Qatar FinTech Hub, founded by Qatar Development Bank (QDB), to support the growth of the FinTech industry in Qatar, has concluded the Second Virtual Demo Day for Wave 2 of its flagship Incubator and Accelerator Programs which was held on 1st July 2021.
Sponsored by Doha Bank, QFTH Demo Day for Wave 2 presented the ideal launchpad for 22 graduating FinTechs as they got to introduce a host of new and empowering services that would accelerate the digital transformation of the local, regional, and global financial markets.
The event saw the participation of 11 early-stage startups and 11 mature FinTechs, including remarkable FinTechs from Qatar such as Snoonu Trading and Services, a beyond one stop shopping and delivery service with payments functionality; Karty, a payment card paired with a smart app that allows users to make and analyse payments; and Twyla Technology, which provides payment gateway E-invoicing, Smart POS, and E-Commerce solutions. In addition to a line-up of other innovative FinTechs from across the globe including Cammillion, ePaysa, Digitalistic, Akillifon, CHANGE COM, Kwidex, Nu Credits, Bondsmart, Finstant from the Incubator Program, and Prive T, Active.AI, eBaoTech, SafexPay, FinChatBot, Cargon, Invest Suite, Elite Capital, and Revix from the Accelerator Program.
Demo Day witnessed over 600 unique online views with the participation of senior executives representing local and global organizations.
Demo Day was also attended by key players from the local financial services ecosystem, as well as investors, global startups, international FinTech hubs, aspiring entrepreneurs and FinTech enthusiasts. Attending investors had the opportunity to explore some of the most promising ideas set to revolutionize the industry, and to interact with each of the FinTechs through dedicated breakout rooms for each of them.
Mr. Ibrahim Al Mannai, Executive Director, Advisory and Incubation, QDB said: “The level of presentations and interest from the FinTech community at the QFTH Demo Day was truly impressive. The event is the culmination of the second Wave of our flagship Incubator and Accelerator Programs. I would like to thank everyone who has helped make this a success including our partners from around the world and extensive mentors and collaborators. This is not the finish line, it is only the beginning with more business development activities, and successful collaborations to take place between those FinTechs and key financial institutions in Qatar and the extended region.”
Qatar FinTech Hub has also announced that applications are now open for the much-anticipated Wave 3 of the Incubator and Accelerator Programs.
The theme for this round will be ‘Embedded Finance and TechFin’, QFTH is looking forward to attracting FinTechs who can support both financial and non-financial institutions, operating in diverse domains, and who can offer significantly enhanced or transformed value propositions through associated financial products and services embedded within them. FinTechs from around the world are encouraged to apply before end of July 2021, as the new program will kick off in October and run up till December 2021. All applications undergo a thorough evaluation process, where shortlisted candidates will be invited to present their solutions in front of a jury panel comprised of key stakeholders from Qatar’s financial services ecosystem. As part of Wave 3, FinTechs will receive in-kind support worth $250K, up to $40k in cash investments for incubator FinTechs, and up to $100k in cash for accelerator participants.
QFTH was established by Qatar Development Bank in line with the Qatar National Vision 2030, and Qatar Central Bank’s (QCB) FinTech Strategy to build on Qatar’s success in the financial sector and enhance the country’s role in the field of financial innovation. The second wave of the Incubator and Accelerator Programs focused on a variety of financial technology solutions in alignment with the Qatar FinTech Strategy, and in synergy with QCB – Sandbox.
As part of its commitment to offering world-class expertise to participating FinTechs, QFTH is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, global FinTech hubs, academia, and regulators. Microsoft is participating as the program technology partner. Other recent partnerships include Amazon, Progress Soft, Vodafone, and Global Positioning System to name a few.