The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, has expanded the number of FinTech activities to be licensed and conducted by companies listed on the QFC platform, in a move which reaffirms its commitment to strengthening the FinTech ecosystem in Qatar.

Under new rules and guidance, the activity of non-regulated Professional Services firms has been widened to FinTech Services Providers which include activities such as, but are not limited to; providing cybersecurity solutions, application programming interfaces (API), cloud computing, developing blockchain-based technologies, Artificial intelligence and companies which provide a platform for facilitating real-time transaction capability of internet connected devices.

By opening up to FinTech services providers, the QFC recognises firms that are delivering technology to the Financial Sector. QFC would like to ensure that Qatar remains well positioned as a leading international FinTech hub, as set out in the Qatar National Vision 2030. This initiative is also part of the QFC's new strategy, announced earlier this year, in which the financial centre pledged to bolster Qatar's FinTech sector.

The QFC has already cemented numerous agreements with FinTech entities with the aim of developing the industry in Qatar, including the memorandum of understanding with B-Hive, a European collaborative innovation FinTech platform, in October 2018. In addition, the expansion of FinTech services on the QFC platform also aligns to the Qatar National Fintech Strategy developed by Qatar Development Bank, and a taskforce which the QFC consulted on.