Doha, Qatar: Qatar’s banking sector is undergoing a transformative shift, adapting to global economic trends and embracing technological advancements. This evolution is marked by a commitment to risk management, FinTech innovation, and international standards, positioning the sector for sustained growth and stability.
The country is advancing its banking sector by implementing Basel III standards for improved capital, liquidity, and risk management. Simultaneously, regulators are driving FinTech innovation aligned with the national goal of financial diversification. Strengthened Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) measures demonstrate Qatar’s commitment to global best practices, stated ‘Qatar Banking Perspectives’ report by KPMG.
Banking supervisions in Qatar is experiencing a paradigm shift as the country adapts to global economic trends and technological advancements. By prioritising risk management, embracing FinTech innovation, and adhering to international standards, Qatar’s banking sector is positioned for continued growth and stability.
The report noted that the initiatives to combat financial crime and promote sustainable finance are further evidence of Qatar’s commitment to maintaining a resilient and secure financial landscape. As Qatar continues to evolve its regulatory framework, it continues to solidify its position as a key player in the global financial arena.
In recent years, the banking sector in Qatar has been characterised by continuous growth and stability, which has consolidated its position as a major player in the regional financial landscape.
To maintain the sustainability of this progress, the country’s regulators have always actively played their part, relentlessly adapting to evolving economic conditions and international standards.
Last year, Qatar Central Bank unveiled the Qatar FinTech Strategy 2023, which is in line with the Qatar National Vision 2030 goal of promoting diversification and innovation in the financial sector. The QCB’s financial technology vision is based on developing, diversifying and increasing the competitiveness of Qatar’s financial technology and services sector through pioneering infrastructure and providing solutions that positively impact the customer experience.
