Qatar’s QFCA inks Deal with SettleMint for Boosting Blockchain Use

The legal and tax arms of the Qatar Financial Centre Authority (QFCA) inked a memorandum of understanding with SettleMint NV, a high-performance blockchain development platform, to launch several initiatives supporting the adoption of blockchain technology and digital assets.

The MoU seeks to accelerate the implementation of business models and solutions based on the blockchain and digital assets through cooperation with fintech firms, financial institutions, and corporate organizations, the QFCA said in a press release.

In this regard, Chief Executive Officer of QFCA Yousuf Mohamed Al-Jaida expressed his happiness in cooperating with SettleMint to expand the usage of blockchain technology and digital assets in the Qatari financial industry.

Jaida noted that the QFCA is committed to supporting innovation and identifying new opportunities that benefit its stakeholders and Qatar’s wider financial ecosystem.

Meanwhile, Founder & CEO of SettleMint Matthew Van Niekerk said: “At SettleMint, we are passionate about empowering developers to easily build on web3 infrastructure and enabling companies to unleash the full potential of blockchain technology for their clients and the ecosystems in which they operate. SettleMint has been supporting the financial industry for several years from experimentation to production application. We are thrilled to partner with the QFC and leverage their expertise and network to drive blockchain adoption and innovation in Qatar’s financial sector.”

Several institutions in the Gulf countries started using blockchain technology to efficiently operate their businesses better, the latest of which was the Saudi Investment Ministry’s signing of an MoU with South Korea-based WeMade to enhance the development of blockchain and gaming sectors in the Kingdom.

Earlier this month, the Saudi Food and Drug Authority (SFDA), in collaboration with the Digital Government Authority (DGA), was exploring ways to see the possibility of the use of blockchain technology to track the movement of agricultural products.