‘Qatar, an emerging financial technology player in Gulf region’ – The Peninsula

‘Qatar, an emerging financial technology player in Gulf region’ – The Peninsula

Doha: Qatar is an emerging financial technology (fintech) player in the Arab Gulf region and has a vibrant fintech ecosystem, according to investment handbook “Guide to Fintech Regulation in Australia and the Gulf Region” which was recently launched at the Australian Embassy in Doha.

“Although it has yet to launch a sandbox, there is significant institutional support for local and inbound fintech firms,” the Guide explained. “The market may be small but it is per capita the richest market in the region.”

The Guide further explained that “Qatar is in the early stages of its fintech journey. New fintech specific regulations are still in the process of being released. These specific regulations are in addition to the general business laws applicable to setting up operations in the Qatar.”

Among the general laws for online business and financial services include: Consumer Protection Law (2008); Electronic and Commerce Law (2010); Cybercrimes Law (2014); Personal Data Privacy Protection Law (2016); and Anti-money Laundering and Terrorism Financing Law (2019).

On the fintech laws and regulatory frameworks, the country has a dual legal system. The broader state laws apply to all commercial and civil transactions except those undertaken by firms registered in the Qatar Financial Centre and other free