Qatar’s apex bank to develop financial sector through new insurance license

RIYADH: Qatar is set to boost the country’s insurance sector by launching a new license to develop policy comparison websites.

This license is part of the Qatar Central Bank’s initiative to regulate and license these websites to create a more transparent system for insurance providers.

According to the Qatar News Agency, the apex bank stated that the new license aligns with the financial sector development strategy that aims to boost the country’s economic growth.

Launched in March, the Qatar Fintech Strategy aims to enhance diversification and innovation in the country’s financial sector in line with the National Vision 2030’s objectives.

The strategy is based on creating a robust infrastructure for the financial technology market locally and globally while ensuring the development of comprehensive systems within the sector.

It aims to encompass the core priorities, including developing advanced regulatory rules and electronic platforms, prioritizing innovation for the sector’s growth, and boosting Islamic fintech solutions and insurance technology.

On Aug. 5, Qatar’s Central Bank also released a statement urging companies in the buy now, pay later space to pursue a license from the bank.

FASTFACTS

• This license is part of the Qatar Central Bank’s initiative to regulate and license these websites to create a more transparent system for insurance providers.

• The new license aligns with the financial sector development strategy that aims to boost the country’s economic growth.

The license is also a new initiative that aims to standardize the work of BNPL service providers in Qatar, with applications opening in September 2023.

Moreover, on July 30, Qatar Fintech Hub, a subsidiary of the state-owned Qatar Development Bank, announced its fifth wave of incubator and accelerator programs that target ventures in the financial technology sector.

Since its launch in 2020, the fintech hub has nurtured 57 companies, with the cumulative valuation of portfolio startups reaching $500 million.

The fifth wave received over 500 applications filtered to 14 startups pitched to a jury, of which 10 were selected to participate in the program.

In April, the Qatar Financial Centre Authority signed a memorandum of understanding with US-based financial services provider R3.

The agreement aims to facilitate further growth in Qatar’s financial technologies by creating a lab environment that will serve the need of commercial banks and fintech companies.

The partnership will also aim to promote educational initiatives in asset digitization and utilizing distributed ledger technology.

Image by: Arab News

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