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Visa launched B2B Connect in Qatar after DLT regulations clarification

Author: Content Editor
Visa has announced that the recent blockchain regulations in Qatar have enabled the company to launch its B2B Connect solution, which is built on distributed ledger technology (DLT). The Vice President and Country Manager of Visa for Qatar and Kuwait, Shashank Singh, stated in an interview that the Qatar Central Bank's guidelines have allowed Visa to collaborate with a fintech company in Qatar and improve commercial money movement for corporations and businesses. The regulations also align with Qatar's vision for a resilient and inclusive digital economy. This development follows Qatar Central Bank's publication of its DLT guidebook, which aims to establish a regulatory framework for financial institutions and support the growth of the digital economy. Additionally, the Qatar Central Bank and Qatar Financial Centre have launched the QFC Digital Assets Framework, providing legal and regulatory support for digital assets and smart contracts. CQUR Bank is one of the first banks to benefit from Visa's B2B Connect and the DLT guidebook. PwC's report on the Qatar banking market highlights the sector's advancement in digital transformation and integration of technologies like blockchain.

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