The Banking Executive Magazine - February 2025 Issue

Qatar provides copious opportunities in the open banking and open fi- nancing services market to enhance customer convenience and help cre- ate new revenue streams by partner- ing with fintech companies, said an official. In an exclusive interview, UK’s for- mer 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 econ- omy. He also lauded the strong coopera- tion between Qatar and the UK, paving the way for investors to ex- plore the market and enhance coop- eration and cross-investment across a multitude of different sectors. Op- perman said: “The strong coopera- tion and the work between the two nations has been successful in the past and will continue. The evidence from the Memorandum of Under- standing and the various protocols that were signed in December of last year clearly shows that this is hap- pening already.” The former minister, who is visiting Doha, on the sidelines of the Di- gibank Summit said “It is an oppor- tunity to network with several people and dive into Qatar’s financial mar- ket 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 na- tions are reciprocating investment opportunities across diverse sectors. He stated that there are two aspects such as the ‘heavyweight invest- ment’, 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 fin- tech and startups in the region. Additionally, Opperman highlighted that Qatar is at the forefront of em- barking on the digital transformation journey. “What we are witnessing right now shows very clearly that there is a desire to have digital sav- ings and digital retirement plat- forms,” 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 fi- nance inclusion point of view but also enabling Qatari businesses ca- pable of transforming the country’s digital platforms and digital capabil- ities.” “The future is very bright here and it’s very clear from the conference that there is a real appetite for digital ca- pability in a multitude of ways whether that is banking, open fi- nance, or specific platforms of sav- ings. So, it’s an exciting time for the Middle East and Qatar, Opperman added. the BANKING EXECUTIVE 22 ISSUE 194 FEBRUARY 2025 QATAR OFFERS GREAT OPPORTUNITIES FOR OPEN BANKING, FINANCIAL SERVICES