Australian Ambassador to Qatar, H E Jonathan Muir at the launch event.
Doha: Australian Ambassador to Qatar, H E Jonathan Muir officially launched the ‘Guide to Fintech Regulation in Australia and the Gulf Region,’ at the Australian Embassy in Qatar yesterday.
The guide was funded by the Council on Australian and Arab Relations in the Department of Foreign Affairs and Trade and outlines the regulatory environments applying to financial technology industry in Australia and the Gulf region.
“The guide captures the strong interest in the Gulf on what Australia can offer, as GCC countries develop their fintech [financial technology] industries — and the growing interest in Australia in what opportunities exist in the Gulf as we emerge as a global player in fintech,” the ambassador said.
“Australia has a competitive edge in fintech, now ranking sixth in the world in Global Fintech rankings. We have one of the fastest growing fintech sectors in the world, increasing from QR600m in 2015 to QR10bn today — built on our QR25tn financial services industry,” he added.
“It is my expectation that this guide will mark an important milestone in the collaboration between GCC countries and Australia in fintech,” Ambassador Muir said.
Guide co-author, Professor Niloufer Selvadurai said: “The Guide to Fintech Regulation in Australia and the Gulf Region helps Fintech innovators, investors and clients to better understand the laws governing fintech projects and seeks to strengthen cultural and economic relations between Australia and the Arab world.”
Associate Professor and co-author Dr. Andrew Dahdal highlighted the local benefits to Gulf states arising from the publication of the guide.
“Beyond bilateral trade between Gulf states and Australia, the publication of this guide, particularly in both English and Arabic, will also help strengthen cross border activities amongst Gulf states.”
Ambassador Muir congratulated the authors of the guide, Professor Niloufer Selvadurai, Macquarie University Law School, and Associate Professor Andrew Dahdal, Qatar University College of Law, for this important contribution.
The launch was also attended by senior representatives from the Qatar FinTech Hub, Qatar Central Bank, and Qatar Financial Centre.
