Qatar Is Embracing Digitisation to Advance the Economy, Says
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LINGERING PAIN | Page 2 Pressure piles on Lebanon as IMF warns implosion accelerating Sunday, July 5, 2020 Dhul-Qa’da 14, 1441 AH WIDER PRESENCE: Page 12 Ukrainian food GULF TIMES products occupying bigger share of Qatari market, says business BUSINESS council executive ‘Qatari banks focusing on digital platforms to Qatar is embracing drive demand, establish meaningful connections’ digitisation to advance By Pratap John Elgibali said the Covid-19 pandemic Business Editor has accelerated the trend towards digital banking as more consumers avoid trips to brick-and-mortar Mastercard has partnered with a branches in light of lockdowns and range of Qatari banks and financial social distancing measures. institutions to create a “smart and Banks are increasingly focusing the economy, says connected economy” for all, said on their digital platforms to drive Khalid Elgibali, division president- demand and establish meaningful Middle East and North Africa, connections, with the online and Mastercard. mobile experience becoming a “Our recent partnership with Qatar primary area of diff erentiation and National Bank marks an important competition. and historic milestone for our “Digital banking solutions will Mastercard executive strategic plans in Sudan and across increasingly need to focus on reducing Africa. Qatar National Bank is the first barriers for financial literacy and By Pratap John He noted, “The government of Qatar bank in Sudan to obtain an issuance achieving financial inclusion, which Business Editor is committed to embracing digitisa- licence from Mastercard. we believe, is the key to unlocking tion to advance its economy and fi rmly “We expect the partnership to inclusive growth in our region. We believes that the future of government contribute to the evolving payments have made a global commitment to atar continues to invest eff orts services in Qatar is also digital. This landscape in Sudan, leave a lasting empower 1bn people by including in building a smart economy by vision is at the heart of the public-pri- and positive impact on the economy, them in the digital economy by 2025. Qleveraging the power of digiti- vate partnerships we are forging in the and open new markets for us as we “Following on from Covid-19, we sation and is embracing it to advance country as well as our eff orts in grow- work towards including 1bn people in also expect banks to move away the national economy, said Khalid ing digital payments usage and accept- the digital economy by 2025,” Elgibali from purely transactional digital Elgibali, division president – Middle ance in Qatar.” told Gulf Times in an interview. solutions and design more advisory East and North Africa, Mastercard. “In particular, our proprietary Pay- He said, “We worked with Qatar products that off er deeper customer E-commerce, Elgibali noted, con- ments Ecosystem Design & Devel- Islamic Bank to launch the first engagement and better serve tinues to “show an upward tick and is opment (PEDD) methodology helps co-branded corporate credit card in people’s financial needs. This will also set to play an integral role in the governments systematically and ef- Qatar – an innovative and Shariah- mean moving away from legacy (GCC) region’s economic recovery post fectively assess and capture the poten- compliant payment solution for technologies and adopting more Covid-19.” tial of payment digitisation and over corporates and SMEs to manage their agile and scalable solutions, such as Covid-19 has transformed the way the last several years, we have worked purchasing, travel and entertainment cloud platforms and AI, or machine people want to pay, and this change is closely with the Qatari Government to expenses. Another notable learning. As a technology company, here to stay. Hygiene, safety and speed roll-out solutions that empower busi- partnership was with Ooredeo in we work closely with the public and have become the top priorities as social nesses and people to streamline opera- 2018 to launch Masterpass – a simple, private sector to advance innovation distancing continues to be encouraged tions, fi nd safer ways to pay, and ulti- convenient and trusted digital and digitisation to facilitate these across borders. mately improve their overall quality of payment service for faster and safe solutions and ensure a more “In fact, our consumer survey con- life.” shopping at thousands of retailers – connected future.” ducted in April revealed that 70% of Elgibali said a recent whitepaper online, in-app or in-store. Mastercard received a licence to respondents across MEA are now us- Mastercard published in May, “Cash- “We have also stayed true to our operate in Qatar in June 2012 and ing some form of contactless payment, ing out: Economic Growth through commitment to off er people priceless in 2013, opened an off ice in Doha citing safety and cleanliness