Doha, November 15 (QNA) - Qatar Development Bank (QDB), represented by the Qatar FinTech Hub (QFTH), announced the signing of a strategic cooperation agreement with the Global Finance & Technology Network (GFTN) an initiative by the Monetary Authority of Singapore (MAS) on the sidelines of the Singapore FinTech Festival, one of the world's largest gatherings dedicated to financial innovation.

CEO of QDB and Chairman of QFTH Abdulrahman bin Hesham Al Sowaidi and Group CEO of GFTN Sopnendu Mohanty signed the agreement.

In a press release issued Saturday, QDB said that the agreement establishes a long-term framework for collaboration in policy innovation, ecosystem enablement, capacity building, and the exchange of knowledge and best practices in financial technology.

The agreement endorsed the establishment of a Center of Excellence and Support for FinTech in Doha, serving as a dynamic platform that energizes the FinTech community locally and regionally. The Center will work to deliver strategic insights and pioneering research on transformative financial technologies and their impact on markets, from Africa and Central Asia to the Gulf Cooperation Council countries.

It will further contribute to strengthening collaboration between regulators, financial institutions, and innovators to develop inclusive and forward-looking policy frameworks that support emerging economies, in addition to advancing capacity building through specialized training programs, knowledge transfer, and dedicated workshops across the financial sector.

The agreement also stipulated collaborating and coordinating on establishing a Qatar FinTech Forum in the future, to serve as an annual international FinTech event held as an extension of the Singapore FinTech Festival, aimed at advancing the future of financial technology in Qatar and the region, with Doha selected as the permanent host of the Forum.

The Forum will be a platform for exchanging expertise and ideas among policymakers, regulators, financial institutions, investors, entrepreneurs, and academia from across continents, to discuss the future of innovation and business in FinTech.

Commenting on the signing, the CEO of QDB and Chairman of QFTH said, "Our partnership with the Global Finance & Technology Network reflects our deep commitment to positioning the State of Qatar as a global center of excellence for financial innovation. This aligns with the objectives of the Third Financial Sector Strategic Plan and the Qatar FinTech Strategy led by Qatar Central Bank."

Abdulrahman Hesham Al Sowaidi added, "At Qatar Development Bank, we spare no effort in empowering entrepreneurs, stimulating investment, and building integrated ecosystems that transform vision into high-impact ventures. Through this partnership, benefiting from GFTN's global expertise in policy innovation and digital transformation, we aim to build on the strong momentum the country is witnessing in developing local FinTech capabilities, attract world-class innovators to Qatar, and strengthen the financial ecosystem to serve as a bridge connecting local capacity with global opportunity.

"This partnership builds on Qatar's robust digital infrastructure and thriving business environment, which have witnessed remarkable progress in recent years. We believe it will play a pivotal role in driving sustainable growth in the FinTech sector, supporting economic diversification efforts, and advancing the long-term ambitions of Qatar National Vision 2030," Al Sowaidi said.

For his part, the Group CEO of GFTN said, "Qatar's bold innovation agenda provides fertile ground for global collaboration. GFTN brings to this partnership the collective intelligence of our global network connecting more than 130 markets regulators, investors, and innovators to help design scalable solutions for Qatar and the MENA region."

Mohanty added, "Together with QDB's deep commitment to entrepreneurship, innovation, and national capacity building, we are creating a platform that connects capital, policy, technology, and talent into an engine for accelerated and inclusive digital growth across MENA."

This partnership builds on the growing collaboration between the State of Qatar and GFTN, combining both sides' FinTech expertise to advance cross-border innovation, investment, and knowledge exchange, strengthening regional cooperation and ties with Asian markets, for the benefit of both sides. (QNA)