Amid transformation and an evolving economic landscape, resilience and vision become critical for business success. Today, we see Qatar at the forefront of the financial services industry in the Middle East as the country’s banking sector has shown remarkable adaptability and stability over the last three years. At a macroeconomic level, this favourable position prepares the country for sustained growth. As the Qatar Central Bank (QCB) continues to successfully navigate the global economic landscape, the country’s banking enterprises are rising to the opportunity and continue to remain competitive. Doing so requires modern processes. That’s where technology will play a key role in Qatar’s future.
Qatar Central Bank pioneers sustainability
According to PwC’s analysis, the banking sector in Qatar experienced notable asset growth driven by strategic investments and portfolio expansion. Also, in the GCC, including Qatar, central banks have typically mirrored the Fed due to the currency peg to the US dollar, reducing their rates to align with the Fed's decisions. This has eased financial conditions, promoting economic activity. QCB’s proactive steps have ensured domestic stability, supporting Qatar’s banking sector performance - the institution reduced interest rates to foster economic activity, keeping an eye on inflation. It is worth noting that this economic strategy closely aligns with Qatar's strategic sustainability agenda. A winning equation.
How technology is supporting QCB’s next phase of growth
The leaders of QCB are trailblazers, recognising that competitiveness in the global market requires innovation and agility. However, by 2023, most banks worldwide had yet to transition their financial platforms to the cloud, despite industry leaders identifying cloud adoption as crucial for innovation, attracting new talent, and improving reporting capabilities. Embracing cloud transformation offers banks a chance to boost their long-term success.
QCB identified the need to modernise financial reporting, reduce complexity, optimise control, enable efficiencies, and improve data visibility to support its growth goals. They sought a unified cloud platform to transform its business, provide executives with real-time reporting, and orchestrate over 10 Oracle Fusion Cloud industry-leading solutions for financial reporting, supply chain management and human capital management.
Oracle’s end-to-end Fusion Cloud stack integrates various business functions, enabling seamless operations. By transitioning to Oracle Fusion Cloud, QCB aims to simplify operations, embrace best practices, and set a benchmark for growth and innovation in the financial services industry.
A rippling effect in the region
This is the first cloud transformation programme in Qatar's financial services sector, and it offers a blueprint for the entire banking sector in Qatar and the Middle East. Oracle Fusion Cloud ERP is a complete, modern, cloud ERP suite that provides organisations with advanced capabilities, including AI, to automate processes, streamline reporting and improve access to data. It enables businesses to react to market shifts in real time while ensuring they stay competitive with automatic updates in the rapidly changing global financial industry. By setting new benchmarks in digital innovation and sustainability, this cloud transformation programme being implemented by QCB not only strengthens the resilience of Qatar’s banking sector but also positions it as a leader in the global financial arena.
Looking ahead, Qatari banks are well positioned to seize the momentum by following QCB’s lead and reflecting Qatar's commitment to sustainable banking practices and its vision for a resilient and progressive financial system.
Sandesh Shetty
