Qatar Financial Centre Authority, Mastercard sign MoU to bolster financial services industry

Qatar Financial Centre Authority, Mastercard sign MoU to bolster financial services industry

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and Mastercard, the global company working in the field of innovation and technology in payment solutions, have signed a memorandum of understanding (MoU) with the aim of creating a framework for co-operation between the two parties.

The scope of co-operation stipulated in the MoU includes exchanging experiences and resources, exploring appropriate opportunities to create revenues, promoting the development of renewable and sustainable products, and co-operating in education and training programmes. The two parties will also work to identify joint activities that can promote the development of emerging sectors and technologies, such as distributed ledger technology (DLT) and digital assets, including tokenisation and regulated digital currencies, trade finance, environmental, social practices, and governance.

The MoU also reflects the desire of both parties to discuss the possibility of establishing a FinTech Innovation Lab that will serve financial institutions, financial technology companies and other financial services companies.

MasterCard will support Qatar's thriving startup ecosystem through its award-winning global financial technology Start Path programme to nurture high-potential financial technology companies and start-ups and provide them with access to new products and partnerships around the world.

Commenting on the agreement, Chief Executive