Market Development and Innovation Sector

Market Development and Innovation sector has been established within Qatar Central Bank (QCB), for the primary purpose of continuously focusing and consistently prioritizing latest advancements in the financial services space, evolving new business models levering on emerging technologies and need for effective data management and environmental sustainability. Market Development and Innovation division constitute three strategic departments: FinTech and Innovation, Data Management, and Environment, Social, and Governance (ESG). Each department is uniquely tasked with providing recommendations on appropriate strategies, policies, and procedures within their respective domains.

Financial Technology and Innovation Management at the facility

Drive growth of FinTechs through a highly collaborative local ecosystem, safe environments to encourage innovation and broad set of principles that would cascade into regulatory framework required to advance the market.

FinTech Sandbox :
Encourage emerging Fintech innovation, through experimentation and live testing of different use-cases & technologies within Early-stage and Regulatory Sandbox, executed in a time-bound manner, under QCB's oversight.

FinTech Ecosystem :
The FinTech Ecosystem Section mainly focuses on driving the growth of FinTechs through a highly collaborative local ecosystem, safe environments to encourage innovation and broad set of principles that would cascade into regulatory framework required to advance the market.

Data Department

Data Department specializes in preparing a methodology based on best practices by building a central data platform and advanced analytical capabilities for Qatar Central Bank and the financial sector in the State of Qatar. The platform will serve as a main source for all financial and economic analyses and indicators that allow faster decision-making to ensure a stable financial environment.

Data governance and compliance activities for the financial sector and metadata engineering and classifications are carried out by supervising analytical and statistical data in coordination with relevant parties within and outside the QCB .

In addition to preparing reports for various administrative units in the QCB using data analysis tools and solutions. A data management strategy, policies and standards are prepared, and

data quality, collection and integration frameworks are improved to ensure data compliance with data protection, security, storage, transfer and privacy standards.

Among the tasks of data department is the draft annual business plan that the department will implement during the coming year, and any amendments to this plan during the year. Participation in the preparation of the QCB’s annual report on the Department's activities and the results of its work.

Environmental, Social, and Governance Practices Management

In line with the Financial Sector Strategy, the ESG Department is developing and integrating Environmental, Social and Governance principles into the financial sector by collaborating with the relevant stakeholders to enhance capabilities and adopt ESG practices.

The ESG department will initially focus on developing an ESG strategy aligned with the international standards, which will involve developing disclosure reports, risk management and compliance.