Doha, Qatar International Islamic Bank (QIIB) signed a memorandum of understanding (MoU) with FynPay, a Qatari FinTech company, aiming to explore a partnership that expands the Banks digital channels in an effort to support its digital transformation plan and in alignment with the digital strategy implemented by Qatar Central Bank (QCB).
QIIB Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei explained that the MoU aims to keep abreast of the significant technological advances in the banking sector in Qatar, in line with QCBs efforts to implement its ambitious digital strategy.
“With this initiative, we hope to expand QIIBs digital landscape by offering banking services at competitive prices to more customers, whether individual or institutional, who seek to benefit from our integrated services,” Al Shaibei added.
“The Bank will collaborate with FynPay under this MoU to explore the various applications, programs and technological solutions to be offered to Banks. This collaboration will enhance cu
stomer experience in mobile and online financial services, and thereby improve the Banks operational efficiency by harnessing the power of rapidly evolving financial technology (FinTech),” he explained.
“QIIBs collaboration in FinTech with a company operating in Qatar is important. This initiative presents various advantages such as the companys understanding of the business environment, knowledge of the market, and familiarity with the legislations, controls and laws issued by regulatory and supervisory authorities in the banking sector,” he added.
For his part, Rauf Azam, Group Chief Executive Officer and Co-Founder, FynPay and PeyzBank., said: “With thanks to the leadership of QIIB and their knowledge and vision for digitization of the banking industry, we are excited about the impact we will make in the digital banking arena and the benefits to the industry through our partnership. FynPay is an agile FinTech business and through our strategies, we seek to revolutionize digital banking.” He affirmed that
the “QIIB and FynPays visionary alliance is not just a partnership, this collaboration will undoubtedly be a beacon of innovation, enhancing the nations financial sector and paving the way for a knowledge-based economy in line with Qatars National Vision 2030.”
Source: Qatar News Agency