Yesterday enterprise blockchain firm R3 and the Qatar Financial Centre Authority (QFCA) announced a broad collaboration, which will include the potential creation of a lab environment to help commercial banks and fintechs experiment with distributed ledger technology (DLT).
The move follows an R3 collaboration with AFIN in the ASEAN in 2021, helping to create a sandbox in the region.
The latest Qatar deal also includes the following:
- support for QFC’s use of DLT nationally
- education and training around distributed ledger technology (DLT), including asset digitization (tokenization)
- working groups around global regulatory moves.
“Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar,” said Yousuf Mohamed Al-Jaida, CEO of QFC.
Meanwhile, there’s plenty of competition in the region for attracting fintech and institutions embracing fintech innovation. The two highest profile are both in the UAE: the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM). To date, the DIFC has proved attractive for many incumbents. Of late, several crypto firms have set up shop in the ADGM. The Saudi Central Bank (SAMA) also co-founded Fintech Saudi.