Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the FinTech sector in Qatar, released its first ever White Paper on the state of the fast-developing FinTech industry in Qatar and MENA.
Titled “From Qatar to the World: A report on the state of FinTech in Qatar”, the White Paper aims to provide a holistic review of the local and regional FinTech market, following the launch of Qatar’s National FinTech Strategy by the Qatar Central Bank (QCB). The strategy aims to facilitate the set up and growth of local FinTechs, while creating a favorable business ecosystem to attract international ones and entice them to make Qatar a launchpad for their regional and global expansion.
The national efforts to boost the local FinTech sector has begun to bear fruit. Evidently, Qatar is emerging as a potential new home for FinTech in the region with QFTH becoming the 2nd largest FinTech venture investor in MENA in Q1 2021*
The country’s FinTech capabilities, in comparison to leading FinTech hubs from the US, UK, Singapore, Australia, India, Bahrain, Saudi Arabia, and Kuwait, indicate that Qatar is in a good position in terms of access to capital and focus on innovation. The government has facilitated access to capital through several venture vehicles, and where innovation is concerned, Qatar was found to be performing better than its peers. Nevertheless, the country can further reinforce the emphasis on innovation by launching a FinTech innovation division and an inter-university FinTech body to develop talent and raise awareness.
Mr. Abdulaziz Bin Nasser Al Khalifa, CEO of QDB and Chairman of QFTH Taskforce, said: “Emerging technologies could play a significant role in the country’s overall economic transformation, especially where digitization of services is involved, including government to citizen, business to consumer, government to business, and business to business services. This report spotlights a myriad of opportunities for the FinTech community to become part of our success story,”.
To download the White Paper or apply for wave 3 of the QFTH programs, please visit: www.fintech.qa