Qatar offers great opportunities for open banking, financial services
Doha: Qatar provides copious opportunities in the open banking and open financing services market to enhance customer convenience and help create new revenue streams by partnering with fintech companies, said an official.
In an exclusive interview with The Peninsula, UK's former Minister of State for Work and Pensions and current Senior Adviser at the global pension firm Smart, Guy Opperman, noted that emerging trends in Banking-as-a-Service are most relevant for Qatar's financial sector, augmenting its resilient economy.
He also lauded the strong cooperation between Qatar and the UK, paving the way for investors to explore the market and enhance cooperation and cross-investment across a multitude of different sectors. Opperman said: 'The strong cooperation and the work between the two nations has been successful in the past and will continue. The evidence from the Memorandum of Understanding and the various protocols that were signed in December of last year clearly shows that this is happening already.'
The former minister, who is visiting Doha, on the sidelines of the Digibank Summit said 'It is an opportunity to network with several people and dive into Qatar's financial market as there is a fantastic amount that both countries are doing, and I think they can learn from each other.'
The official reiterated that both nations are reciprocating investment opportunities across diverse sectors. He stated that there are two aspects such as the 'heavyweight investment', which includes infrastructure, housing, and related services.
On the other hand, investors from Qatar and the UK are also executing opportunities in the financial services market by establishing numerous fintech and startups in the region.
Additionally, Opperman highlighted that Qatar is at the forefront of embarking on the digital transformation journey. 'What we are witnessing right now shows very clearly that there is a desire to have digital savings and digital retirement platforms,' he said.
However, Qatar's challenge lies in embracing the change and positivity and harnessing it towards helping the citizens achieve this goal, the official indicated by saying 'not just for finance inclusion point of view but also enabling Qatari businesses capable of transforming the country's digital platforms and digital capabilities.'
'The future is very bright here and it's very clear from the conference that there is a real appetite for digital capability in a multitude of ways whether that is banking, open finance, or specific platforms of savings. So, it's an exciting time for the Middle East and Qatar, Opperman added.
© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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