Qatar Central Bank explores Blockchain technology for financial sector
The Oxford Business Gorup recently interviewed H.E. Sheikh Abdulla Bin Saoud Al Thani, the governor of Qatar Central Bank. In the interview Al Thani discusses how project financing plays a significant role in sustainable asset growth for the banking sector, and how in Qatar, financing is focusing on sectors like power, oil&gas, as well as infrastructure and ICT.
He also discussed credit access and economic share for Small and Medium sized companies. He stated, ” One of the action points outlined in the QCB’s second strategic plan is the establishment of policies that encourage the deepening of venture capital financing and ensure the development of SMEs, including start-ups. Another focused strategy for SMEs is being monitored through the Qatar Development Bank (QDB), which has developed several innovative programmes to provide short-, medium- and long-term capital to SMEs.”
As for the Qatar Central Bank stand on the adoption of Blockchain solutions and other emergent financial technology ( fintech), he explained, ” The QCB is actively working on developing strategies that will allow sector players to benefit easily and swiftly from the many fintech initiatives and products that are currently on the horizon. We are formulating the QCB’s approach to fintech by taking lessons from a number of major global initiatives in this regard.”
He adds, Blockchain technology is now well known worldwide. It can be beneficial for payment transactions, back-office operations, risk management and even streamlining transaction reporting and record management. Understanding the possibilities of its development and the effects it can have across a sector, QCB is exploring the use of blockchain within the existing regulations that help forge a relationship between a regulated entity and its regulator.”