QFC and Commercial Bank sign MoU to facilitate banking access for QFC firms

“The Qatar Financial Centre (QFC) has signed a memorandum of understanding (MoU) with the Commercial Bank, one of Qatar’s most established financial institutions, to facilitate access to banking services for the QFC firms. Under the MoU, QFC will promote Commercial Bank as a strategic banking partner to companies licensed on its platform. In turn, Commercial Bank will design a customised banking offering for the QFC firms and their employees, providing relevant products and services to eligible parties, including immediate banking services to newly-licensed firms. 'This collaboration delivers tangible value for Qatar’s business community and the broader economy, while reinforcing our commitment to an efficient and supportive environment for businesses operating within the QFC,' said Mansoor Rashid al-Khater, chief executive officer, QFC. 'By working with Commercial Bank, we are creating a more straightforward pathway for our firms to access the banking solutions they need to grow with confidence,” he added. The pact also establishes a framework for collaboration in fintech and digital assets. This includes joint ecosystem engagement, events and hackathons to drive fintech innovation, as well as the development and testing of tokenisation opportunities through the QFC's Digital Assets Lab. The partnership also provides for the collaborative hosting of workshops throughout the year, giving the QFC-licensed firms access to financial expertise and market insights. Stephen Moss, Group chief executive officer, Commercial Bank said this agreement with the QFC reflects its shared commitment to strengthening Qatar’s position as a leading financial hub, while making it easier for companies to do business. 'By streamlining onboarding and enhancing digital connectivity, we are enabling firms and their employees to operate with greater ease, reinforcing our role as a trusted banking partner,' he added. Both the QFC and Commercial Bank play a key role in facilitating business development and growth in Qatar. This MoU advances their efforts to deliver more effective support to businesses through enhanced access to financial services, collaborative initiatives, and knowledge-sharing programmes.

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