Qatar Fintech Hub (QFTH), co-founded by Qatar Growth Bank (QDB), is open to incorporate fintechs specialising in Islamic finance, regulatory framework and small and medium enterprises (SMEs) beneath the primary wave of its Fintech Incubator and Accelerator programmes (IAP), in line with its prime official.
“The main target of Wave 1 is on funds know-how however we’re open to different areas too,” QDB chief govt Abdulaziz bin Nasser al-Khalifa stated not too long ago at a webinar, organised by the US Qatar Enterprise Council (USQBC), in affiliation with Qatar Embassy within the US and Fintex.
The Wave 1 of the IAP is centered on funds in alignment with the Qatar Fintech technique, and in synergy with the Qatar Central Bank (QCB) – Sandbox and upcoming laws.
QFTH has began receiving purposes from entities which can be in search of a launch-pad within the Center East to speed up their development.
It’s learnt that QFTH has been receiving regular stream of inquiries for its first wave, whose incubator and accelerator programmes are digital in nature in view of the Covid-19.
QFTH can also be taking a look at fintechs specialising in Islamic finance, which incorporates takaful tech and Shariah-compliant crypto forex and sensible contracts in addition to at SMEs with emphasis on their funding, provide chain financing, commerce and various financing.
“We intention to embed digital capabilities (together with superior analytics, block-chain) into the DNA of QDB to allow our SME financial system to develop into aggressive regionally and globally,” al-Khalifa stated.
On this regard, he stated, QDB is within the midst of its digital transformation to reimagine how improvement finance establishments companion with SMEs all through their lifecycle.
Below Qatar’s Second Strategic Plan for Monetary Sector Regulation 2017-22, fintech has been recognised as a main device for attaining long-term improvement targets for the monetary sector.
The opposite focus space is Regtech that includes AML/CFT, digital id, Sandbox simulator and threat administration and compliance.
The enabling applied sciences are cyber safety; synthetic intelligence/machine studying; massive information and analytics; distributed ledger applied sciences; and Qatar stack (visionary know-how), he stated.
“The QFTH Accelerator programme affords a tremendous value preposition for the US fintechs that need to enter and develop within the area,” al-Khalifa stated.
QFTH will act as a catalyst to rework Qatar’s monetary providers business to develop into globally aggressive, he stated, including via the usage of know-how, fintechs and monetary establishments will concentrate on delivering significant options to unravel recognized native and world challenges.
QFTH has roped in Microsoft because the know-how companion to assist it in constructing a sandbox setting on Azure and Eversheds Sutherland because the authorized companion to supply steerage to the fintechs collaborating within the QFTH programmes.
Moreover, QFTH has signed a memorandum of understanding with Cambridge Spark as one of many academia companions to facilitate its efforts to develop the fintech expertise in Qatar.
QFTH goals to develop the fintech business in Qatar, in accordance with the Qatar Nationwide Fintech Technique created by the QCB, and to contribute and reiterate Qatar’s place as a number one worldwide fintech hub within the area, as outlined within the Qatar Nationwide Imaginative and prescient 2030.