Qatar Central Bank (QCB) has introduced a regulatory framework for digital banks, aimed at regulating their operations within the country. This move is aligned with the third strategy for the financial sector and the financial technology strategy, reinforcing the bank’s ongoing efforts to regulate, develop, and digitalize the financial sector.
The regulatory framework is a key component of QCB’s initiatives to foster digital innovation and technological advancements in the financial sector, helping to propel Qatar’s transition to a digital economy.
Digital banks play a crucial role in enhancing financial inclusion by offering innovative banking services that are both efficient and accessible. Through mobile apps and online platforms, these banks allow individuals and businesses to perform financial transactions 24/7, from anywhere, creating greater convenience and flexibility for customers.
By leveraging advanced technology, digital banks can offer faster, secure transactions while reducing operational costs. This enables them to provide more affordable and efficient services. The newly introduced regulatory framework aims to further strengthen these benefits, contributing to sustainable development and supporting customers’ financial needs.
Qatar Central Bank reaffirmed its commitment to nurturing the growth of the financial technology sector by providing the necessary infrastructure and legislation. This will help companies in the sector offer innovative solutions, enhance operational efficiency, and promote a spirit of innovation in financial and banking services, in line with Qatar National Vision 2030.
