Masraf Al Rayan has signed an MoU with Karty, a start-up fintech company, to collaborate in developing solutions in new technologies and supporting customers to achieve financial well-being. The collaboration is hoped to “enhance the future of the fintech sector”, according to Masraf Al Rayan’s general manager, Rana Al-Asaad, who also reiterated the bank’s “unwavering dedication to promoting innovation and delivering exceptional services”.
Further commitments to the fintech sector were highlighted in the second regional fintech conference hosted in Doha on the 30th May. The conference was attended by speakers from Qatar and the region in the banking, financial services and information technology sectors. The themes discussed ranged from new digital solutions and artificial intelligence (AI) to regulatory involvement in the fintech sector.
The head of the Scientific Accounting Association at Qatar University, Dr Ghassan Mardini, stated that while AI can significantly improve the financial sector, it can also present challenges and risks. Dr Ghassan encouraged regulators and financial institutions in Qatar to develop a comprehensive governance framework for AI in order to mitigate any potential challenges and risks.
Qatar Islamic Bank (QIB) recently adopted the Equator Principles and became the first bank headquartered in Qatar to join the Equator Principles Association, a framework recognized globally for assessing, determining and managing social and environmental risks in bank-financed projects. QIB further demonstrated its commitment to ESG and sustainability practices by enhancing its risk management framework for compliance with the Equator Principles, an approach that will allow it to better manage and control project finance-related ESG risks.
Bassel Gamal, CEO of the QIB Group, stated that “we recognize the vital role played by the financial sector in promoting sustainability and believe that integrating ESG risk analysis is crucial for mitigating climate risks and facilitating responsible risk decision-making” and added that QIB’s commitment to sustainability pervades all business.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].