The Qatar Central Bank (QCB) began receiving license applications for insurance policy price comparison sites, open until December 2, in line with the financial sector strategy and the financial technology (Fintech) strategy, and based on QCB’s permanent endeavor to regulate and develop the financial sector in the country and stimulate Fintech innovation.
QCB aims to regulate insurance policy price comparison websites service providers in the country to achieve an appropriate regulatory framework for emerging Fintech companies to develop and improve smart solutions for this service, which has witnessed remarkable growth in recent years.
Insurance policy price comparison sites will provide customers with total flexibility when choosing an insurance policy and making the best decisions before purchasing insurance products by comparing different insurance products in terms of their features and prices in the fastest time, saving customers’ time and effort.
Insurance policy price comparison sites also cont
ribute to enhancing transparency by providing customers access to unbiased information that enables them to choose insurance products that suit the customers’ needs.
QCB stressed its keenness to provide effective and valuable initiatives that help create a suitable environment for tech companies to shape Qatar’s Fintech sector.
The Bank stated that those wishing to provide this service have to submit their applications at (sandbox.qcb.gov.qa), and can also further inquiry via email at (sandboxsupport@qcb.gov.qa). (QNA)
Source: Qatar News Agency