Sandbox technology on the rise for Qatar Central Bank

Sandbox technology on the rise for Qatar Central Bank

As part of its Financial Technology (Fintech) strategy, the Qatar Central Bank (QCB) aims to boost computer security with the launching of its “Sandbox” technology as unveiled at the “Qatar-UK Financial Services Event” held in Doha on Wednesday.

HE the Governor of Qatar Central Bank (QCB) Sheikh Abdulla bin Saoud al-Thani said in his opening speech that the Sandbox “will pave the way for a new era of financial services in the state of Qatar, as part of the financial inclusion strategy, which will be launched soon at the state level.” Furthermore, this type of computer security will boost overall trust and reliability when it comes to separating running programs and malware.

This stunning development was announced in the presence of The Lord Mayor of the City of London Alderman William Russell, highlighting the cooperation between the state of Qatar and the UK. As the QCB governor explained, “It has seen great progress.” The field of cyber-security itself is a burgeoning sector that requires meticulous attention and passionate minds to contribute to its improvement for everyone’s overall benefit. There has also already been a Memorandum of Understanding (MoU) signed between QCB and the UK’s Department for International Trade.

What makes the strategies of Fintech invaluable in today’s society is its undeniable and pivotal role when it comes to the promotion and overall enhancement of the small and medium-sized enterprises (SMEs) in society. This was also given priority at the “Qatar-UK Financial Services Event” where various topics were discussed. All these were made possible in part due to the express interest shown by the Lord Mayor of the City of London when it comes to the improvement of ties in the financial sector with the country.

In line with this, there have also been solid and strong existing ties between the two countries regarding matters in financial services, the educational sector, cyber-security, and Fintech. These friendly relationships and fruitful partnerships have given rise to the Qatar Centre for International Finance and Banking as established to be a model for developing human capital. There will be a notable joint cooperation when it comes to developing education and training in the field of banking and finance. This will also be a monumental advantage for building various capabilities for QCB employees and the financial sector of Qatar.

Overall, these initiatives will further enhance and spearhead endeavours that push forward to achieve the goals of Qatar National Vision 2030. This is especially true when talking about the development of human resource. All of these initiatives follow the goal of enhancing the long-term relationship of Qatar and UK along with the success of Qatar Day, building strategic partnerships for the vision of a thriving financial services centre in Qatar in line with Qatar National Vision 2030.

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