Legal and financial experts along with representatives of companies discussed plans to promote Qatar as a regional centre for financial technology with the aim of promoting economic diversification.
This was discussed at a seminar organised by the Centre for Law and Development (CLD) at Qatar University (QU), which and sponsored by the Qatar Development Bank (QDB).
Speakers at the symposium discussed the challenges and opportunities for Qatar in the field of financial technology in light of the rapid changes in the financial sector.
The participants also reviewed similar international experiences from which Qatar can benefit.
Assistant Dean for Research at QU College of Law Dr Mona al Marzouki stressed the importance of technical innovation in diversifying Qatar's economy, and praised cooperation of all sectors of Qatari society to achieve this goal.
Acting Executive Director of Investments at QDB, Ibrahim Mohammed Hassan, emphasised the importance of embracing innovations around the world and benefiting from them to develop the financial sector as well as stimulate the emergence of a vibrant local technology sector.
Qatar International Court'judge William Blair praised Qatar's efforts to implement a financial system that supports diversification efforts.
Commenting on the discussions, QDB head of Legal Affairs Abdulrahman al Qahtani said,"We found that financial technology is a newly emerging phenomenon that requires extensive research, a clear regulatory framework and highly skilled human capital to deal with it."
The symposium came out with valuable recommendations on best practices in financial technology regulation and policies and comparisons were made with other financial technology centres, Director of CLD at QU Dr Jon Truby said.
Truby added that discussions with experts and specialists from academia, central banks, industry regulators and judiciary highlighted that the promotion of financial technology through appropriate support and organisation will provide tremendous potential for small and medium-sized companies in Qatar to grow and develop.