QFC, QNB Group Collaborate to Enhance Business Banking Access
Doha, October 21 (QNA) - The Qatar Financial Centre (QFC) and QNB Group have signed a Memorandum of Understanding (MoU) to facilitate access to banking services to QFC-licensed firms and explore opportunities to support the development of Qatar's capital markets.
The agreement brings together QFC's role in attracting and supporting businesses operating in Qatar with QNB Group's banking and financial services capabilities. Initial areas of cooperation include facilitating corporate account opening for newly licensed firms, improving digital access to banking services and exploring financing structures and solutions that could support businesses as they grow.
Mansoor Al Khater, Chief Executive Officer, QFC, commented on the partnership: "Access to banking is one of the first things any firm needs when setting up in Qatar, and we want to make that easy for QFC firms and their employees. Just as important, we want to help deepen the capital markets they will rely on as they grow. This partnership with QNB supports both. We share an interest in serving clients well and in deepening Qatar's capital markets. By working together, we can give firms more reasons to use the QFC and Qatar as their base in the region."
For QNB, the collaboration provides an opportunity to support businesses from their initial establishment in Qatar through to their regional and international expansion. Combining corporate banking, treasury and financing capabilities with its international network, the Group can help QFC-licensed firms manage their day-to-day financial needs and access banking support across markets. The capital markets workstream will also explore how QNB's financial expertise and QFC's legal and business framework can support structures that connect businesses with a broader range of funding sources.
Abdulla Mubarak Al Khalifa, Group Chief Executive Officer, QNB Group said, "A competitive financial centre requires more than the ability to attract businesses; it needs the financial infrastructure and capabilities to help them establish, operate and grow. Through our collaboration with the QFC, we aim to make access to banking services more seamless for businesses entering the Qatari market, while exploring opportunities to deepen capital markets and broaden access to financing. By bringing together our regional expertise, international network and financial capabilities, we can contribute to an ecosystem that supports business growth and advances Qatar's ambitions as a regional and international financial hub."
Under the MoU, the QFC will promote QNB as one of its strategic partner banks and refer newly licensed firms to QNB for corporate account opening. QNB will offer its products and services to QFC firms and their employees, aiming to shorten onboarding times. The two organisations will also explore integrating their digital platforms, to allow firms to open accounts directly through the QFC online platform.
On capital markets, the two organisations will explore cooperation in Euro Medium Term Note (EMTN) programmes, Special Purpose Company (SPC) structures and financing platforms through the QFC. They will also look at treasury, liquidity management and financing solutions, as well as opportunities in tokenisation and digital assets. They plan to set up technical working groups to take these strategic capital markets initiatives forward.
Over the coming year, QFC and QNB will also hold a series of workshops, training sessions and industry roundtables. They will participate jointly in conferences and forums and engage institutional investors, international banks, law firms and other market participants, with the aim of positioning Qatar and the QFC as a regional and international capital markets hub. (QNA)