Latest technological methods raise Qatar's financial market competitiveness: QCB Governor

Doha, Qatar: Governor ofQatar Central Bank(QCB) and Board Chairman of the Qatar Financial Markets Authority (QFMA) HE Sheikh Bandar bin Mohammed bin S...

Doha, Qatar: Governor of Qatar Central Bank (QCB) and Board Chairman of the Qatar Financial Markets Authority (QFMA) HE Sheikh Bandar bin Mohammed bin Saoud Al Thani said that to raise the competitiveness of the Qatari financial markets it relies on the latest technological methods, tools and programs and encourages the use of artificial intelligence in a way that promotes its leadership among the Arab financial markets, places it among the ranks of developed financial markets, and contributes to achieving Qatar National Vision 2030 (QNV 2030).

This came in His Excellency's message at the 2023 Annual Report issued by the Qatar Financial Markets Authority (QFMA) on Sunday, highlighting several developments of the Qatari capital market in 2023, and the Authority's key achievements during the year in terms of procedures, initiatives, legislation, regulations and rules related to its competencies and the financial sector activity.

His Excellency said that the past year witnessed the beginning of a new phase in the development of the Qatari financial markets, aiming to increase the competitiveness of the Qatari financial markets, raise their efficiency, and improve the financial services provided to Qatari and non-Qatari investors.

His Excellency explained that the launch of the Third Strategic Plan 2023-2027 of QFMA was the starting point and beginning for this new phase, as this plan is based on the key principles of QNV 2030 and derives its objectives from both the Third Qatar National Development Strategy (QNDS) and the Third Qatar Financial Sector Strategy (FSS). It aims to achieve the sustainability of financial markets, promote green financial instruments, and adopt technological and digital developments.

The Third QFMAs Strategic Plan includes a set of initiatives and projects that reflect the QFMAs future vision for the financial markets and seeks to achieve the desired goals in the coming years and establishes a regulatory framework and infrastructure for the Qatari financial markets to be in line with the best international standards and practices and emphasizes the importance of financial awareness among the market participants. It contributes to the transition towards sustainable financial markets and strengthens the QFMAs local and international strategic alliances.