QCB grants sandbox entry approval to Ajyal FinTech Solutions

Doha: Qatar Central Bank (QCB) has recently granted sandbox entry approval for Ajyal FinTech Solutions LLC (Wafir) in line with the third Financial Se...

Doha: Qatar Central Bank (QCB) has recently granted sandbox entry approval for Ajyal FinTech Solutions LLC (Wafir) in line with the third Financial Sector and Fintech strategies as part of QCB's efforts to develop and regulate the FinTech ecosystem in the country.

Ajyal FinTech Solutions LLC offers innovative FinTech solutions that provides Rotating Savings and Credit Association (ROSCA) service designed to help individuals achieve their financial goals seamlessly.

Such a step highlights QCB's commitment to fostering the financial sector and advancing the objectives of the Third Sector Strategy.

It is important to note that entry into the regulatory sandbox does not equate to full-scale licensing approval, however, the applicant is considered an authorized FinTech Sandbox Participant for regulating activities by the FinTech entity.