⚡️ Qatar 🇶🇦: Central Bank Implements New Regulations to Strengthen Digital Banking and Improve Financial Access

⚡️ Qatar 🇶🇦: Central Bank Implements New Regulations to Strengthen Digital Banking and Improve Financial Access

The new regulations cover both operational aspects and licensing procedures. The Central Bank has reiterated its commitment to supporting fintech, promoting the creation of infrastructure and a favorable legal framework for the sector.

➡️ To obtain a license, digital banks must demonstrate that their objectives include enhancing financial inclusion, focusing on segments of the population under-served by traditional banking.

➡️ It is mandatory for digital banks to have their headquarters in Qatar, and the majority of their board members must be local residents, which facilitates legal responsibility if necessary.

➡️ Another key requirement is support for local small and medium-sized enterprises (SMEs).

➡️ Context: Population: 2,846,118; GDP per capita: 68,622 USD. It is projected that net interest income in Qatar’s banking market will reach 19.56 billion USD in 2024, with an expected increase to 26.14 billion USD by 2029. However, traditional banks still dominate the market, as digital banks are perceived as more vulnerable to fraud due to their lower entry requirements, which make tax evasion and money laundering easier.

With the growth experienced by the country after the World Cup, Qatar seems to be taking solid steps toward strengthening digital banking. It will be interesting to see how this sector evolves.

#news #Asia

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