Qatar plans new platform to support fintechs
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.