Financial Technology (fintech) is enabling digital transformation in banks, compelling them to level up their digital transformation and actively seek to implement the latest advancements, said Dr R Seetharaman, CEO, Doha Bank during the European University Finance Society’s virtual event held recently.
“Fintech firms in Qatar are focused on improving customer experience by providing more accessible financial services. Mobile banking and digital banking will be felt in the Internet of Things, blockchain, and open banking. Digital banks’ key success factors include differentiated value proposition, early revenue recognition, quick scalability, and cost-efficiency. As an active member of Qatar FinTech hub (QFTH), a Qatar Development Bank fintech incubator, Doha Bank is one of the leading commercial banks in the State of Qatar. We are constantly innovating and seeking to partner with and help the fintech ecosystem grow. It is a key objective for Doha Bank to support the transformation of the financial ecosystem in Qatar to achieve the vision set by the Qatar Central Bank,” said Seetharaman.
Seetharaman also spoke about the Environmental, Social and Governance (ESG), Sustainable Development Goal (SDG), and Doha Bank’s ‘Green Banking’, saying the global reporting initiative, UN Sustainable Development Goals, MSCI scoring system, and the Sustainability Accounting Standards Board are the major ESG frameworks, according to reports.
Green banking promotes environmental-friendly practices and is reducing carbon footprint from banking activities, he said, adding that banks, as socially-responsible citizens, should earmark capital for green banking apart from the capital for regulatory requirements.
Seetharaman further explained that Doha Bank is promoting paperless banking, Internet banking, SMS banking, phone banking, and ATM banking, as well as online channels, such as Doha Souq, e-remittances, and online bill payments, as well as other products like the ‘Green Credit Card’ and ‘Green Account’. The bank also has a dedicated Green Banking website, which integrates Doha Bank’s initiatives in promoting environmental safety with the community by reaching out to both the public and private sectors.
“Doha Bank was involved in project financing for supporting the construction of the Qatar General Electricity & Water Corporation’s Water Security Mega Reservoirs Project. It has also provided a term loan for Emirates Central Cooling Systems, which provides Efficient District Cooling Services (DCS) to developments in Dubai and the surrounding region. Doha Bank has tracked the developments pertaining to various Conference of Parties (COP) meetings of the UN Framework Convention on Climate Change (UNFCCC),” said Seetharaman.
He further added “Building and protecting the brand, participative leadership, innovation by leveraging on technology, ESG and sustainable development and performance culture are some of the key priorities for leaders.”