Qatar Financial Centre and QNB Group Partner to Enhance Business Banking
Qatar Financial Centre and QNB Group sign MoU to facilitate access to banking services for QFC-licensed firms and develop Qatar's capital markets.
The Qatar Financial Centre (QFC) and QNB Group have signed a Memorandum of Understanding (MoU) to make it easier for QFC-licensed firms to access banking services and to support the development of Qatar's capital markets, Qatar's state news agency QNA reported, Qatar News Agency (QNA) said in a statement.
The partnership will allow QFC-licensed firms to open corporate accounts more easily and improve their digital access to banking services. QNB will offer its products and services to these firms and their employees, aiming to shorten the onboarding process. The two organisations will also explore integrating their digital platforms to enable firms to open accounts directly through the QFC online platform.
Mansoor Al Khater, CEO of QFC, said, "We want to make access to banking easy for QFC firms and their employees." Abdulla Mubarak Al Khalifa, Group CEO of QNB Group, said the collaboration aims to make access to banking services "more seamless" for businesses entering the Qatari market.
The MoU also covers cooperation in Euro Medium Term Note (EMTN) programmes, Special Purpose Company (SPC) structures, and financing platforms. The two organisations plan to set up technical working groups to take these strategic capital markets initiatives forward. They will also hold workshops, training sessions, and industry roundtables, and participate in conferences and forums to position Qatar and the QFC as a regional and international capital markets hub.
The Qatar Financial Centre is a financial free zone that offers a range of services to businesses operating in Qatar. It aims to attract and support businesses in the region. QNB Group is one of the largest financial institutions in the Middle East and Africa, with an international network and a range of financial capabilities.
This partnership is part of Qatar's efforts to develop its financial sector and capital markets. The country has been investing in infrastructure and initiatives to support business growth and become a regional and international financial hub.