As part of its national vision, Qatar has made its commitment to a national financial technology strategy to increase the usage of renewable energy from the total electricity generation to 20% by 2030.
Amid the coronavirus pandemic, Qatar’s favorable business conditions and better financial reserves have helped the nation to thrive in the natural gas export sector.
In a statement, Yousuf Al-Jaida, the CEO of Qatar Financial Center (QFC), said that the Covid-19 induced crises have highlighted the importance of FinTech and technology along with expediting development and adoption. With that QFC will continue putting efforts in the Fintech and tech infrastructure in Qatar with the integration of more international Fintech’s into Qatar’s ecosystem.
With the growing emphasis on QPay, Qatar’s biggest FinTech company, the nation is integrating Shariah-complaint blockchain technology into the current financial and legal infrastructure to evolve and grow into a leading regional FinTech hub.
As the world is dealing with the twin forces of resurgence in coronavirus cases and the changes the pandemic has brought over the few months, many companies have prioritized blockchain technology in their financial services and products. Qatar, one of the leading financial hubs in the Middle East is leaving no stone unturned to be the biggest spender of blockchain tech by the year 2021 by developing a national financial strategy with the help of the Qatar Central Bank (QCB) and Qatar Development Bank (QDB).
From stricter policies to combat the unlawful use of cryptocurrencies in money laundering to assessing efforts in increasing final inclusion, Qatar is emerging as a pivot in the FinTech sector.