Unlocking Qatar’s Future: The Role of Digital Trade and Treasury Transformation

Organised by MERGE and the local Qatari chapter of the International Chamber of Commerce (ICC), the event brought together representatives from seven leading financial institutions, as well as tech firms Finastra, Naxxum, and GBM Qatar, to explore how the country can harness technology to reduce its reliance on hydrocarbons and grow its digital economy.

Attendees

The Doha roundtable attendees, all from the FI and tech sectors, participated in the event under anonymised reporting rules, and selected excerpt quotes from them follow below. The participants were:

Tahir Hayat Pirzada

GM, Group Treasury & FI, Masraf Al Rayan

Thiru Mutusamy

VP, Trade Services Product, Qatar National Bank

Venkata Surya Prasad Indraganti

Senior AGM Head of Transaction Banking, Commercial Bank of Qatar (CBQ)

Motasim Hasan Iqbal

Regional Head of Transaction Banking Sales, Africa and Middle East, Standard Chartered

Ali Bennani

VP, Senior Trade & Cash Sales Manager GTB Qatar & Oman, Mashreq

Hussam AlKokhon

Head of Trade Finance, CQUR Bank

Reine Heloue

Customer Success Director, Finastra

Mohamed Snoussi

Ikbel Nahdi

MODERATOR: Eleanor Hill

General Manager, Middle East and Asia, at Naxxum

Senior Accounts Manager, GBM Qatar

Content Director, MERGE

Queenie Taylor-Wong

Co-founder & CEO, MERGE

Sherwet Mohamed

Policies and Events Co-ordinator, ICC Qatar

Organisers

Championing change

Held over the course of three hours, the roundtable debate saw lively discussion around trade digitalisation, particularly the Model Law on Electronic Transferable Records (MLETR) legislative framework. This has been developed by the UN Commission on International Trade Law (UNCITRAL) and popularised by the ICC as part of its efforts to encourage standardised electronic trade documentation usage and common legal parameters around the world in support of digital transformation.

The roundtable also focused on the electronic issuance of trade guarantees as part of wider digitalisation of the local and global economy; and discussed sustainability and the over-arching environmental, social and governance (ESG) drivers of 21st century business via green mortgages, financing and so on. The role of Islamic finance and sukuk bonds locally, wherein the Islamic banking assets accounted for +25% of Qatar’s total banking assets last year, was also debated alongside the need to develop and scale stronger sharia compliant ESG projects on capital markets and in renewable energy installations. Supply chain finance (SCF) programmes with preferential rates should be developed for those firms hitting ESG metrics.

How all this interfaces with any segment opportunities in the Third National Development Strategy for Qatar (2024-30) was also debated by the roundtable attendees, alongside how to attract and retain future talent in the trade and corporate Trade and Treasury sector. This spans to encouraging more diversity, equity, and inclusion (DEI) representation in the workforce, perhaps via specific SCF programs focused on this area.

The National Development Strategy for Qatar seeks to diversify the economy into manufacturing and exporting abroad; to build tourism; and the technology sector, especially in supply chains and in associated financial services (FS), e-commerce, and so on. The aim of the national plan is to diversify Qatar away from the overweening oil and gas sector, which faces a declining business risk due to climate change political action pressure, and make it align with international norms in the workforce and technologically – indeed to make it a leader in these areas. It seeks to unleash the power of the private sector by placing the public realm as a key partner.

The ESG Imperative

Sustainability was a critical theme debated during the roundtable, with Qatar’s National Vision 2030 emphasizing sustainable development, participants discussed the role that trade finance and treasury functions can play in supporting environmental, social, and governance (ESG) objectives.

One banker shared insights on how Islamic finance and sustainability can complement each other. "Islamic finance inherently aligns with social responsibility, and the integration of ESG is a natural progression for us," he said. Masraf Al Ryan has been a leader in this space, being the first bank to launch sustainable finance framework and securing second party opinion (SPO) from S&P on this framework. They have launched products such as green deposits, green mortgages and sustainable financing options including Green Financing. QIIB has Issued Sustainable Sukuk earlier this year, and market is expecting a first Green Sukuk from one of the Qatari Bank to be announced soon. However, there remains a gap between the availability of sustainable finance products and the projects that could benefit from them.

