QFC and QNB partner to simplify banking access for new companies

The Qatar Financial Centre (QFC) and QNB Group have signed a Memorandum of Understanding (MoU) aimed at facilitating access to banking services for QNB licensed companies and exploring opportunities to support the development of capital markets in Qatar.

The agreement combines QFC's vital role in attracting and supporting companies operating in Qatar with QNB Group's banking and financial services capabilities. Initial areas of collaboration include facilitating the opening of bank accounts for newly licensed companies, promoting digital access to banking services, and exploring financing structures and solutions that can support companies at various stages of their growth.

Commenting on the partnership, Mansoor Al Khater, Chief Executive Officer of the QFC, said: "Access to banking services is one of the first requirements of any business when setting up business in Qatar, and we aim to make this process easier for QFC-licensed firms and their employees. Equally important, we aim to contribute to the development of the capital markets on which these companies will depend as their businesses expand and grow. This partnership with QNB Group supports these two objectives, as we are keen to provide the best services to our customers while supporting the deepening of Qatar's capital markets. By working together, we can provide more incentive for companies to use the QFC and Qatar as their base for business in the region."

For QNB Group, this partnership provides an opportunity to support companies from the establishment of their business in Qatar to their regional and international expansion. By combining its corporate banking services, treasury and finance capabilities, and its international network, the Group is able to help QFC licensed firms manage their day-to-day financial needs and obtain banking support in various markets. The Capital Markets Action Track will also explore ways to leverage QNB Group's financial expertise and the QFC's legal and commercial framework to support structures that connect companies to a wider range of funding sources.

Mr. Abdulla Mubarak Al Khalifa, Group Chief Executive Officer of QNB, said: "Building a competitive financial hub requires more than just attracting companies, as it requires the financial infrastructure and capabilities to support these companies in their inception, operation and growth stages. Through our collaboration with the QFC, we aim to facilitate access to banking services for companies wishing to enter the Qatari market, as well as explore opportunities to deepen capital markets and expand access to sources of finance. By leveraging our regional expertise, international network and financial capabilities, we can contribute to a business ecosystem that supports corporate growth and contributes to Qatar's position as a leading financial hub regionally and internationally."

Under the MoU, the QFC will promote QNB Group as one of its strategic banking partners and will refer newly licensed companies to QNB to open corporate bank accounts. QNB Group will also make its products and services available to companies licensed by QNB and its employees, which will contribute to accelerating the onboarding procedures and benefiting from banking services. The two parties will also explore opportunities to integrate their digital platforms, allowing companies to open their bank accounts directly through the QFC online platform.

In the area of capital markets, the two parties will explore opportunities for collaboration on medium-term euro-denominated bond programmes, special purpose company structures and financing platforms through the QFC. They will also explore treasury, liquidity management, and finance solutions, as well as opportunities in the areas of digital coding and digital assets. The parties also intend to form specialized technical working groups to advance the implementation of these strategic capital markets initiatives.

Over the next year, the QFC and QNB Group will organise a series of workshops, training sessions and specialist roundtables. They will also participate in relevant conferences and forums, and collaborate with investment institutions, international banks, law firms and other market players, with the aim of strengthening the position of Qatar and the QFC as a regional and international capital markets hub.

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