Doha: Qatar Development Bank (QDB), through the Qatar FinTech Hub (QFTH), announced a strategic cooperation agreement with the Global Finance and Technology Network (GFTN), an initiative by the Monetary Authority of Singapore (MAS), during the Singapore FinTech Festival. This event is recognized as one of the largest global gatherings focused on financial innovation.
According to Qatar News Agency, the agreement was signed by Abdulrahman bin Hesham Al Sowaidi, CEO of QDB and Chairman of QFTH, and Sopnendu Mohanty, Group CEO of GFTN. The agreement aims to establish a long-term framework for collaboration in policy innovation, ecosystem enablement, capacity building, and the exchange of knowledge and best practices in financial technology.
The agreement includes the establishment of a Center of Excellence and Support for FinTech in Doha, which will serve as a platform to energize the FinTech community both locally and regionally. This center will provide strategic insights and conduct pioneering research on transformative financial technologies and their impact on markets spanning from Africa and Central Asia to the Gulf Cooperation Council countries.
Additionally, the agreement will enhance collaboration between regulators, financial institutions, and innovators to develop inclusive and forward-looking policy frameworks. These frameworks will support emerging economies and advance capacity building through specialized training programs, knowledge transfer, and dedicated workshops across the financial sector.
The agreement also involves collaborating on establishing a Qatar FinTech Forum, an annual international FinTech event that will serve as an extension of the Singapore FinTech Festival. Doha has been selected as the permanent host for this Forum, which aims to advance the future of financial technology in Qatar and the region. It will facilitate the exchange of expertise and ideas among policymakers, regulators, financial institutions, investors, entrepreneurs, and academia from across continents.
Abdulrahman Hesham Al Sowaidi emphasized that the partnership reflects QDB's commitment to positioning Qatar as a global center of excellence for financial innovation. He highlighted the alignment of this initiative with the Third Financial Sector Strategic Plan and the Qatar FinTech Strategy led by Qatar Central Bank. Al Sowaidi also mentioned the goal of empowering entrepreneurs, stimulating investment, and building integrated ecosystems through the partnership with GFTN.
Sopnendu Mohanty, Group CEO of GFTN, noted that Qatar's innovation agenda offers fertile ground for global collaboration. He highlighted GFTN's role in connecting markets, regulators, investors, and innovators to design scalable solutions for Qatar and the MENA region.
This partnership builds on the existing collaboration between Qatar and GFTN, aiming to advance cross-border innovation, investment, and knowledge exchange. It strengthens regional cooperation and ties with Asian markets, benefiting both parties involved.