The Banking Executive Magazine - January 2026 Issue

Qatar Financial Centre, ADGM, DIFC Qatar Financial Centre, ADGM, DIFC ANNOUNCE COOPERATION ON CROSS-BORDER DATA FLOW Qatar Financial Center (QFC) has an- nounced it reached reciprocal data protection adequacy recognition both the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC), noting that this regulatory milestone reinforces the three financial centres’ commit- ment to establishing a robust data protection regime and regional regu- latory cooperation. In a statement Thursday, QFC said that the reciprocal inclusions in their respective data protection adequacy lists follow a comprehensive assess- ment process, undertaken with the support of specialist legal firms, to evaluate each jurisdiction’s data pro- tection framework, regulatory en- forcement, and alignment with international best practices. Inclusion is granted only to jurisdic- tions that demonstrate best-in-class data protection standards and a con- sistently high level of protection for personal and sensitive data. Commenting on the announcement, Data Protection Commissioner at QFC Daniel Patterson said "By mu- tually recognising our data protec- tion frameworks as adequate, the QFC, DIFC and ADGM have made international data transfers simpler across the region. This reduces com- pliance burden and cost while main- taining strong rights, accountability and enforcement. It strengthens trust, supports digital trade and reinforces the Gulf as a secure, innovation-dri- ven platform for growth and invest- ment." The initiative advances regional har- monisation and underscores how co- operation between leading financial centres can translate into practical outcomes for the market. It also rein- forces the platforms’ shared commit- ment to supporting the evolving needs of international businesses. ISSUE 205 JANUARY 2026 the BANKING EXECUTIVE 33