The Qatar Monetary Heart (QFC) Authority, a enterprise and monetary heart primarily based in Doha, not too long ago confirmed that it stays centered on changing into a significant hub for Fintech within the MENA and South Asia area.
The Center East area’s Fintech sector reportedly noticed world funding improve to round $112 billion towards the tip of 2018, up considerably from solely $50 billion in 2017 (in line with KPMG).
Qatar is house to main European and Indian Fintech buyers. It’s additionally the place QPay’s operations are primarily based, which is notably the nation’s largest Fintech agency.
The QFC affords a Fintech providers supplier license that enables monetary providers suppliers to simply entry the nation’s evolving capital markets. The QFC can also be planning to launch its “Fintech Circle,” a co-workspace for qualifying Fintechs “free of charge for 12 months,” in line with a launch shared with Crowdfund Insider.
The discharge famous:
“[The Fintech Circle] will enable Fintech communities and talents to network with large institutions and corporates as well as foster joint collaboration.”
Abdulaziz Al-Khalifa, CEO at Qatar Growth Bank (QDB), famous throughout a current on-line convention:
“The launch of QDB’s FinTech Incubator and Accelerator Programs is a great milestone. These programs are set to further consolidate Qatar’s position as a global Fintech leader and create a vibrant ecosystem that is attractive for international investors, especially those from the United States.”
“What is remarkable is that this achievement comes within the wider framework of Qatar’s ongoing pursuit of entrepreneurship and business climate excellence, which led to its ‘Top 20’ ranking among countries undertaking reforms to develop the business and investment environment, as well as being ranked 1st in the MENA region in the National Entrepreneurship Context Index.”
The QDB not too long ago introduced the launch of the Fintech Incubator program (for early-stage companies) and the Accelerator program (for mature Fintech corporations). The initiative has reportedly been launched by way of a collaboration with Massive 4 auditor EY and MEDICI, a analysis firm and content material curation and Fintech ecosystem collaboration platform.
As defined within the announcement:
“The Programs will cater to local and global FinTech entrepreneurs who are looking for a launchpad and a hub to accelerate their growth within a healthy business ecosystem, with a focus on … payment solutions, solutions for SMEs, Islamic FinTech, and regulatory technology.”
Fintechs will be capable of work with skilled mentors from over 10 international locations, and also will get an opportunity to obtain monetary, regulatory, and registration help.
As reported not too long ago, Fahad Al Dosari, Industrial Attaché for the Embassy of Qatar within the US, has argued that Qatar is without doubt one of the world’s most secure economies.
Dosari, whose statements got here throughout a digital panel dialogue that lined Qatar’s evolving Fintech sector and associated enterprise alternatives (on June 23, 2020), said:
“Under the leadership of His Highness the Emir Sheikh Tamim bin Hamad Al Thani, all of Qatar’s government agencies are committed to supporting US investment in the region and making Qatar a fintech hub for the Middle East.”
As reported in January 2020, the Qatar Monetary Heart mentioned it recorded 33% development in 2019 with over 800 Fintech, IT, tax, and funding consulting companies now a part of the group.