(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: The banking industry in the country has witnessed a significant evolution in terms of Environmental, Social, and Governance (ESG) practices, remarked an official.
Speaking to The Peninsula in an interview, Ahmed AlKiswani, Qatar financial Services Leader, PwC Middle East said:“We have seen rapid transformation take place in Qatar over the years and the country's digital transformation journey is making considerable progress towards achieving its National Vision 2030 of building a digital economy.”
According to a recent report by PWC, Qatari banks continue to embrace ESG and are adopting sustainability measures. Having prioritised customer-centric approaches, digital innovation, and sustainability, banks have solidified their positions as innovators in digital technologies noted the official. He said“Banks' commitment to enhance customer satisfaction is reflected in the improved Net Promoter Score (NPS) in the financial services sector.
AlKiswani underscored that“Beyond baseline digital initiatives like payments and online or mobile banking, banks are actively investing in the development of end-to-end digital journeys and integration with other market players through layers of Application Programming Interfaces (APIs).”
However, modern changes and strategic initiatives like Google Cloud's recent launch in the Qatari market and the implementation of OpenAI's GPT technology in the Azure Qatar Cloud are expected to empower Qatari companies with long-term benefits.
PWC's Banking Sector report published recently highlights key changes in the financial market in Qatar with new developments and innovations including the Qatar Stock Exchange (QSE) launching a new trading system in collaboration with the London Stock Exchange Group.
Meanwhile, Doha Bank also launched its Q-Trade platform based on that new trading system that allows the people of Qatar to buy and sell stocks listed on QSE.
He mentioned that“While the adoption of emerging technologies offers numerous benefits, it is important that banks find a balance between innovation and risk mitigation. We find that QCB's introduction of policy and regulations as part of its FinTech strategy will assist with this.”
AlKiswani emphasised that the banks in Qatar are actively adopting ESG initiatives such as issuing green bonds, offering green loans and mortgages, and implementing ESG disclosures.
“The bank has implemented a comprehensive ESG policy and framework aligned with the United Nations Sustainable Development Goals and the Qatar National Vision 2030,” he stressed.
As the banks are incorporating ESG principles into their strategies, the market is yet to expect a widespread implementation. He points out certain challenges including the complexity of ESG data and the need for robust data governance frameworks to ensure transparency and high data quality standards.
“Nonetheless, by establishing comprehensive data governance solutions and prioritising use cases, banks can streamline data collection and reporting processes while maintaining consistency and adhering to regulatory requirements, AlKiswani added.
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