Qatar Central Bank seeks to adopt blockchain and fintech solutions to support venture capital funding and development of SMEs. For that reason, it has proposed a second strategic plan, media reports said,
In line with its proposal, the Governor of Qatar Central Bank Sheikh Abdulla bin Saoud al-Thani, told the media, “The QCB is actively working on developing strategies that will allow [industry] players to easily [take part in various] 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.”
Blockchain is a disruptive technology embraced by the global banking system. The technology is quite effective for payment transactions, back-office operations, risk management and record management. It is reported that Qatar Central Bank is actively working to adopt blockchain solutions and other emerging financial technologies.
The bank’s second strategic plan is to establish policies to strengthen venture capital financing and drive SME development. Part of the strategy which is focused on SMEs is monitored through the Qatar Development Bank, media reports said,
Previously, the Qatar Development Bank had developed a myriad of innovative programmes to provide, short, medium and long-term capital for SMEs in the country. It seeks to improve credit access for SMEs in line with Qatar Central Bank’s proposal to adopt blockchain and other disruptive technologies, media reports said.
In fact, Qatar Central Bank is keen to explore distributed ledger technology use cases and its impact on businesses in the country.