In an effort to support its digital transformation plan and in alignment with the digital strategy implemented by Qatar Central Bank (QCB), Qatar International Islamic Bank (QIIB) has signed a Memorandum of Understanding (MoU) with FynPay, a Qatari FinTech company, aiming to explore a partnership that expands the Bank’s digital channels, local footprint and leverage FynPay to make an impact .
The Memorandum of Understanding was signed at QIIB headquarters by Dr. Abdulbasit Ahmad Al-Shaibei, Chief Executive Officer, QIIB, and Mr.Rauf Azam, Group Chief Executive Officer and Co-Founder, FynPay and PeyzBank.
The signing ceremony was attended by H.E. Sheikh Mohamed Bin Nasser Al Thani.
Commenting on this occasion, Dr. Al-Shaibei said, “We are pleased to launch our partnership with FynPay. The MoU aims to keep abreast of the significant technological advances in the banking sector in Qatar, in line with QCB’s efforts to implement its ambitious digital strategy.”
He noted, “Our digital plans are extensive, and we are building upon what we have achieved in previous years. With this initiative, we hope to expand QIIB’s digital landscape by offering banking services at competitive prices to more customers, whether individual or institutional, who seek to benefit from our integrated services.”
“The Bank will collaborate with FynPay under this MoU to explore the various applications, programs, and technological solutions to be offered to Banks. This collaboration will enhance the customer experience in mobile and online financial services, and thereby improve the Bank’s operational efficiency by harnessing the power of rapidly evolving financial technology (FinTech).”
Dr. Al-Shaibei stated, “QIIB’s collaboration in FinTech with a company operating in Qatar is important. This initiative presents various advantages such as the company’s understanding of the business environment, knowledge of the market, and familiarity with the legislations, controls and laws issued by regulatory and supervisory authorities in the banking sector.”
Dr. Al-Shaibei concluded by expressing his hope “that the efforts of the teams at QIIB and FynPay will combine to implement the content of the Memorandum of Understanding that has been signed, ultimately yielding practical solutions that will contribute to advancing our digital services even further.”
On his part, Mr. Rauf Azam, Group Chief Executive Officer and Co-Founder, FynPay and PeyzBank., said: “With thanks to the leadership of QIIB and their knowledge and vision for digitization of the banking industry, we are excited about the impact we will make in the digital banking arena and the benefits to the industry through our partnership. FynPay is an agile FinTech business and through our strategies, we seek to revolutionize digital banking.”
He noted “FynPays boundless enthusiasm for this transformative project with QIIB is palpable. FynPay is committed towards reshaping the financial landscape in Qatar, aligning with the nation’s vision for a thriving digital economy and making banking a truly remarkable experience”.
Mr Azam concluded by stating that “QIIB and FynPay’s visionary alliance is not just a partnership, this collaboration will undoubtedly be a beacon of innovation, enhancing the nation’s financial sector and paving the way for a knowledge-based economy in line with Qatar’s National Vision 2030. Together, we are pioneering a new era in banking, offering a digitally first experience, and creating a platform and ecosystem that will redefine the financial landscape for consumers and businesses alike”.
