The Banking Executive Magazine - May Issue

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and Mastercard, the global company working in the field of innovation and technology in payment solu- tions, have signed a memorandum of understanding (MoU) with the aim of creating a framework for co-opera- tion between the two parties. The scope of co-operation stipulated in the MoU includes exchanging ex- periences and resources, exploring appropriate opportunities to create revenues, promoting the develop- ment of renewable and sustainable products, and co-operating in educa- tion and training programmes. The two parties will also work to identify joint activities that can promote the development of emerging sectors and technologies, such as distributed ledger technology (DLT) and digital assets, including tokenisation and regulated digital currencies, trade fi- nance, environmental, social prac- tices, and governance. The MoU also reflects the desire of both parties to discuss the possibility of establishing a FinTech Innovation Lab that will serve financial institu- tions, financial technology compa- nies and other financial services companies. MasterCard will support Qatar's thriving startup ecosystem through its award-winning global financial tech- nology Start Path programme to nur- ture high-potential financial technology companies and start-ups and provide them with access to new products and partnerships around the world. Commenting on the agreement, Chief Executive Officer Yousuf Mo- hamed al-Jaida said QFC is pleased to partner with MasterCard to re- search and develop innovative solu- tions that support emerging sectors, financial technology companies and other financial institutions, and to provide integrated solutions that help increase the growth of the financial services sector in the region. General Manager of Mena East at Mastercard JK Khalil said that through this partnership, QFCA and MasterCard aim to build a promising future for the financial services in- dustry, reinforcing their joint commit- ment to developing innovation in this sector and contributing to eco- nomic growth in their respective scope of work. He added that this partnership is part of MasterCard's efforts to support economic innovation through digital transformation that meets the needs of current and future generations. It also represents a milestone in the company's continued commitment to building a strong, sustainable and inclusive financial system. QFC provides an excellent business platform for companies wishing to establish and conduct their activities in Qatar or the region in general. It also has its own legal and regulatory framework, tax system and well-es- tablished business environment that allows for up to 100% foreign own- ership, 100% repatriation of profits and corporate tax at a competitive rate of 10% on profits from local sources. ISSUE 173 MAY 2023 the BANKING EXECUTIVE 19 sQatar Financial Centre Authority, MASTERCARD SIGN MOU TO BOLSTER FINANCIAL SERVICES INDUSTRY