The Qatar Central Bank (QCB) has put in place a transformation strategy to promote the growth of financial technology (fintech) in the local banking sector. “Financial technology is driving rapid changes in the needs and expectations of key market players. In this changing environment, innovation and technology are the key success factors for banks going forward,” QCB Governor HE Sheikh Abdulla bin Saoud al-Thani told a recent meeting at the Carnegie Mellon University.

Highlighting that the QCB has a transformation strategy to meet changes in the coming decade, he said “to shape these changes, banks need the support of other stakeholders.” Aiming education institutions such as Carnegie Mellon to develop thinking students with digital wisdom to respond to emerging needs; Sheikh Abdulla said, “We need young professionals who push the boundaries of knowledge, share their findings, and who have a sense of social responsibility.”

The QCB governor, early in April, had stressed the importance of fintech as a key tool to achieve long-term development prospects for the financial sector in the country.  Under Qatar’s Second Strategic Plan for Financial Sector Regulation 2017-22, fintech has been recognised as a primary tool for achieving long-term development goals for the financial sector.

Michael Trick, dean of Carnegie Mellon University in Qatar, said, fintech is an area that brings together several fields of study; business administration, computer science, and information systems, to name a few.

The Dean’s Lecture Series at Carnegie Mellon University in Qatar hosts leaders in business, government and academia to share their knowledge and insights with the Carnegie Mellon community, and to broaden students’ understanding of important issues.