Aligning with Qatar’s financial sector and fintech strategy, the Qatar Central Bank (QCB) aims to regulate and develop the financial sector in the country. The apex bank has issued instructions to the insurance policy comparison sites with the aim of licensing and regulating their operations in the country.
The bank has further announced that companies wishing to work in the field of insurance must obtain the necessary license from QCB. These efforts are made to create a more transparent system for insurance providers, boost the country’s economic growth and promote financial sector development.
To enhance diversification and improve innovation, Qatar’s fintech strategy aims to create a robust infrastructure for the Fintech sector both locally and globally. The strategy encompasses key priorities that includes developing advanced regulatory rules, prioritizing innovation, electronic platforms and boosting Islamic fintech solutions and the insurance sector.
Earlier this month, QCB also urged companies in the “buy now, pay later” space to obtain a license from the bank. This license aims to standardize work of BNPL service providers in Qatar, with applications opening up from September 2023, as reported by Arab News in Pakistan.
In QCB’s efforts to reinforce the Fintech ecosystem, the bank granted 7sab the license to provide approved payment services last month. This will bring the number of companies under the QCB supervision in the Fintech sector to 10.
