(MENAFN- The Peninsula)
QNA
Doha: Assistant Governor for financial Instruments and Payment Systems at Qatar Central bank and Chairman of the Board of Directors at Edaa sheikh Ahmed bin Khaled Al Thani emphasised that the State of Qatar has recognised the immense potential of Distributed Ledger technology (DLT) and digital assets to drive the future of the financial industry, pointing out that since the launch of the FinTech Strategy, Qatar has made tremendous strides in advancing digital transformation across various sectors.
In his opening speech at the Network Forum for the Middle East region, organized by Edaa for the first time in the State of Qatar on Tuesday and Wednesday, Sheikh Ahmed bin Khaled Al Thani said:“As part of our FinTech Strategy, we have made tremendous strides in advancing digital transformation across various sectors, positioning ourselves as a key player in the adoption of innovative financial technologies.”
He indicated that Qatar has laid out a clear vision for leveraging DLT, ensuring to stay ahead in this rapidly evolving space. Since launching the FinTech Strategy, Qatar has made significant progress.“We have introduced regulatory guidelines for innovative solutions such as Buy Now, Pay Later (BNPL), Crowdfunding, and eKYC, creating a strong regulatory foundation for new digital products and services,” he said.
He added that the goal is to cultivate a thriving FinTech ecosystem, attracting startups and established players alike to innovate and grow in the Qatari market.
“We are all aware that international investors are increasingly focusing on our region, drawn by the stability, strategic opportunities, and commitment to innovation that the GCC offers,” he said.
The Assistant Governor for Financial Instruments and Payment Systems explained that they have been working diligently to ensure that their financial infrastructure meets the highest global standards, particularly by shortening the settlement cycle. He pointed out that, Edaa has been at the forefront of this transformation, successfully modernizing its systems to bring settlement times in line with global norms, ensuring that Qatar remains an attractive and competitive market.
He said“As part of our Capital Markets platform, we are constantly leveraging cutting-edge technologies like Artificial Intelligence (AI) to enhance our post-trade infrastructure."
"AI can revolutionize our operations by improving trade monitoring, detecting fraud, and optimizing regulatory compliance,” he added.
The Chairman of the Board of Directors at Edaa further stated that these technological advances is expected to not only streamline services but also significantly improve risk management, delivering faster and more reliable outcomes for both local and international investors.
In addition, the growing interest in securities lending and digital custody further highlights the need for strong frameworks to manage risk and ensure the security of digital assets.
In conclusion, Assistant Governor for Financial Instruments and Payment Systems at Qatar Central Bank and Chairman of the Board of Directors at Edaa Sheikh Ahmed bin Khaled Al Thani said that the future of capital markets in Qatar and the GCC is incredibly bright.
He continued saying that by embracing DLT, AI, and other innovative technologies, we are setting the stage for a more efficient, secure, and globally integrated financial system.
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