QFC to help Maldives establish financial centre

The Qatar Financial Centre (QFC) will help the Maldives build an international financial centre in the Asian country, highlighting the growing prominence of the QFC in the global arena.In this regard, the Ministry of Economic Development and Trade (MEDT) of the Maldives has signed a memorandum of understanding (MoU) with the QFC.The MoU would be instrumental in promoting knowledge and capacity building, which are integral to establish a world-class financial centre in the Maldives and build economic resilience.Through the MoU, the QFC will conduct regular knowledge exchange sessions to share best practices in financial management, regulatory frameworks, and operational strategies, supporting the establishment of the financial centre in the Maldives.Additionally, the QFC will facilitate networking opportunities to foster partnerships with financial institutions, regulatory bodies, and industry experts, building a robust ecosystem for the financial centre in the Maldives."This partnership underscores our dedication to fostering a lasting, impactful network with global financial institutions and supports our aim to build a sustainable financial ecosystem that drives economic prosperity,” said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.The QFC - home to international and domestic firms -- has attracted more than 2,200 firms since 2005, significantly contributing to Qatar’s economic diversification and growth."This MoU is a significant step towards establishing a robust international financial centre... We are confident that our collaboration with QFC will provide invaluable insights and support," according to Minister of Economic Development and Trade, Mohamed Saeed.This partnership not only leverages the QFC’s expertise and MEDT’s strategic vision but also strengthens the long-standing friendship between Qatar and the Maldives.The pact is expected to bring significant benefits to countries, fostering economic growth and development through enhanced cooperation and mutual support.In May this year, foreign ministers of both the countries had held high-level talks aimed at further strengthening bilateral relations between the two countries where the future avenues for collaboration to advance Qatar-the Maldives development partnership.In its latest annual report, the QFC, which is on a "renewed trajectory”, said it finds considerable prospects in the run-up to 2030 on increasing demand for digital payments, a stronger focus on sustainability in business and community, and accelerated mobility of skilled talent and private wealth.