DOHA — His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of the Qatar Central Bank (QCB), underscored his dedication to fostering an environment conducive to the diversification of digital assets, business competitiveness, and entrepreneurial innovation. His remarks came during the inauguration of the Digital Assets Lab by the Qatar Financial Centre (QFC), attended by His Excellency Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al-Thani.

According to a new release by Qatar News Agency, the QFC’s Digital Assets Lab is powered by QCB and aligns with the QCB Fintech Strategy that was launched in March 2023, as part of Qatar’s National Vision 2030. The Governor stated that the initiative would not only strengthen Qatar’s financial landscape but also contribute to the development of other economic sectors by leveraging advancements in digital technologies.

The lab, which is the inaugural program to be launched under the Innovation Dome, aims to catalyze financial solutions and enhance Qatar’s standing as a significant global commercial center. The Innovation Dome is dedicated to fostering transformative initiatives that put Qatar at the forefront of digital innovation.

Yousuf Mohamed Al Jaida, Chief Executive Officer of QFC, stressed the rapid technological changes that make digital transformation essential in all sectors. Deputy CEO and Chief Legal Officer of QFC, Nasser Al Taweel, lauded the comprehensive system created for the Fintech sector, emphasizing robust regulatory and legislative frameworks for digital assets.

Michael Rayan, CEO of QFCRA, stated that the Digital Assets Lab would serve as a collaborative platform, essential for unlocking the potential of new technologies. The lab will focus on innovation, research, and development in the realm of Digital Assets and Distributed Ledger Technology, with the aim of transforming these concepts into applicable technologies across various industries.

The event provided an extensive overview of the Digital Assets Lab and covered various elements, including potential participants and use cases. It also marked the beginning of the application process for the inaugural innovation challenge cycle, inviting fintech companies and industry stakeholders for collaboration.