Qatar Financial Center Partners with Hedera for Blockchain-Powered Digital Receipts System

The Qatar Financial Center (QFC) is developing a blockchain-based digital receipts system (DRS) using Hedera's technology. The system will run on HashSphere, a private, permissioned distributed ledger, and will be deployed via Google Cloud through QFC’s Digital Asset Lab.

Blade Labs, which recently secured a fintech license at QFC, will develop the DRS components, including smart contracts and user interfaces tailored for Islamic Finance. Hashgraph will manage the underlying blockchain infrastructure, focusing on security and scalability. Al Rayan Bank will validate the system and explore commercialization opportunities.

QFC CEO Yousuf Mohamed Al-Jaida emphasized the center's commitment to fostering a robust digital asset ecosystem. "This initiative reflects our support for tokenization, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan," he said. Omar Al Emadi, acting Group CEO of Al Rayan Bank, highlighted innovation as a cornerstone of Islamic Finance, pledging to advance the DRS system to meet market demands.