Page 12 - Annual Report 2022 EN

/ 12 T ABLE OF C ONTENT S

CEO’s Statement

I am pleased to announce that 2023 has been a year of We are looking forward to launching more

exceptional innovation, transformation, and resilience for nationalisation initiatives in 2024 to further enhance

the Qatar Financial Centre Regulatory Authority (QFCRA). the skills and competencies of our Qatari talent.
This progress underscores our commitment to fostering
I am also pleased to note that the QFCRA participated
a dynamic, stable, and forward-looking financial sector.
in the establishment of the Financial Sector Strategy

Office -Ro’ya, which was created in 2023 to manage
Our regulatory policy efforts have consistently aligned
the deliverables under the Third Financial Sector
with evolving international standards and best practices
Strategy. The strategy outlines the vision and
in banking, insurance, asset management, and AML/
objectives for developing Qatar’s financial sector
CFT. In 2023, we introduced initiatives that opened
leading up to 2030. The Financial Sector Strategy
new opportunities for Qatar’s financial markets,
Office -Ro’ya, is a multi-stakeholder initiative that
including the development of the Derivatives Markets
works closely with the Qatar Central Bank, Qatar
and Exchanges Rules (DMEX) and proposals for a
Financial Markets Authority, Qatar Stock Exchange,
Digital Assets Framework. These initiatives aim to
Edaa, Qatar Development Bank, QFCRA and other
create a conducive environment for capital markets
key stakeholders to ensure effective implementation
and fintech development, thereby enhancing the
and coordination of the strategy, as well as to
diversification and competitiveness of Qatar’s economy.
monitor and report on progress and outcomes.

I am also pleased to report that our successful migration
On behalf of all the staff at the QFCRA, I wish to
to a cloud-based infrastructure in 2022 has significantly
express my sincere gratitude to our Chairman, H.E.
enhanced our digital capabilities, operational efficiency,
Sheikh Bandar Bin Mohammed Bin Saoud Al-Thani
and resilience in 2023. This year, we continued our
and our Board of Directors for their strong support,
‘Supervision 2030’ vision, integrating AI-augmented
leadership and vision. I am also very grateful for
tools into our supervisory processes to aid in risk
the continuing support of our partners at the Qatar
mitigation and decision-making. The development
Central Bank and the Qatar Financial Markets
of tailor-made tools utilising Machine Learning for
Authority for their commitment to cooperation and
reporting and supervising our firms underscores our
the valuable contributions they have made to financial
commitment to fostering an innovative environment.
regulation in the State of Qatar during 2023.

We have also maintained our focus on talent

management and the development of future leaders
Michael G. Ryan
in financial regulation. In 2023, we increased the
Chief Executive Officer
representation of Qatari staff in core business

areas, including supervision, policy, and legal.