A peer from another bank pointed out that while sustainable finance products, such as guarantees for green projects, are being offered, the lack of sustainable liquidity is holding back further development. "We need the right funding sources to match the growing demand for sustainable financing," he said.

Participants also highlighted the need for stronger ESG reporting and regulatory enforcement. While voluntary ESG reporting is already underway, there was a clear consensus that mandatory reporting is needed to accelerate adoption. This would bring Qatar in line with international markets, where ESG standards are increasingly becoming a business imperative rather than a ‘nice-to-have.’

Moreover, the potential for sustainable supply chain finance was a hot topic. Sustainable supply chain finance programmes, already gaining traction in Europe, offer preferential rates to suppliers that meet sustainability criteria. This approach, the group agreed, is one way to both support Qatar’s SMEs and drive the broader ESG agenda.

Trade finance and emerging tech

Another of the overarching themes of the roundtable was the need for greater collaboration among banks, regulators, and tech providers. This, participants agreed, is essential for creating an enabling environment where innovations like blockchain, artificial intelligence (AI), and electronic signatures can be integrated into everyday operations.

Corporate treasury and trade finance can help transition the desired change. But Qatar needs to be aligned with MLETR and other such global digitalisation initiatives if it is to invest the strong capital base that the nation has well and advance its economy in a sustainable way.

Emerging technologies like blockchain, already prevalent in the supply chain; electronic signatures; and AI were debated as part of the event, alongside the need to encourage entrepreneurial start-ups and SMEs to encourage innovation and growth. The removal of the present local regulatory requirement to have three years of financial statements before scaling up was discussed in Doha as one key quick way to foster more growth that has already been actioned.

Qatar has gone from banning crypto in 2018 to introducing a digital assets framework in September 2024, which recognises smart contracts, licensing for crypto companies, property rights in tokens and custody arrangements among other issues – all of which could positively impact trade and treasury solutions.

More than 75% of banks in Qatar now offer some form of digital wallet or payment solution as they too are embracing digital transformation, including the adoption of open APIs as a means of easier connectivity and data exchange, which also aids co-creation IT projects. Clients will benefit via an increase in the software and data tools available to them, plus from enhanced operational efficiency and customer experience (CX). This is especially so at small corporate treasury teams that often don’t have the budget to undertake their own digital transformations, relying on fintechs or banks to do this for them.

Multinationals (MNCs) will benefit most from trade documentation and other digital transformations, but SMEs bring the jobs and fast growth to an economy and export benefits too as they scale. This will help the Qatari government improve trade balances, which is what it’s an element in the national plan. Banks bring the finance, and regulators can remove any unnecessary hurdles while still ensuring a safe, secure and compliant business environment.

One speaker emphasised the importance of ICC’s role as a lobbying body for the private sector, working with regulators to ensure that business voices are heard when it comes to digitalisation. “We need to ensure that the regulatory framework is not only in place but that it is also flexible enough to adapt to the fast-paced changes in technology,” he said. His call for a stronger partnership between financial institutions and regulators set the tone for much of the discussion.

Another participant echoed this sentiment, pointing out the need to fast-track the adoption of electronic signatures. “Everything is already digital – except the signing process. We need the right regulatory frameworks to support seamless digital processes,” he remarked. The call for regulatory changes on this front was unanimous across the board.

Meanwhile, a participant from a fintech company commented that: “Having an open, accessible technology platform that supports innovation is crucial. Innovation through partnerships and having great AI are also key focuses for us at the moment, as is compliance support in a geopolitically unstable world, where sanctions and regulatory changes are prevalent.”

Making change happen

“MLETR adherence needs to advance in Qatar because it’s already in Bahrain [since 2018], UAE, and Saudi. This ICC supported group here today can work together to make it happen for Qatar. The standardised electronic legislative framework will open up growth, as would support directed towards more women-owned business and diversity in the workforce.”

