QCB Opens Application Process For Loan-Based Crowdfunding Licenses

2023-12-04 02:27:41

(MENAFN- The Peninsula) The Peninsula

Doha, Qatar: In line with the Financial Sector Strategy and the Fintech Strategy in the State of Qatar, and based on Qatar Central Bank's (QCB) permanent endeavor to regulate and develop the financial sector in the country, and to stimulate innovation in the Fintech sector, QCB has officially started accepting applications for loan-based crowdfunding service providers on December 3, 2023, knowing that applications will be accepted until February 3, 2024.

Loan-Based Crowdfunding constitutes an innovative financial activity that connects borrowers with diverse groups of investors to access short-term financing. Borrowers facing difficulties in securing traditional bank services, such as SMEs, can access financing for their businesses and overcome challenges related to their project expansion. Loan-Based Crowdfunding also constitutes an opportunity for investors to diversify their investments and support SMEs.

Qatar Central Bank is keen to provide effective and valuable initiatives that help create a favorable environment for the financial technology sector in the State of Qatar to grow as this funding contributes to the improvement of the financial sector by making the borrowing process more transparent, efficient and accessible.

All entities wishing to provide this service may submit their application to obtain a license via the following electronic link:

For further inquiries, you can send an e-mail to: [email protected]

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