Qatar Central Bank has a “world-class payment infrastructure with state-of-the-art technology” as demand for electronic payments is steadily increasing and is expected to “significantly increase” during the FIFA World Cup Qatar 2022. We have started a major project aiming for.
In its latest Financial Stability Review, QCB states that the project will transform the domestic retail payment infrastructure to meet growing demand.
The purpose of this project is to “build a world-class payment infrastructure with state-of-the-art technology that promotes a safe, secure and efficient payment ecosystem in Qatar.”
Another initiative taken by QCB was FinTech and related areas.
Recognizing the role of FinTech and non-bank payment service providers in the development of the Qatar economy, the QCB has launched several steps to support FinTech’s growth while addressing the risks posed by them.
The initiative includes a regulatory framework for monitoring FinTech licensing and operations, and a regulatory sandbox that supports FinTech and other innovators to conduct live experiments in controlled environments under the supervision of QCB. included.
A dedicated FinTech section is also set up in the QCB to serve as a single point of contact for all FinTech-related regulatory requirements.
Financial inclusion has always been a priority area of the QCB. The first step towards broader financial inclusion is to provide everyone with access to checking accounts. Checking accounts allow people to save money and send and receive payments.
The QCB reaffirmed its commitment to strengthening financial inclusion in Qatar and advised all Qatar banks to provide domestic workers with bank accounts without a minimum balance requirement to receive salaries. In addition, a debit card that can be used on all payment channels such as point-of-sale terminals, ATMs, and mobile phones will be issued free of charge.
Banks are also advised to implement financial education programs to increase the financial literacy of workers to ensure the safe use of electronic payment methods.
According to QCB, payment and payment systems are a key component of the economic and financial infrastructure of the modern economy.
Therefore, the secure and efficient functioning of payment systems is essential for maintaining and promoting financial stability and economic growth. As the operator, regulator and supervisor of Qatar’s payment systems, the QCB has taken several policy initiatives in the past to develop safe, secure and efficient payment systems to transform Qatar into a digital economy. I did.
This process gained even more momentum in 2020. At this time, the pandemic of covid-19 set a new standard for social distance.
Policy measures were also guided by the QCB’s Strategic Plan on the Financial Sector (2017-2022) and the Qatar National Vision 2030, which focuses on the realization of a safe cashless society with enhanced financial inclusion.
QCB noted that the Covid-19 pandemic will make 2020 extremely difficult for stakeholders in payment system infrastructure.
In such a difficult business environment, financial institutions operating in Qatar have reduced their banking hours, especially through the closure of exchanges and active policy support from the QCB.
http://www.gulf-times.com/story/707299/QCB-project-aims-at-world-class-payment-infrastruc The QCB project aims to be a world-class payment infrastructure to meet Qatar’s growing demand for electronic payments.