According to Alanood Abdullah Al Muftah, the chairman of the QCB’s fintech branch, the central bank is likely to announce a strategy for its future concentration on a variety of fintech verticals soon, the QCB will also decide whether Qatar can develop a central bank digital currency (CBDC). She clarified:
“Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving towards having a digital currency. However, it’s still being studied whether we’re having a digital currency or not.”
Alanood Abdullah Al Muftah
While speaking about Qatar’s regulatory sandbox, Al Muftah stated that three payment firms are actively testing solutions with the central bank. She also noted that the QCB is looking into additional companies that want to use the regulatory sandbox.
A regulatory sandbox is a virtual environment in which fintech companies can test new products, services, business models, and delivery mechanisms in a real-world context while benefiting from a streamlined authorization procedure and supervisory oversight.
Meanwhile, Dukhan Bank, a private Qatari bank, is looking into the idea of establishing a digital firm in Qatar, according to Narayanan Srinivasan, the bank’s chief operations and digital officer. However, Srinivasan cautioned that his organization would construct a digital bank only after gaining a greater understanding of its economics. Dukhan Bank is also thinking about using blockchain technology in the payments business.
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