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QFCA, Mastercard Sign MoU To Bolster Financial Services Industry

QFCA, Mastercard Sign MoU To Bolster Financial Services Industry

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and Mastercard, the global company working in the field of innovation and technology in payment solutions, have signed a memorandum of understanding (MoU) with the aim of creating a framework for co-operation between the two parties.

The scope of co-operation stipulated in the MoU includes exchanging experiences and resources, exploring appropriate opportunities to create revenues, promoting the development of renewable and sustainable products, and co-operating in education and training programmes. The two parties will also work to identify joint activities that can promote the development of emerging sectors and technologies, such as distributed ledger technology (DLT) and digital assets, including tokenisation and regulated digital currencies, trade finance, environmental, social practices, and governance.

The MoU also reflects the desire of both parties to discuss the possibility of establishing a FinTech Innovation Lab that will serve financial institutions, financial technology companies and other financial services companies.

MasterCard will support Qatar's thriving startup ecosystem through its award-winning global financial technology Start Path programme to nurture high-potential financial technology companies and start-ups and provide them with access to new products and partnerships around the world.

Commenting on the agreement, Chief Executive Officer Yousuf Mohamed al-Jaida said QFC is pleased to partner with MasterCard to research and develop innovative solutions that support emerging sectors, financial technology companies and other financial institutions, and to provide integrated solutions that help increase the growth of the financial services sector in the region.

General Manager of Mena East at Mastercard JK Khalil said that through this partnership, QFCA and MasterCard aim to build a promising future for the financial services industry, reinforcing their joint commitment to developing innovation in this sector and contributing to economic growth in their respective scope of work.

He added that this partnership is part of MasterCard's efforts to support economic innovation through digital transformation that meets the needs of current and future generations. It also represents a milestone in the company's continued commitment to building a strong, sustainable and inclusive financial system.

QFC provides an excellent business platform for companies wishing to establish and conduct their activities in Qatar or the region in general. It also has its own legal and regulatory framework, tax system and well-established business environment that allows for up to 100% foreign ownership, 100% repatriation of profits and corporate tax at a competitive rate of 10% on profits from local sources.