QFCA, R3 to work on developing Qatar's fintech industry

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre, has signed a memorandum of understanding (MoU) with R3, a global provider of enterprise distributed ledger technology (DLT) and services is in a bid to enhance the development of Qatar's fintech industry. The two entities will also partner on initiatives focused on promoting common interests.

They will also collectively work towards the creation of a potential lab environment that would cater to commercial banks and fintechs in Qatar.

Additionally, they will look to foster education and training on asset digitisation and the use of DLT.

The QFCA and R3 will also set-up working groups to observe novel and surfacing regulatory paradigms and back the QFC's deployment of DLT at the national level.

"Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar," Yousuf Mohamed Al-Jaida, CEO of QFC, said in a statement.

Located in Doha, QFC is an onshore business and financial centre, which provides legal, regulatory, tax, and business offerings, facilitates up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.