QFC AUTHORITY AND GOOGLE CLOUD COLLABORATE TO BUILD NEW INNOVATION PLATFORM

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Doha – Qatar: The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and Google Cloud signed a Memorandum of Understanding (MoU) to build an innovation platform and advance the continued growth of Qatar’s tech ecosystem.

The two organisations will collaborate to encourage cloud technology adoption by fintech companies, consulting and technology firms, banks and financial institutions. Drawing on Google Cloud’s global network and capabilities both organisations together with QFC’s clients and the wider industry intend to collaborate in sectors like artificial intelligence, data science, blockchain etc. to accelerate innovation and digital transformation.

Commenting on the MoU, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said: “We are proud to embark on this new collaborative effort with Google Cloud and to drive business transformation for clients across banking, capital markets, insurance and emerging technologies. Financial services, including fintech, are one of QFC’s areas of focus, and we are delighted to expand our offering through industry-specific solutions under QFC’s umbrella. Together with Google Cloud, we aim to integrate innovation culture and technology into mainstream business practices to achieve sustainable economic development for Qatar in line with our national development goals.”

Ghassan Kosta, Qatar Country Manager, Google Cloud, said: “Google Cloud provides industry tailored solutions that help businesses digitally transform and benefit from cloud adoption. We are developing a digital platform for the Qatar Financial Centre where fintech companies will have the opportunity to build applications, set up digital services and provide innovative products to their customers. Google Cloud is also bringing its highly secure infrastructure through the cloud region, which is planned to open in Doha, where more businesses in Qatar will be able to benefit from fast, reliable and resilient cloud services.”

QFC and Google Cloud have also launched an educational programme for QFC clients, including enrolling fintechs into Google’s Center of Excellence (CoE) for Cloud Digital Leader and Associate Cloud Engineer certifications. These training sessions provide insights into Google’s approach to digital transformation, guiding participants on how to embrace cloud-enabled technology in every aspect of their businesses.

In line with its mission to promote Qatar as a major business and commercial hub, the QFC routinely forges partnerships with leaders in digital transformation, effectively contributing to the creation of a future-ready, sustainable infrastructure for businesses.

ABOUT THE QATAR FINANCIAL CENTRE

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.

ABOUT GOOGLE CLOUD 

Google Cloud accelerates every organisation’s ability to digitally transform its business. We deliver enterprise-grade solutions that leverage Google’s cutting-edge technology – all on the cleanest cloud in the industry. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.