Qatar aims to develop ‘cyber-resilient’ fintech, says Sheikh Abdullah

Qatar is aiming at developing a “cyber-resilient fintech”, keeping cyber security as a core component of every development, points out HE the QCB Governor Sheikh Abdullah bin Saoud al-Thani.“We have a sensitive approach to fintech in Qatar since digital brings benefits but can also create challenges due to the risks that surround the domain. Therefore, we are aiming at developing a cyber-resilient fintech, keeping cyber security as a core component of every development. “Opportunities for fintech are immense. Domains such as risk management, regulatory compliance and payment systems for example, are offering a vast potential of development. The Qatar Central Bank is already working in that direction as per the QCB Strategic Plan 2017-2022 for the financial sector. We have also signed several MoU’s with the UK, Turkey, Singapore, etc, for collaboration in this area,” Sheikh Abdullah said.Fintech can bring many benefits to Qatar including but not limited to big data analysis, data analytics, opportunity to enhance financial services including financial inclusion, Sheikh Abdullah said.Further, he said fintech can help solve challenges, such as ensuring compliance with regulations more effectively and faster, securing payment processing and faster loans processing. In general, fintech improves the performance and profitability of financial institutions by accessing agile technologies that can remove barriers, increase efficiency of services and financial inclusion. Fintech also plays greater role in the diversification of the economy by supporting the development of a local SME and start-up ecosystem, providing them with the right environment to develop these solutions in safe environment, increasing the growth opportunities and attracting talents.