Qatar strategically positioning itself as leading fintech hub in Middle East : PwC

Qatar strategically positioning itself as leading fintech hub in Middle East : PwC

Qatar is strategically positioning itself as a leading fintech hub in the Middle East and a pioneer in digital transformation and sustainability within the financial services sector, PwC Middle East said in a report. PICTURE: Shaji Kayamkulam

Qatar is strategically positioning itself as a leading fintech hub in the Middle East and a pioneer in digital transformation and sustainability within the financial services sector, PwC Middle East said in a report.

The country recognises the potential of fintech and has established initiatives to foster a strong and sustainable fintech ecosystem, PwC said in its latest ‘Qatar banking sector report’.

Qatar's digital transformation is making considerable progress towards achieving its National Vision 2030 of building a digital economy.

Strategic initiatives like the Doha cloud region by Google Cloud and the implementation of OpenAI's GPT technology in the Azure Qatar Cloud are expected to empower Qatari companies with long-term benefits.

However, while embracing emerging technologies, banks must also consider risk mitigation and regulatory policies for successful implementation.

Qatari banks have embraced ESG (environmental, social, and Ggovernance) practices and are adopting sustainability measures.

Leading banks have integrated ESG factors into their strategies and reporting, aligning with global frameworks and supporting green financing and social inclusion.

Despite challenges, banks aim to build