The Qatar Central Bank has granted the first digital payment license to two companies that offer electronic payment services: iPay by Vodafone Qatar and Ooredoo Money.
The license represents “an initial step to include all companies providing digital payment services under the supervision of the Qatar Central Bank to contribute to the development of the financial technology sector and enhance financial inclusion,” according to the central bank.
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Qatar is improving its digital payment infrastructure in order to accommodate an increase in foreign tourists as it gets ready to host the FIFA World Cup.
When it comes to financial services, the Qatari banking sector is relatively small compared to those found in other GCC countries like Kuwait and the United Arab Emirates, even though it houses the Middle East’s largest financial institution by total assets owned, Qatar National Bank (QNB).
QNB’s open banking platform builds on earlier work with Ooredoo which allowed Ooredoo wallet holders to access banking facilities such as virtual IBAN, virtual MasterCard, payroll solutions and remittances.
Despite its small size, the sector has proven to be a hotspot for innovation, aided by the presence of international tech companies in the country.
In June this year, QNB became the country’s first bank to introduce its own open banking platform, leveraging an open API to allow both its customers and partners to access its core banking systems.
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