sectors in the world, increasing from QR600mn in 2015 to QR10bn today – built on our QR25tn financial services industry,” Muir said, expecting the guide to be an important milestone in the collaboration between the Gulf Co-operation Council (GCC) countries and Australia in fintech.
Professor Niloufer Selvadurai, the guide co-author, said the guide helps the fintech innovators, investors and clients to better understand the laws governing fintech projects and seeks to strengthen cultural and economic relations between Australia and the Arab world.
Associate Professor and co-author Dr Andrew Dahdal highlighted the local benefits to Gulf countries arising from the publication of the guide.
“Beyond bilateral trade between Gulf states and Australia, the publication of this guide, particularly in both the English and Arabic languages, will also help strengthen cross border activities amongst the Gulf states,” he added.