By: Mohammed El-edrisi
The wait for the “sandbox” technology is finally over. After the Governor of Qatar Central Bank HE Sheikh Abdullah bin Saoud Al-Thani first announced the launching of a “new platform to support Fintech” back in October 2018 at Carnegie Mellon University in Qatar, the platform is now done and has been officially launched on Wednesday February 12, 2020.
His Excellency Sheikh Abdullah bin Saud Al Thani, Governor of the Central Bank of Qatar, said that the Central Bank, representing the supervisory and supervisory body for the financial sector, is fully aware of the importance of financial technology in the development of the banking and financial sector in the state, and from this logic, and within the framework of the Qatar National Vision 2030, have decided to launch this platform.
The “Sandbox” technology for computer security was launched as a part of QCB’s preparations to reveal 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 “we are going to pave the way for a new generation of financial services in the state of Qatar, as part of the upcoming financial inclusion strategy, which will be launched soon on an official state level.” Sandbox technology is for computer security that separates running programs and malware.
The Mayor of the City of London “Alderman William Russell” was among the high profile individuals who were present during the QCB governors speech and announcement.
The QCB governor also focused on talking about the strong connection and coalition between Qatar and the UK in the field of cybersecurity and the financial sector. He also emphasized how he’s proud of the ties between both countries and how he has seen a huge development in the last decade. He then went on to drift away from the financial and technology sectors to speak about how the ties between both countries isn’t limited to that but also extends to an important sector, which is the education sector.
Sheikh Abdullah announced that the Uk and Qatar have agreed to build the Qatar Centre for International Finance and Banking, describing how it will be a blueprint for growing human capital and to helping grow and develop education and training in the field of finance.
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.
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.
In an interview with the Gulf Times, the UK ambassador to Qatar Ajay Sharma expressed how the staging of the ‘Qatar-UK Financial Services Event’ is a follow up to the success of a previous cooperative event held last year in London by the name of “Qatar Day” which was made to strengthen the long-term relationship between Qatar and UK.
Sharma also emphasized the importance of building strategic partnerships as the UK looks forward to the creation of an advanced financial service centre in Qatar that helps achieve the goals the country is trying to achieve for Qatar National Vision 2030.
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