QFC launches digital assets lab; targets positioning Doha as financial and commercial hub by 2030

The Qatar Financial Centre (QFC) Sunday launched digital assets lab, as part of Doha’s efforts to accelerate the development of digital ecosystem and provide a platform for translating innovative ideas and solutions into real-world applications across industries.
The lab, powered by the Qatar Central Bank (QCB), is the inaugural programme to be launched under Innovation Dome, an innovative platform that fosters transformative initiatives, aiming to position the country as a leader in the digital realm.
The lab will foster open innovation in Qatar through ‘proof-of-concept and proof-of-value’, accelerating the growth of Qatar's digital sector in line with the vision to establish Doha as a global financial and commercial hub by 2030.
Within this space, innovation, research, and development are focused on cultivating promising digital concepts within the domain of digital assets and distributed ledger technology. The aim is to transform these concepts into viable cutting-edge technologies that can be practically applied across various industries.
"This initiative will create a favourable environment for the diversification of digital assets, increasing business competitiveness, and encouraging entrepreneurship and innovation," said HE the QCB Governor Sheikh Bandar bin Mohamed bin Saoud al-Thani.
The initiative will also support the development of other economic sectors by leveraging developments in digital technologies across multiple fields beyond the financial technology realm, he added.
The launch of the lab marks the commencement of the application process for the inaugural innovation challenge cycle, inviting fintech companies and industry stakeholders to engage in exploration and collaboration.
The QFC's initiative is one of the key objectives of the QCB's fintech strategy launched in March 2023 in line with the Qatar National Vision 2030, according to him.
The QCB has consistently been at the forefront of pioneering initiatives in the financial sector. Its support for the lab reaffirms its commitment to embracing innovative technologies that drive economic transformation.
“With the rapid evolution of technology, digital transformation has become a fundamental aspect of every sphere of modern life, from personal interactions to industrial operations and global governance. The establishment of the Innovation Dome, housing the Digital Assets Lab, puts Qatar at the forefront of innovation and on an accelerated path to integrating disruptive technologies into the market," said Yousuf Mohamed al-Jaida, QFC Authority CEO.
The dome's mission is to foster a dynamic and technologically advanced landscape in Qatar, while the lab will serve as a catalyst for pioneering financial solutions, further enhancing Qatar's status as a prominent global commercial centre, he said.
Nasser al-Taweel, deputy chief executive officer and chief legal officer, QFC, appreciated the key entities which invested in developing the fintech sector for their efforts in creating a comprehensive system with robust regulatory and legislative frameworks for digital assets and advanced infrastructure that support and enable companies to enhance their performance and services.
Michael Rayan, chief executive officer, QFC Regulatory Authority, said the lab will create a platform for collaboration that is essential to unlocking the potential of new technologies, which will ensure that the transformative innovations establish the trust and confidence among investors and customers.
"The engagement that the Digital Assets Lab will bring directly with entrepreneurs and the financial sector will also be an important input into our public consultation on the legal and regulatory framework for digital assets, which was issued on October 4,” he said.
The framework has been designed to develop a legal and regulatory framework for digital assets through the establishment of a tokenisation framework in the QFC that will provide legal certainty and a trusted technology environment for digital assets.