With strategic goal 1, to enhance financial sector regulation and promote regulatory co-operation, the Strategic Plan stipulates the need for Qatar’s financial regulations to be benchmarked to international regulatory standards as a means to promote financial stability and to support long-term sustainable growth.
Strategic goal 2, to develop financial markets and foster financial innovation, has market infrastructure initiatives at its heart. The plan calls for the Qatar Central Bank, the Qatar Financial Markets Authority and the Regulatory Authority to introduce an extended range of instruments to manage domestic liquidity and promote secondary market development. This goal leverages the benefits of FinTech and green financing to create an environment that facilitates innovation in the financial sector while minimising risk.
To maintain the integrity of Qatar’s financial system, as well as confidence in its workings, the objective of strategic goal 3 is to ensure that the State’s financial institutions and markets are resilient, self-reliant and provide a platform for future growth in a sustainable manner.
Qatar is committed to combating illicit financing and ensuring that financial sector information and infrastructure are safeguarded from cyber incidents. This goal also supports the National Anti-Money Laundering Committee’s AML/CFT strategy and implementation of the new Financial Sector Information Security Strategy to mitigate cybercrime.
Strategic goal 4 promotes financial inclusion and literacy as a key policy to drive sustainable growth, create employment opportunities, reduce inequality and safeguard financial stability. This goal considers supply-side measures such as access to finance as well as demand-side actions such as promoting financial literacy. It is the State’s intent to ensure access to a full range of high-quality, cost-effective and appropriate financial services to unbanked or under-served populations and businesses.
Developing human capital, strategic goal 5, addresses Qatar’s growing young population, a key resource for long-term sustainable growth and a focus of the Qatar National Vision 2030. The regulatory authorities are committed to the development of young Qataris in the banking and financial sector and to equipping them with the required skills through specialised programmes and effective talent management. The dedicated professionals that emerge as a result of these actions will ensure a strong pipeline of leadership that will serve Qatar’s finance sector for decades to come.
In addition to building deeper and more resilient capital and financial markets, the accomplishment of these goals will assist in driving economic growth and diversification while nurturing greater self-sufficiency of Qatar’s financial sector and economy.