Governor of Qatar Central Bank and Chairman of the Board of Directors of QFMA H E Sheikh Bandar bin Mohammed bin Saoud Al Thani and CEO of QFMA Dr. Tamy bin Ahmad Al Binali with dignitaries and officials at the launch of 2023-2027 QFMA 3rd Strategic Plan, yesterday.
Doha, Qatar: Governor of Qatar Central Bank (QCB) and Chairman of the Board of Directors of Qatar Financial Markets Authority (QFMA), H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, launched yesterday, the 2023-2027 QFMA 3rd Strategic Plan.
The launch was held during a special ceremony for the QFMA staff held at the Plaza Hotel, in the presence of a number of Their Excellencies members of the QFMA’s Board of Directors and Dr. Tamy bin Ahmad Al Binali, CEO of QFMA, as well as the QFMA’s leaders and department directors.
Dr. Al Binali said that the QFMA’s new strategic plan is based on the Qatar National Vision 2030 and the 3rd Qatar National Development Strategy (QNDS), with strategic domains: Fiscal Stability and Sustainability Financial System Stability and Economic Resilience.
This is in addition to the 3rd Qatar Financial Sector Strategy (FSS), with strategic dimensions: Governance and Regulatory Oversight, Islamic Finance, Digital Innovation and Advanced Technology, Institutional Governance for Environmental and Social and Sustainability (ESG) and Talents and Competencies.
The new QFMA strategic plan also has considered QFMA LAW & Vision and Mission, Qatar Economic Outlook inclusive of GCC, Benchmarking Study of Capital Market Regulators Strategic Plans, Review of Global Capital Market Regulators, Review of Qatar CM Sector & EAP for Capital Development Projects, Review of QCB FinTech Strategy, and the IOSCO Principles and FATF 2023 Qatar Observations, Dr. Al Binali added.
By adopting the 3rd Qatar Financial Sector Strategy (FSS), QFMA is working to achieve the desired transformation in the Qatari capital market sector.
As the future vision related to the capital market within the plan aims to achieve an enhanced regulatory framework aligned with leading international standards, including robust regulation on investor protection, market transparency, and corporate governance, and the achievement of a State-of-the-art capital markets infrastructure, including electronic trading platforms and cloud computing facilities, ensuring data accessibility, and moving the market from emerging to developed market status.
Dr. Al Binali pointed out that the vision of the Qatar Financial Markets Authority in accordance with the new strategy is to advance the Qatari capital market to the “Developed” status, which represents one of the main pillars of the national economy.
Explaining that the QFMA’s mission according to the strategy as well, also includes the development and regulation of financial markets that are fair and transparent to ensure the protection of their participants, based on high-level legislative standards and sustainability practices by strengthening the technological infrastructure and human capital with diverse competencies and raising the awareness of market participants.
As for the QFMA’s strategic objectives, they include six objectives: Enabling future-proof legislations; Developing sustainable capital markets; Accelerating Digital and Innovative Advancements; Advancing financial awareness and market participation; Enhancing local and international cooperation; and Attracting talents and building capabilities.
The QFMA strategic plan includes a set of digital transformation initiatives, particularly, revamping the QFMA’s website, creating an intranet portal, enriching the e-learning portal, establishing a framework for IT governance, establishing an advisory board to guide change initiatives, establishing a project management system, an inspection system and another for insider information tracking, moving to cloud computing and artificial intelligence in social media for disclosure, developing a regulatory technology strategy and developing guidelines and implementation of the Qatar’s National Cybersecurity Framework.
