Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, took part in a 'FinTech/Blockchain' panel discussion at the 5th Annual Information Security Conference for the Financial Sector.
Henk J. Hoogendoorn, Managing Director, Financial Sector Office, QFC discussed the growth of FinTech during a panel that brought together speakers who included Simon Ingham, SVP Enterprise Solutions, KYC Global; Dr. Jaouad Al Khaliki, Founder, 30Tech; Nabil Ben Aissa, CEO QPAY and Bora Goknar, International Sales Manager, Cardtek.
During the session, the panelists debated trends, insights and approaches to the adoption of FinTech by the financial industry, how regulators can use FinTech effectively and the lessons learned and best practices from other regions that have made significant advancements through the use of the technology.
About 80% of FinTech is non-regulated so we can start working on important themes such as cyber security, data analytics, digital access and a cashless FIFA 2022.
Henk J. Hoogendoorn, Managing Director, Financial Sector Office, QFC
Henk J. Hoogendoorn, Managing Director, Financial Sector Office, QFC said
"The QFC is already actively contributing to the national FinTech plan and will be a platform for international FinTech companies that want to be active in Qatar or nearby remittance markets. As part of our commitment to developing a FinTech hub, the QFC recently signed a MoU with Europe's leading Fintech platform B-Hive, which will help facilitate co-operation on several aspects based on the promotion of business opportunities and knowledge sharing."
"We are witnessing a steady uptake of FinTech businesses in the Middle East, with the number of FinTech startups soaring to 105, from 46 between 2013 and 2015. The adoption of FinTech within Qatar's financial sector will provide plenty of opportunities in areas such as Financial Inclusion. Additionally, about eighty per cent of FinTech is non-regulated so we can start working on important themes such as cyber security, data analytics, digital access and a cashless FIFA 2022."
The QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in the QFC are guided throughout by a dedicated QFC relationship manager who assists in the process of obtaining a licence and offers support in matters related to operating a business in Qatar. QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.
In addition, the independent Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre accredited by the International Labour Organization (ILO), providing conciliation and adjudication services free of charge to help resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the field of human capital.