Qatar plans new plat­form to sup­port fin­techs

Banking Frontiers - - Banking In The Gulf -

Qatar Cen­tral Bank will launch a bank­ing ser­vice plat­form to sup­port and pro­mote fin­techs in the coun­try. The cen­tral bank’s gov­er­nor Sheikh Ab­dulla bin Saoud Al Thani an­nounc­ing the pro­posal, said the ini­tia­tive is part of the ob­jec­tive to trans­form Qatar as a knowl­edge-based so­ci­ety and to en­able the coun­try to emerge as a re­gional hub for such in­no­va­tive tech­nol­ogy and ser­vices, in­clud­ing fin­tech. He said a US-based com­pany will be cre­at­ing the plat­form by the end of this year. It will start with a Sukuk mar­ket to fi­nance mi­cro, small and medium-sized busi­nesses, which will also sup­port and pro­mote en­trepreneur­ship. The new plat­form will also gen­er­ate in­come and ac­cel­er­ate the growth mo­men­tum in the mar­ket.

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