Qatar

Qatar Central Bank Starts Receiving Applications for Loan-Based Crowdfunding Service Providers

Qatar Central Bank (QCB) has started to receive the applications for licensing and regulating the loan-based crowdfunding service providers in conformity with the strategy of financial sector and fintech in Qatar.

The bank is permanently committed to regulating and developing the financial sector and spurring innovation in fintech, pointing out that the approval of the license applications will continue until Feb. 3, 2024.

The loan-based crowdfunding service is one of the innovative financial activities that help debtors communicate with various investors to receive short-term funding, such as small and medium enterprises which cannot access to traditional financial services to receive the essential finding required for the development of their works and overcome the challenges that might encounter the expansion of their projects.

The service represents a vital opportunity for investors to diversify their investments and engage in supporting small and medium enterprises, as QCB is keen to provide active and valuable initiatives that help establish a conducive environment for fintech development in Qatar.

Such funding supports financial sector development and reinforces transparency, efficiency, and the easy debt process.

The bank outlined that those who are willing to provide such kind of service can submit their applications to receive the license via the following link: https://sandbox.qcb.gov.qa/login

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