28 February 2024, Doha – Qatar: Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region has signed separate memorandum of understanding with Bahrain FinTech Bay (BFB), Bahrain’s fintech ecosystem builder, and Partior, the global unified ledger market infrastructure for clearing and settlement, on the sidelines of the Web Summit 2024.

The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects and organising virtual sessions aimed at sharing knowledge and experiences to promote the fintech landscape in both countries. Under the MoU, each entity shall provide support, assistance, and resources to start-ups from both the QFC and BFB interested in expanding their businesses within each other’s territories. Additionally, they will facilitate their access to co-working spaces in Bahrain and Qatar during business trips.

The QFC’s partnership with Partior sets the stage for close cooperation between the two organisation and will build on their collective strengths to drive positive change, promote innovation and create lasting impact.

Commenting on the MoUs, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “The signing of these MoUs reflects the QFC’s commitment to form strategic partnerships with global industry leaders to develop secure and sustainable financial infrastructure in Qatar. Through this cooperation, we aim to explore opportunities that would contribute to enhancing innovation and providing an enabling ecosystem for the growth and development of the fintech sector and companies working in this vibrant industry”.

Suzy Al Zeerah, Chief Operating Officer at Bahrain FinTech Bay underscored the importance of the MoU, stating: “"We are thrilled to announce the signing of the Memoranda of Understanding with the Qatar Financial Centre Authority. This marks a key milestone in Bahrain FinTech Bay's commitment to furthering a resilient and innovative financial ecosystem in Bahrain and the GCC region. Through these collaborations, we aim to facilitate joint research projects, organize virtual sessions, and support startups, contributing significantly to the growth of the fintech sector in both countries."

"Our collaboration with the Qatar Financial Centre Authority marks a significant milestone in our commitment to foster a resilient and innovative financial ecosystem in Qatar and the GCC region and reflects our dedication to build on our global unified ledger and atomic settlement capabilities to address the operating inefficiencies experienced by industry players. We are looking forward to the possibilities this will bring", said Stella Lim, Chief Operations Officer, Partior.

The QFC recognises the critical role of technology in enhancing operational efficiencies, security, transparency, and sustainability. Hence, it is committed to supporting technological innovation and adoption, which is underscored by the establishment of the QFC Tech Circle and Digital Assets Lab, two platforms that foster digital and technological advancement.