Qatar Financial Centre Authority signs MoU with R3

Qatar Financial Centre Authority signs MoU with R3

Source: Qatar Financial Centre

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with R3, a global leading provider of enterprise distributed ledger technology (DLT) and services, to accelerate the development of Qatar’s financial technology industry and collaborate on initiatives to promote common interests.

Under the agreement, the QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintechs in Qatar. The partnership also aims to promote education and training on asset digitisation and the use of (DLT). The two organisations will also create working groups to observe new and emerging regulatory paradigms and support the QFC's deployment of DLT at national level.

Speaking about the partnership, Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, said: "We are pleased to partner with R3, a renowned