QFC, QNB group collaborate to enhance business banking access

The Qatar Financial Centre (QFC) and QNB Group have teamed up to improve banking services for QFC-licensed firms and support the development of Qatar's capital markets. The memorandum of understanding (MoU) brings together QFC's role in attracting and supporting businesses with QNB Group's banking and financial services capabilities. Joint efforts will focus on simplifying corporate account opening for new firms, enhancing digital access, and exploring financing solutions to support business growth.

Mansoor al-Khater, QFC's CEO, emphasized the importance of easy banking access for QFC firms and their employees, while also aiming to deepen the capital markets they rely on. QNB's CEO, Abdulla Mubarak al-Khalifa, noted that the collaboration will help businesses from their initial establishment in Qatar to their regional and international expansion.

By combining corporate banking, treasury, and financing capabilities with QNB's international network, the partnership can assist QFC-licensed firms in managing financial needs and accessing support across markets.

Under the agreement, QFC will promote QNB as a strategic partner bank and refer newly licensed firms to QNB for corporate account opening. QNB will provide products and services to QFC firms, aiming to shorten onboarding times. The two organizations will also explore integrating their digital platforms to enable firms to open accounts directly through QFC's online platform.

They will investigate cooperation in Euro Medium Term Note (EMTN) programs, Special Purpose Company (SPC) structures, financing platforms, treasury, liquidity management, financing solutions, and tokenization and digital assets. Technical working groups will be established to advance these strategic capital markets initiatives.

Over the next year, QFC and QNB will hold workshops, training sessions, industry roundtables, participate in conferences and forums, and engage with institutional investors, international banks, law firms, and other market participants. The ultimate goal is to position Qatar and the QFC as a regional and international capital markets hub.