QPay International LLC, a member of the Nexxo Network, servicing over 15,000 small businesses and more than 200,000 consumers; received Qatar’s Fintech License from the Qatar Financial Centre (QFC) in November.
“We are very proud for receiving Qatar’s Fintech License from the QFC, we have been a very positive player in the Qatari Financial Technology (Fintech) space since 2011, and are very excited to introduce further positive innovations in the Qatari Financial sector to help Qatari small businesses get ready for 2022. We are thankful to both Henk Hoogendoorn (QFC Managing Director) and Yousuf Mohamed Al-Jaida (QFC CEO) for their support and cooperation in the licensing process. We are also thankful to HE Sheikh Abdulla Bin Saoud Al-Thani, Governor of Qatar Central Bank, for his leadership and his support for Fintechs, financial inclusion, digitization, and financial services Innovation,” said Nebil Ben Aissa, CEO QPAY International LLC.
The QFC Fintech License enables QPAY to extend its current Fintech services which are mainly targeted at the under-banked community of small businesses and consumers in Qatar; these are mostly legal foreign immigrants that have very low incomes, and need to be included in the financial system, but are usually overlooked and under-served by bigger banks. The QFC Fintech License also enables QPAY to implement various Blockchain-enabled financial products and services in partnership with world-leading blockchain solution providers in order to lower the cost of many financial services while maintaining the highest levels of security, encryption and data confidentiality.
“QPAY is a key player in the Qatari financial sector, as a result, we’ve identified a great opportunity to license QPAY, and send a clear signal that QFC is a big supporter of financial technology innovation, and to good and honest market players that make a positive impact on the Qatari financial ecosystem,” said Henk Hoogendoorn, Managing Director at the Qatar Financial Centre.
“We are very proud and honored for receiving Qatar’s Fintech license, and as leaders of the Fintech space in Qatar, we shall take this license with a lot of accountability and responsibility” said Nebil Ben Aissa.
“Our plans are to further invest in Qatar, and push the envelope of technology, security, and blockchain in order to lower the cost of many expensive financial products and services. We shall, then, offer such lower-cost solutions to invite hundreds of thousands of under-banked consumers and businesses to partake in the mainstream Qatari financial ecosystem, ” added Ben Aissa.
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