Page 72 - Annual Report 2019

69 ANNUAL REPORT 2019 POLICY AND ENFORCEMENT

Partnering with peer regulators Partnering on FinTech initiatives
and other agencies in Qatar FinTech (financial technology) is creating opportunity These collaborative initiatives are providing
The Regulatory Authority has continued to work closely with the worldwide to improve financial sector systems and significant assistance to the Regulatory
Qatar Central Bank (QCB) and the Qatar Financial Markets services such as payment, remittance, digital payment, Authority in its knowledge of FinTech.
Authority (QFMA) under the auspices of the Financial Stability and money management, lending, and other services.
Risk Control Committee chaired by His Excellency, Sheikh Abdulla In 2019, the Regulatory Authority continued
bin Saoud Al-Thani, Governor of the QCB and Chairman of the In 2019, the State of Qatar continued its work through its participation in IOSCO’s FinTech Network
Regulatory Authority. the Qatar National FinTech Task Force. Led by the Qatar work streams. The network brings together
Central Bank (QCB) and Qatar Development Bank, IOSCO members in the various areas of FinTech
The Legislative Counsel department provides legislative drafting the task force brings together Qatar’s three financial to encourage cross-border co-operation. The
services to the QFC Authority’s Legal Services team under a service regulators and potential FinTech stakeholders and market Regulatory Authority continues to participate in
level agreement. In 2019, Legislative Counsel assisted in the drafting participants. The QCB announced plans to develop IOSCO’s “RegTech and SupTech” work stream.
of the QFC’s Trust Regulations, Employment Regulations, Privacy and launch a sandbox banking service platform to
Regulations and Rules, and Ultimate Beneficial Ownership Laws, support and promote FinTech. This initiative is part of the
among other legislation. In addition, the department provided State’s objective to transform Qatar into a knowledge-
assistance in the English drafting of proposed amendments to the based society and enable the country to emerge as a
QFC Law and their consequential amendments to the Financial regional hub for innovative technology and services.
Services Regulations. The department was actively involved in
assisting with the drafting of rules on anti-money laundering and Qatar University has several FinTech-related research
combatting the financing of terrorism for the QCB, the QFMA, the projects in development. In 2017, the Regulatory
Ministry of Justice and the Ministry of Commerce and Industry. Authority was invited to support two projects: “Building a
Resilient, Inclusive and Competitive Legal and Regulatory
The Regulatory Authority continues to participate in consultations Framework for 21st Century Finance in Qatar” and “A
with the QFC Authority and the QFMA on new and amended Secure End-to-End Blockchain-Enabled Solution to
regulations and rules to provide feedback, ensuring that the QFC Finance Trade: The Legal, Technological, and Economical
and the QFMA regulatory and legal framework remain relevant Framework”. Both projects received funding award grants
and benchmarked to international best practice. from the Qatar National Research Fund (QNRF) and
were made within the 11th cycle of the QNRF’s flagship
grant scheme, the National Priorities Research Program.