Gulf Times | February 12 2020

The Qatar Central Bank (QCB) is preparing to launch ‘Sandbox’ technology for computer security as part of QCB’s preparations to unveil its Financial Technology (Fintech) strategy.

In his opening speech during the ‘Qatar-UK Financial Services Event’ held Wednesday in Doha, HE the Governor of Qatar Central Bank (QCB) Sheikh Abdulla bin Saoud al-Thani said Sandbox “will pave the way for a new era of financial services in the state of Qatar, as part of the financial inclusion strategy, which will be launched soon at the state level.”

Sandbox technology is for computer security that separates running programs and malware, continued the QCB governor, who announced this development in the presence of The Lord Mayor of the City of London Alderman William Russell.

The QCB governor also spoke the on cooperation between the state of Qatar and the UK in the field of cybersecurity, saying that “it has seen great progress,” even as he cited a Memorandum of Understanding (MoU) signed between QCB and the UK’s Department for International Trade.

According to Sheikh Abdulla, the ‘Qatar-UK Financial Services Event’ the topics during the forum are related to regulating Fintech and the role it plays in promoting the role of small and medium-sized enterprises (SMEs) in society.

The QCB governor also expressed appreciation for the interest shown by the Lord Mayor of the City of London in developing ties in the financial sector with the state of Qatar.

He also highlighted the strong ties between Qatar and the UK in financial services, cybersecurity, and Fintech. These ties also extend beyond the financial sector to education, as well, the QCB governor continued.

Sheikh Abdulla said both countries agreed to establish the Qatar Centre for International Finance and Banking, noting that it will be a model for developing human capital and joint cooperation to developing education and training in the field of banking and finance, as well as building capabilities for QCB employees and Qatar’s financial sector.

He said the agreement will help achieve the goals of Qatar National Vision 2030, and the strategy of the financial sector in the state of Qatar, especially to human resource development.

Ajay Sharma, the UK’s ambassador to Qatar, said the staging of the ‘Qatar-UK Financial Services Event’ follows the success of Qatar Day, which was held last year in London, and also aims to enhance the long-term partnership between the two countries.

Sharma said by building strategic partnerships, the UK looks forward to the existence of a thriving financial services centre in Qatar that's in line with Qatar National Vision 2030 and building on the UK's global leadership in financial services.

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