25 May 2023, Doha – Qatar: The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with Mastercard, a global pioneer in payment innovation and technology. The MoU aims to provide a framework of cooperation between the two organisations.

The scope of cooperation covered in the MoU includes sharing expertise and resources, exploring opportunities to generate revenue and promote the development of self-sustainable products and collaborating on education and training programmes. Both parties will also set out to identify potential joint activities that promote the development of emerging sectors and technologies, such as distributed ledger technology and digital assets, including tokenisation and regulated digital currencies, trade finance, and environmental, social, and governance (ESG) areas.

In addition, the MoU outlines the organisations' intention to explore the possible creation of a Fintech Innovation Lab catering to financial institutions, Fintechs and other financial services companies. Mastercard will further support Qatar’s booming startup landscape through its award-winning global fintech engagement program, Start Path, with the aim of nurturing high-potential fintechs and startups and connecting them to product and partnership opportunities across the globe.

Commenting on the agreement, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said, "We are excited to collaborate with Mastercard to explore and develop innovative solutions that support the development of emerging sectors, fintech firms and other financial institutions and to deliver high-impact results that will help further the growth of the financial services industry in the region."

J.K. Khalil, Cluster General Manager, MENA East, Mastercard, added: "Mastercard is an avid supporter of the Qatar National Vision 2030 and aligned in our efforts to champion economic innovation through digital transformation to meet the needs of current and future generations. Our partnership with QFC marks a significant milestone in our ongoing commitment to building a robust, sustainable and inclusive financial ecosystem."

Through this partnership, the QFC and Mastercard aim to build a brighter future for the financial services industry and advance their shared commitment to drive innovation in the financial services industry and contribute to the economic growth in their respective areas of operation.