Doha: Qatar is an emerging financial technology (fintech) player in the Arab Gulf region and has a vibrant fintech ecosystem, according to investment handbook “Guide to Fintech Regulation in Australia and the Gulf Region” which was recently launched at the Australian Embassy in Doha.
“Although it has yet to launch a sandbox, there is significant institutional support for local and inbound fintech firms,” the Guide explained. “The market may be small but it is per capita the richest market in the region.”
The Guide further explained that “Qatar is in the early stages of its fintech journey. New fintech specific regulations are still in the process of being released. These specific regulations are in addition to the general business laws applicable to setting up operations in the Qatar.”
Among the general laws for online business and financial services include: Consumer Protection Law (2008); Electronic and Commerce Law (2010); Cybercrimes Law (2014); Personal Data Privacy Protection Law (2016); and Anti-money Laundering and Terrorism Financing Law (2019).
On the fintech laws and regulatory frameworks, the country has a dual legal system. The broader state laws apply to all commercial and civil transactions except those undertaken by firms registered in the Qatar Financial Centre and other free zones. Meanwhile on the state laws, the country introduced specific Payments Services Regulations in 2021. “Additional fintech regulations are in the pipeline and are expected in the near future,” the Guide said.
Moreover, on the Fintech sandbox, it said that although there is no active sandbox in the country, “plans are advanced and it is expected that a sandbox will be launched soon.” On the institutional players and enablers, it mentioned the Qatar Financial Centre which is an onshore investment platform; Qatar Fintech Hub which houses the fintech incubator and accelerator programmes under the Qatar Development Bank.
Also included are Qatar Science and Technology Park, Qatar Business Incubation Centre, Business Startup Qatar, and Tasmu Digital Valley which was established by the Ministry of Communications and Information Technology.
The authors of the handbook are Associate Professor Dr. Andrew Dahdal and Professor Niloufer Selvadurai. Dr. Dahdal is an Australian financial and corporate services regulation industry expert and academic.
He currently teaches commercial law and related topics at the College of Law at Qatar University. Moreover, he is the Chair of the Commercial Law Discipline group at the International Association of Law Schools.
Prof. Selvadurai is a technology law scholar at the Macquarie University Law School in Sydney, Australia. She researches and teaches on the effective governance of emerging and evolving technologies and is the Program Director of Legal and Ethics of Cyber at the Optus Macquarie Cyber Security Hub, an academic partner of the Australian Digital Finance CRC.
The Guide is aimed to outline the regulatory environments applying to the fintech industry in Australia and the Gulf region. It is designed to support fintech firms navigate complex regulatory requirements and processes in place in these jurisdictions. Among the other countries covered are UAE, Saudi Arabia, Bahrain, Oman, and Kuwait.
