Qatar Central Bank (QCB) has issued the regulatory framework for digital banks, so as to regulate their activities in the country. This new development is in line with the third strategy for the financial sector and the financial technology strategy.
It comes within the framework of QCB’s continuous efforts to regulate and develop the financial sector and support digital transformation.
The bank stressed the importance of the regulatory framework for digital banks, as it is an integral part of the bank’s efforts to enhance digital innovations and technological initiatives in the financial sector, in support of the country’s journey towards a digital economy.
Digital banks are an important step towards enhancing financial inclusion, as they provide innovative banking services that meet the needs of individuals and companies easily and efficiently.
These banks also provide integrated services via the Internet and mobile phone applications around the clock, enabling customers to conduct their financial transactions at any time and from anywhere.
Thanks to advanced technology, digital banks enjoy speed and security in financial transactions, in addition to reducing operational costs, which allows for the provision of less expensive and more efficient services.
The regulatory framework for digital banks enhances these advantages, which benefit customers and contribute to achieving sustainable development.
QCB renewed its commitment to continue providing initiatives by providing the appropriate infrastructure and legislation for the growth of the financial technology sector in the country, while supporting companies operating in this sector to provide innovative solutions that help develop the financial sector, in addition to enhancing operational efficiency and the spirit of innovation in financial and banking services, in line with Qatar National Vision 2030.
The Qatar Central Bank indicated that the regulatory framework can be viewed through the bank’s official website.
