The Qatar Financial Centre (QFC) has signed a memorandum of understanding (MoU) with B-Hive, a European collaborative innovation fintech platform, to join their efforts to develop the financial technology industry (FinTech) in Qatar.
The MoU, which was signed by Chief Executive Officer of QFC Yousuf Mohammed al Jaida and CEO and managing partner of B-Hive Wim De Waele, highlights the QFC's commitment to the national FinTech agenda which aims to attract international FinTech ecosystems to Qatar.
B-Hive is a European collaborative innovation FinTech platform based in Belgium that brings together major banks, insurers and market infrastructure players to leverage the opportunities offered by digital transformation for the financial services industry.
This MoU will facilitate cooperation for the promotion of business opportunities and knowledge-sharing.
The two entities will also work closely to discuss the latest trends in these disruptive technologies, legislation and other data as well as the organisation of global activities to promote the industry in both countries.
Under the MoU, QFC and B-Hive will contribute to the growth of FinTech-related communities by engaging with start-up support institutions as well as financial institutions and regulators.
Besides, potential joint projects focusing on developing disruptive financial technologies will be explored as well as the development of training and talent management programmes.
Yousuf Mohammed Al Jaida, Chief Executive Officer of QFC Authority said,"Global FinTech funding toped $31 billion for 2017, according to KPMG, which brings the total global investment in the FinTech sector over the past three years to $122 billion. These figures certainly demonstrate the growing importance of FinTech as well as the diversity of investment opportunities in the industry."
For his part, Wim De Waele, CEO and managing partner of B-Hive said,"B-Hive from the outset was designed to build bridges between the different innovative regions with a strong financial or technology sector. We are that we can now extend that network to Qatar and look forward to the exchange of knowledge and jointly creating fintech business between the partners in the network."