5 June 2024, Doha – Qatar: Masraf Al Rayan, one of Qatar’s leading banks, and Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation and mutual interests between the two parties. This strategic alliance reflects the commitment of Masraf Al Rayan and the QFC to innovation and supporting the growth of the fintech and digital assets sectors in Qatar and beyond. Under this partnership, both parties will collaborate on numerous initiatives, leveraging their expertise to drive innovation and growth in key areas.

Masraf Al Rayan will contribute to the QFC's Digital Assets Lab and fintech initiatives through its extensive sector expertise and thought leadership in supporting and developing these initiatives. The collaboration will include participation in knowledge-sharing sessions, workshops, and joint projects aimed at fostering innovation in fintech, digital asset technologies, Web 3.0, sustainability, and other relevant areas.

Furthermore, the partnership will explore opportunities to enhance the fintech capabilities of companies operating in the fintech and digital assets sectors. Under the supervision of Masraf Al Rayan's "Innovation Lab," this will include conducting research, developing prototypes, and seeking innovative solutions within the ecosystem of these sectors. Additionally, both parties will leverage their expertise and technical collaboration to ensure smooth operations and adherence to regulatory standards and best practices.

Commenting on the partnership, Mr. Fahad bin Abdullah Al Khalifa, Group CEO of Masraf Al Rayan, said: "We are pleased to formalize this partnership with the QFCA, as this cooperation reaffirms our commitment to fostering innovation and supporting the growth of the fintech and digital assets sectors. By combining our expertise and resources, we aim to create a positive impact and generate new opportunities for companies operating within the QFC ecosystem."

From his end, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC commented: "We are delighted to partner with Masraf Al Rayan to advance the QFC Digital Assets Lab and our fintech initiatives. Their industry expertise and commitment to thought leadership will be invaluable in developing and promoting these pioneering initiatives. Together, we aim to foster innovation and position Qatar as a leading hub for digital assets and fintech solutions."

The signing of the MoU marks a significant milestone in the relationship between Masraf Al Rayan and the QFC, as both parties work together to enhance the financial landscape and promote sustainable growth in Qatar and beyond.