Qatar International Islamic Bank (QIIB) has signed a memorandum of understanding (MoU) with a Qatari fintech company FynPay to expand the bank’s digital transformation plans.

The MoU is signed in line with the digital strategy implemented by Qatar Central Bank (QCB).

Through the partnership, QIIB aims to boost the bank’s digital channels and local footprint and utilise FynPay to make an impact.

QIIB CEO Abdulbasit Ahmad Al-Shaibei said: “Our digital plans are extensive, and we are building upon what we have achieved in previous years.

“With this initiative, we hope to expand QIIB’s digital landscape by offering banking services at competitive prices to more customers, whether individual or institutional, who seek to benefit from our integrated services.

“The bank will collaborate with FynPay under this MoU to explore the various applications, programs and technological solutions to be offered to banks.”

Al-Shaibei also said that QIIB’s collaboration FynPay with will improve customer experience in mobile and online financial services. This will bolster the bank’s operational efficiency by leveraging the rapidly transforming financial technology.

Besides, he added that the MoU represents several advantages, including the company’s business environment knowledge, market expertise and familiarity with the legislations, controls and laws issued by regulatory and supervisory authorities in the banking industry.

Based in Qatar, FynPay offers technology to help banks, fintechs and corporates explore real-time payments through the company’s simple application programming interfaces (APIs).

The firm also offers banking-as-a-service accounts that will enable customers to develop their own financial product, fully supported by the company’s technology and secure APIs.

FynPay and PeyzBank group CEO and co-founder Rauf Azam said: “QIIB and FynPay’s visionary alliance is not just a partnership, this collaboration will undoubtedly be a beacon of innovation, enhancing the nation’s financial sector and paving the way for a knowledge-based economy in line with Qatar’s National Vision 2030.

“Together, we are pioneering a new era in banking, offering a digitally first experience, and creating a platform and ecosystem that will redefine the financial landscape for consumers and businesses alike.”