A banking member of the local ICC chapter in Doha that provided the venue for the roundtable in September encouraged other attendees to join the organisation for a small fee, as they would: “Become a member of a wider global ICC network that represents 6 million businesses across the world and extends to over 100+ countries. We have a local ICC MLETR task force meeting coming up here in Qatar next month, so please come along and join us,” he urged.

As many participants highlighted, Qatar already has the infrastructure in place to facilitate this change. The challenge lies in ensuring that the right legal frameworks are implemented swiftly, enabling a truly digital environment where banks, corporates, and SMEs can operate efficiently.

Imperatives for Qatar as a nation

The modernisation aims of Qatar need the support of banks and corporate treasury and IT specialists to grow a world-leading digitised economy – one that can cope with digital marketplaces, supranational firms, cross-border compliance and tax demands, and fast-growing local businesses.

Qatar’s National Vision 2030 goals include 4% per annum growth in its manufacturing, tourism and technology base. This is a risk mitigation measure against declining gas revenues, which is a primary earner for the Arabic Gulf country. Its third National Development Strategy, launched just this year, must start to deliver against these ambitious over-riding target and bring the country’s long-term plans into fruition.

Enhanced digitalisation offers the country efficiency and connectivity benefits, better linking it to world trade and supporting its efforts to diversify its economy and up its proportion of value-adding activity. Electronic treasury and trade solutions are key elements in achieving these aims.

Artificial intelligence as a new frontier
AI is one example of a technology that can help automate and speed up traditionally slow paper-based compliance processes in treasury, shipping and trade, bringing greater efficiency, data insights and tracking capabilities, plus a reduced risk of errors if it is let loose in a controlled manner – and if collaboration between banks, fintechs, users and regulators can be incubated. Electronic bills of trade, e-docs and signatures also help, alongside an AI capabilities for intelligent document processing at banks and partners in the physical and financial supply chain.

Elsewhere, the role of AI in treasury management was discussed, particularly in relation to risk management and forecasting. One participant commented that AI-powered tools are already being used to predict cash flow and optimise liquidity, enabling treasurers to make more informed decisions in real time.

Despite these advancements, participants were quick to note that technology alone is not enough. A culture shift is required within organisations to embrace these new tools fully, one fintech commented: “Technology is there, but without the will to change and adapt, it’s just potential that’s not being realised.”

From talk to action

Reflecting on the debate, MERGE’s Eleanor Hill said: “It was an honour to chair such a dynamic and insightful roundtable in Doha. The candid conversations highlighted the transformation challenges and opportunities within Qatar’s trade and treasury sectors. From digitalisation to sustainability, it’s clear that the potential benefits ahead are vast, but they will require collaboration, innovation, and a shared commitment to progress. To effect this change, we must go beyond talk and ensure these discussions translate into action. This is the next task for MERGE in collaboration with the ICC Qatar.”

Many of the attendees echoes this sentiment, with one praising the full and frank discussions, saying: “We haven't seen many events such as this roundtable here in Doha before, so I’m very pleased this event is happening. I think it’s important to start this forum and then expand it as we go forward.”

Queenie Taylor-Wong, Co-Founder & CEO of MERGE, added: “We are delighted to have the support of the local trade and treasury community in helping us to drive this conversation forward. It is important to have these discussions.”

With those words the wide-ranging roundtable debate drew to a close. But it’s an important takeaway to remember that collaboration does indeed matter. It is the intersection between company’s consumers and their internal corporate treasury units, plus fintechs, banks, regulators and governments that will drive the increasing digitalisation of trade in the 21st century. Getting together to talk about how best to achieve these aims can only be of benefit to the trade and treasury communities.

Indeed, this inaugural roundtable served as a primer to the upcoming ‘Qatar Trade and Treasury Transformation Summit 2025’, which is again organised by MERGE with the support of ICC Qatar. The Summit will be held in February 2025. This initial debate, and the forthcoming event next year, will all feed into the work of the ICC’s newly formed ‘Digital Trade Task Force’ and its over-arching work in this field. There is also an ICC Qatar Commission on Customs and Trade Facilitation (CTF) focused on MLETR. We urge you to get involved via the highlighted links and to follow the MERGE LinkedIn account to learn more.