Qatar Islamic Bank (QIB) has signed a Memorandum of Understanding with FynPay to expand the bank’s digital channels and local footprint. Qatar Islamic Bank (QIB) joins forces with FynPay, a Qatari fintech company, to advance digital banking in alignment with Qatar Central Bank's strategy, enhancing customer experience and operational efficiency in the nation's financial sector.

QIB officials express enthusiasm for their partnership with FynPay, aligning with Qatar Central Bank's digital strategy. Their aim is to expand QIB’s digital services, offering competitive banking solutions to individuals and institutions. This collaboration will enhance customer experience in mobile and online financial services, boosting the bank's operational efficiency through fintech advancements.

FynPay’s representatives express excitement for the QIB partnership, lauding QIB's leadership and vision for banking digitisation. FynPay aims to revolutionse digital banking, aligning with Qatar's digital economy vision, and is dedicated to reshaping the financial landscape for a remarkable banking experience. Previous news from QIB In November 2021, QIB introduced the QMP e-wallet, a contactless payment solution, expanding its digital services for both customers and non-customers.

The mobile app enables instant, secure payments without physical cards or cash. Non-customers need to visit a QIB branch initially but enjoy the same benefits. The service includes fast and secure payments, instant notifications, SMS banking, and e-statements, promoting digitalisation in Islamic banking and providing diverse payment options.

In January 2020, QIB has partnered with IBM Safer Payments to implement a cross-channel fraud prevention solution. IBM Safer Payments, a data science-based fraud prevention tool, analyses patterns, predicts emerging threats, and recommends responses. It uses customer data and transaction history for real-time authentication, enhancing security for QIB's customers and preventing fraudulent activities.

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