KPMG report highlights digital transformation as key driver shaping the future of Qatar’s Banking Sector
Doha, The Gulf Observer: The preceding year unfolded as a period of remarkable transformation within the financial sector, characterized by the implementation of regulatory facilitators aimed at welcoming emerging digital fintech entities while assisting established incumbents in their digital evolution. Despite confronting challenges such as escalating interest rates, margin constraints, geopolitical ambiguities, and a intricate credit landscape, Qatar’s banks demonstrated exceptional adaptability.
Guided by adept cost management, a commitment to digital transformation, and a steadfast focus on risk, these financial institutions not only withstood adversities but flourished, maintaining robust levels of profitability throughout the dynamic and demanding environment.
KPMG in Qatar has unveiled its eagerly awaited ‘Qatar Banking Perspectives Report – 2023,’ shedding light on the dynamic landscape of Qatar’s banking sector and bringing attention to emerging trends reshaping the industry. This annual report is meticulously crafted to empower decision-makers in assessing current trends and dissecting factors that will mold the future of Qatar’s banking landscape. The 2023 edition delves into key themes influencing Qatar’s banking sector, exploring their ripple effects across the region.
Domain experts from KPMG provide profound insights on diverse topics, including data analytics and cloud technology, fraud prevention, evolving regulatory landscapes, sustainable finance, implications of the global minimum tax, Anti-Money Laundering (AML) strategies, M&A dynamics, and the impacts of Basel 3 reforms. Omar Mahmoud, Partner and Head of Financial Services at KPMG in Qatar, expressed confidence that the report will not only offer valuable insights but also inspire strategic initiatives as the banking sector navigates the evolving landscape in 2024 and beyond.
