Qatar has the UK’s support in its bid to develop cybersecurity in the financial services sector, The Lord Mayor of the City of London Alderman William Russell announced at the ‘Qatar-UK Financial Services Event’ held in Doha Wednesday.
“As we approach the Qatar Central Bank’s mission to the UK to know more about cybersecurity for financial services, I want to state unequivocally that the UK is ready to support Qatar in this very important endeavour. By collaborating, only then we can achieve monumental change,” said Russel during a speech he delivered in the presence of HE the Governor of Qatar Central Bank (QCB) Sheikh Abdulla bin Saoud al-Thani.
The Lord Mayor of the City of London Alderman William Russell speaking at the ‘Qatar-UK Financial Services Event’ in Doha. PICTURE: Nasar K Moidheen
During the forum, Russel discussed the challenges and risks in Financial Technology (Fintech) services, particularly cybersecurity. He stressed that the financial sector in London has collaborated with different partners and companies to develop solutions and address cybercrime-related issues.
Russel underscored the importance of the forum in providing “a great opportunity” for Qatar and the UK to work alongside each other and to increase cooperation between both the countries.
He also pointed out the important role the financial sector plays in resilience and climate change.
Russel added that the UK was lauded for its efforts towards effective solutions to achieve sustainability, and for allocating capital to maintain sustainability, even as the UK seeks to be free of carbon emissions by launching green initiatives by 2050, which, he said, “should be a priority for all.”
In a speech, Sheikh Abdulla bin Saoud al-Thani expressed hope in the growth and progress of financial institutions in the State of Qatar and the UK, especially in the banking and investment sectors.
The QCB governor also praised Qatar and the UK’s “strong bilateral ties and the long history” in the political, economic, social, and cultural fields.
Sheikh Abdulla said that the staging of the ‘Qatar-UK Financial Services Event’ reflects the success of ‘Qatar Day’, which was organised by the City of London last year.
Describing London as an “incubator for investments,” Sheikh Abdulla said the city is an important market, as well as an important hub for different types of international financial and business services.
Aware of these advantages, the QCB governor said this led to the growth in the interest of Qatari financial institutions in the UK market, amid solid economic ties and investment opportunities.