as key Payment Digitisation” found that experiences by connecting them with as part of its eff orts to expand its drivers,” Elgibali told Gulf Times in an Khalid Elgibali, division president – Middle East and North Africa, Mastercard. countries that prioritise digitised pay- their passions. Our luxury off erings, presence across MEA. This followed interview. ment economies are better placed to “World Elite” and “World Elite a series of strategic partnerships Consumer insights like this have online, and banks are reshaping the online, driving the ease of adopting mitigate the associated adverse impact Exclusive” credit cards off er a range with Qatar’s leading financial led businesses to rethink and re-gear consumer reality to off er a tailored and contactless for consumers, and sup- of unemployment, fi nancial exclusion, of travel benefits to private banking institutions, and the launch of their customer off ering to ensure that seamless digital experience. porting the Qatari government in the fraud, theft, cost of cash, and corrup- customers, delivering a product that several notable initiatives including they’re reaching consumers where and As a “trusted” technology part- digitisation of government services. tion. complements the way they live and the Mastercard PayPass payments how they want, often online. ner to the various stakeholders in this “While these eff orts have always “Most recently, in light of Covid-19, travel, and reinforcing the universal programme, which enabled Industries across the board are tak- landscape, Elgibali said Mastercard is been core to Mastercard’s work in Qa- we worked with the central bank in truth that experiences matter customers to make payments by ing their businesses online: More res- “doubling down” on its eff orts in en- tar, the pandemic has undoubtedly Qatar to increase the cardholder veri- more than things. In Qatar, we have simply tapping their contactless taurants are turning to home delivery, suring that this transition to digital is demonstrated the importance of the fi cation limit from QR100 to QR300, launched the World Elite Credit card card, key fob or cell phone on a delivery aggregators are closing in on a smooth one. digital economy and its ability to en- allowing people to make higher value in partnership with QIB, Commercial point-of-sale terminal reader, Elgibali the demand, entertainment giants are “We are supporting SMEs as they sure sustainability and drive growth,” contactless payments without having Bank and Doha Bank.” added. off ering a slew of content to stream look to off er their goods and services Elgibali said. to touch the POS terminal keypad.” China’s early return to growth is a boon for global economy, says QNB The Chinese economy, which is the earliest 2020 as a whole. Activity data continued QNB said and noted its analysis focuses on hit with the novel coronavirus, is now in the to improve in May, likely taking the level of two key aspects of the Chinese economy to vanguard of the economic recovery, QNB has output above that of 2019, for the first time better understand the depth of this nascent said in an economic commentary. since the pandemic erupted. However, growth recovery. Indeed, China is one of the few countries rates are still below of that in 2019. “We First, the Chinese authorities have returned to expected to see economic growth during expect a positive growth rate of 1.5% in 2020,” their tried and tested methods of economic stimulus via government spending on infrastructure investment. The People’s bank of China has lowered the official rate twice from 4.15% to 3.85% this year. Record high issuance of nearly RMB 1tn of special local government debt has boosted infrastructure fixed asset investment, which jumped to 11.6% in May, up from 4.6% in April. This has in-turn pushed up growth in fixed asset investment, up 3.9% in May from 0.6% in April. Similarly, industrial production growth improved to 4.4% in May from 3.9% in April. Indeed, particularly strong contributions from increases in steel and cement highlight how such infrastructure spending can directly boost industrial output. Broadly, the Caixin manufacturing PMI rose 1% in May, the first positive growth rate since the outbreak shock of Covid-19, up from -1.6% in May, a considerable improvement from the extensive lockdowns again. “We had not in April. 4.5% contraction in April. Moreover, the Caixin been expecting to see such widespread Second, the services sector is showing some services business activity PMI rose 4.4% in positive year-on-year growth until Q3, but of the most encouraging signs. Property May, a significant rebound from -18.6% in April. an increasing number of indicators suggests sales rebounded strongly, although growth “There are some reasons to remain cautious,” that China’s economy has already regained in new property remains more subdued and QNB pointed out. its pre-virus level, if not growth rate. From suggest that developers remain cautious.