The Qatar Central Bank (QCB) has issued a call to local banks, urging them to adjust their operations in anticipation of the imminent launch of the instant payment service ‘Fawran’ in March. This move is part of the QCB’s pioneering initiatives in the realm of payment services and digital transformation within Qatar.
Aligned with the objectives outlined in the 3rd Qatar Financial Sector Strategy (FSS), ‘Fawran’ represents a significant stride towards upgrading payment infrastructure systems and staying abreast of the latest advancements in electronic payment and funds transfer systems.
Assistant Governor of Financial Instruments and Payment Systems at the QCB, Sheikh Ahmed bin Khalid al-Thani, underscored the significance of the impending launch of the ‘Fawran’ service. He highlighted the QCB’s commitment to delivering top-notch services to customers of banks and financial institutions in Qatar, aimed at streamlining financial and commercial transactions. Sheikh Ahmed further emphasized the QCB’s steadfast pursuit of the objectives outlined in the FSS and the fintech strategy, which are geared towards enhancing the payment system and promoting financial inclusiveness. The initiative is also poised to bolster financial development in Qatar, thereby contributing to sustainable growth and supporting the national economy in alignment with the Qatar National Vision 2030.
Additionally, the ‘Fawran’ service will empower citizens and residents to execute instant money transfers between themselves, offering convenience and affordability. With operations set to run round the clock, seven days a week, ‘Fawran’ is poised to revolutionize the landscape of financial transactions in Qatar.
