Bank

2024

Vision

Connect

The Vice President and Country Manager of Visa for Qatar and Kuwait, Shashank Singh, recently announced in a local newspaper interview that the recent Qatar DLT regulations have allowed Visa to offer its B2B connect solution which is built on DLT (Distributed Ledger Technology). 
The Visa B2B Connect uses technology that draws on new digital tools such as Distributed Ledger Technology (DLT) and tokenisation. 
In the interview, he noted that the Qatar Central Bank’s recent blockchain regulation has “allowed us to launch VISA B2B connect, based on DLT in collaboration with a B2B Fintech company in Qatar.” 
He added that Visa is working with several other banks to improve commercial money movement for corporations and businesses. 
He also explained that Visa’s initiatives in Qatar are closely aligned with the country’s vision for a resilient and inclusive digital economy. &nbsp;He explained, “The growth in digital payments is clear—eCommerce transactions on the Visa network have increased by 200% over the past four years, and we’re focused on maintaining this momentum.” 
On <a href="https://www.linkedin.com/feed/update/urn:li:activity:7264586129796943872/" rel="nofollow noopener" target="_blank">LinkedIn</a>, Singh noted, “Thanks to the Qatar government’s efforts, the local ecosystem has witnessed significant change and we expect Qatar’s digital economy to continue to grow, bringing more of the benefits of digital payments to consumers, businesses, and the national economy.” 
<h3 class="wp-block-heading" id="span-style-font-weight-400-qatar-launched-dlt-guidebook-and-digital-asset-regulations-in-2024-span">Qatar launched DLT guidebook and digital asset regulations in 2024</h3> 
His comments come months after the Qatar Central Bank published its DLT guidebook, which came into enforcement on July 22, 2024. 
As per the QCB, the guideline will cover the interactions with or use of DLT by an entity in any form. Entities need to inform the QCB of all potential DLT applications which are only allowed for permissioned based DLT networks. QCB noted, “Currently, QCB would not permit Permissionless DLT networks.” 
The QCB also added, “By issuing this Guideline, Qatar Central Bank aims to establish an appropriate regulatory framework for financial institutions in the country in order to develop smart solutions as the Distributed Ledger Technology (DLT) provides the opportunity for financial institutions to develop their services in various ways.” 
The QCB stated that the guidebook will provide outstanding initiatives that help create a favourable environment for the financial technology sector in the country. It believes the guideline supports the financial sector development in line with Qatar’s Third National Development Strategy deemed to be the final stage towards achieving Qatar National Vision 2030, which aims to build a digital economy. 
The Qatar Central Bank, along with the Qatar Financial Centre Authority and Qatar Financial Centre Regulatory Authority (QFCRA), also&nbsp;<a href="https://www.cryptopolitan.com/qatar-central-bank-launch-digital-asset/" target="_blank" rel="noopener">launched</a> the QFC Digital Assets Framework, a comprehensive and innovative regime for creating and regulating&nbsp;digital assets in the QFC. 
The QFC Digital Assets Framework 2024 issued by Qatar Central Bank and QFC, establishes the legal and regulatory foundation for digital assets, including the process of tokenization, legal recognition of property rights in tokens and their underlying assets, custody arrangements, transfer, and exchange.&nbsp; The framework also provides for the legal recognition of smart contracts. 
<h3 class="wp-block-heading" id="span-style-font-weight-400-cqur-bank-is-the-first-to-use-visa-b2b-connect-span">CQUR Bank is the first to use Visa B2B Connect</h3> 
It appears that one of the first banks to benefit from the DLT guidebook and VISA’s B2B Connect is CQUR Bank. 
The bank <a href="https://cqurbank.com/cqur-bank-is-the-first-bank-in-qatar-to-integrate-the-visa-b2b-connect-platform/" rel="nofollow noopener" target="_blank">announced</a> in 2023, long before the DLT framework came out, that it had partnered with Visa’s B2B Connect platform to streamline cross-border payments for corporate clients. It said this would allow bank clients to deliver faster cross-border payments efficiently and securely from the bank’s headquarters in Qatar to more than 100 markets worldwide. 
At the time, the bank noted, “Visa B2B Connect uses technology that draws on new digital tools, including Distributed Ledger Technology (DLT) and tokenization. That will help CQUR Bank enhance its customer experience. CQUR was the first bank in Qatar to integrate the platform. This partnership demonstrates CQUR Bank’s commitment to digital innovation.” 
<h3 class="wp-block-heading" id="span-style-font-weight-400-pwc-qatar-reports-significant-span-span-style-font-weight-400-digital-span-span-style-font-weight-400-transformation-span">PwC Qatar reports significant digital transformation&nbsp;</h3> 
All these developments align with PwC’s November 2024 <a href="https://www.pwc.com/m1/en/publications/qatar-banking-sector-report-november-2024.html" rel="nofollow noopener" target="_blank">report</a> on the Qatar Banking market, where it noted that Qatar’s banking sector has made significant strides in digital transformation, integrating advanced technologies such as blockchain, digital assets, and innovative trade finance solutions. 
Commenting on the findings, Partner and Qatar Financial Services Leader at PwC Middle East Ahmed Al Kiswani said, “Qatari banks are strategically aligning their operations with national financial objectives, accelerating their digital transformation, and launching innovative products. This signals a robust future for the sector, enabling them to effectively navigate challenges and capitalize on emerging opportunities. Confidence in Qatar’s financial sector and its ability to adapt to recent changes remains high.” 
From Zero to Web3 Pro: Your 90-Day <a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-3" target="_blank">Career Launch Plan</a>

Visa launched B2B Connect in Qatar after DLT regulations clarification

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