- Qatar Central Bank introduces “Fawran,” an instant payment service revolutionizing fund transfers with alternative identifiers and 24/7 accessibility.
- “Fawran” aligns with Qatar’s Third Financial Sector Strategy, showcasing QCB’s commitment to advancing payment systems and meeting consumers’ digital age needs.
- QCB, established in 1993, serves as a cornerstone of Qatar’s financial sector, managing monetary policies, and foreign exchange reserves, and promoting financial inclusion while fostering international partnerships.
The Qatar Central Bank (QCB) has announced the upcoming launch of its instant payment service, “Fawran,” set to debut in March. This innovative application will revolutionize fund transfers by enabling users to send and receive payments instantly, transcending traditional barriers. It will utilize alternative identifiers such as mobile phone numbers instead of International Bank Account Numbers (IBAN).
The introduction of “Fawran” aligns seamlessly with Qatar’s Third Financial Sector Strategy, reflecting the QCB’s commitment to advancing payment systems and electronic funds transfers. Accessible 24/7, this cutting-edge service underscores the QCB’s dedication to meeting the evolving needs of consumers in today’s digital age.
Established in 1993, the Qatar Central Bank stands as the cornerstone of the nation’s financial landscape. It is entrusted with preserving the stability and integrity of Qatar’s financial sector. As the primary monetary authority, the QCB formulates and implements monetary policies aimed at controlling inflation, managing currency exchange rates, and fostering a conducive environment for sustainable economic development.
Beyond its regulatory mandate, the QCB serves as the custodian of Qatar’s foreign exchange reserves. It prudently manages them to support economic objectives and mitigate external risks. Moreover, the bank actively promotes financial inclusion initiatives to ensure equitable access to financial services across diverse segments of society.
In fostering international partnerships and collaborations, the QCB strengthens Qatar’s position in the global financial arena. It facilitates dialogue with prominent financial institutions and regulatory bodies. Upholding stringent standards of governance and transparency, the QCB underscores Qatar’s reputation as a stable and attractive destination for both domestic and international investors.
The forthcoming launch of “Fawran” heralds a new era of convenience and efficiency in Qatar’s financial landscape. It reflects the QCB’s unwavering commitment to innovation and progress. As anticipation mounts for its debut in March, “Fawran” promises to redefine the paradigm of instant payments. It will empower users with seamless, secure, and instantaneous transactions at their fingertips.
