The Qatar Central Bank (QCB) has announced the issuance of its first license in the country to “PayLater” to provide “Buy Now, Pay Later” services, as part of efforts to develop the financial technology sector in Qatar.
According to a statement issued by the central bank, the number of companies under its supervision and regulation in the financial technology sector has reached 13 companies so far.
QCB aims to support diversity and innovation in financial services, considering them a vital element in enhancing the local economy.
In this context, the central bank continues to implement its financial technology strategy, which seeks to leverage Qatar’s strengths and its local business ecosystem to support the growth of the financial technology sector.
This includes enhancing competitiveness by improving the financial market infrastructure, utilizing financial technology expertise, and opening new areas that positively impact society.
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The strategy aims to establish a leading financial technology infrastructure and develop human capabilities in this field.
It also strengthens Qatar’s leadership in financial technology services and instant payment systems, transitioning from traditional banking channels to digital alternatives on both regional and global levels.
The banking sector in Qatar has witnessed significant development in recent years, keeping pace with global advancements in financial technology.
This contributes to supporting the country’s business sector, boosting economic activity, and opening new opportunities for investments.
Experts believe that the Buy Now, Pay Later financial strategy represents a significant shift for the banking sector, enhancing its ability to offer innovative financial products for both individuals and businesses.
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