The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and Kigali International Financial Centre (KIFC) have renewed their agreement to jointly foster financial sector development in their respective regions.
The QFC and Kigali International Financial Centre (KIFC) entered into a Memorandum of Understanding (MoU) in 2021, establishing a partnership outlining strategic objectives.
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They include the joint promotion of the QFC and the Kigali International Financial Centre (KIFC) on a global stage, capacity building and skills development within both financial centres and the financial sector, and fostering fintech and Islamic finance in Rwanda and Qatar.
Aligned with these overarching objectives, both parties are expected to launch cooperative initiatives aimed at enhancing institutional capacity and driving continuous improvement in the financial landscape.
These initiatives encompass the organisation of events designed to facilitate international networking and cultivate investment opportunities and the promotion of knowledge transfer activities such as staff secondment and training programmes.
A core facet of this partnership revolves around fostering a favourable environment for fintech development by creating opportunities for banks and other regulated financial institutions in both countries to engage in collaborative endeavours.
This strategic approach includes the establishment of a robust support system to fast-track the development of fintech ventures emerging from the QFC and KIFC and promoting the formation of a vibrant fintech community in Rwanda and Qatar.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said; "We are delighted to continue our partnership with KIFC, a globally esteemed organisation that shares our vision for advancing the financial sector.”
He added, "With this renewed commitment, we intend to strengthen our joint endeavours to facilitate cross-border interactions in order to unlock new opportunities for businesses and investors in Qatar and Rwanda. Renewing this MoU underscores our dedication to building robust, globally recognised financial hubs in our respective regions. We eagerly anticipate continuing this collaboration, stimulating growth and fostering economic development."
For Nick Barigye, the Chief Executive at Rwanda Finance Limited (RFL), "This renewed partnership reaffirms our shared dedication to advancing the financial sector growth in both Rwanda and Qatar through long-term cooperation.
Barigye maintained that KIFC believed in the power of strategic partnerships with leading financial centres such as QFC, citing that the just announced renewal demonstrates commitment to enhancing the competitiveness and attractiveness of respective financial centres.
"This also speaks to our aspirations to facilitate mutual recognition of licensing for entities domiciled in our respective jurisdictions, promote Islamic financing, and Fintech development. We aim to further build on the excellent existing collaboration between both our countries which is reflected in the different economic, commercial, and technical areas of cooperation.”
By joining forces, the QFC and KIFC stand poised to deliver substantial benefits to their stakeholders, businesses, and the broader economies they serve, Barigye asserted.