“QFTH” is the Second largest investor in FinTech startups in MENA

qatar fintech hub

qatar fintech hub

Pioneers Investors  – The Qatar Financial Technology Center, affiliated to Qatar Development Bank, ranked second among the largest institutions that invest in financial technology companies and projects in the Middle East and North Africa during the first quarter of 2021, according to a report by MAGNiTT, which specializes in research and studies related to start-ups.

The MAGNiTT report is an important and key reference in this field, highlighting the performance of investments in projects and start-ups during each quarter in the Middle East and North Africa region. In its current edition, the report compiled data and analysis on investments in FinTech startups in 17 countries in the region, namely Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, and Saudi Arabia. Syria, Tunisia, the United Arab Emirates, and Yemen.

Abdulaziz bin Nasser Al Khalifa, CEO of Qatar Development Bank and head of the Qatar FinTech Center task force, said: The Qatar Development Bank is committed to developing the entrepreneurship ecosystem in Qatar. By establishing and launching specialized business incubators, such as the Qatar Financial Technology Center, the bank provides the necessary funding for promising startups, and trains them appropriately on how to use this funding in a way that ensures success and growth.

He added: We are pleased with the success of the Qatar Financial Technology Center, as it reflects the positive impact on the local entrepreneurship ecosystem.

He continued, “Thanks to our cooperation with a number of partners around the world, and thanks to the great development that the sector is witnessing locally, we will continue to transform Doha into an ideal destination for financial technology companies wishing to launch or expand their business in the region.” The second cycle of the Qatar FinTech Center incubator and accelerator programs is currently underway, and it is expected that the date of the virtual project presentation day for this cohort will be announced soon. Demonstration Day is an ideal event that showcases a number of investment opportunities from 22 alumni companies of the program. It is also an opportunity to get acquainted with a group of important figures in the field, representatives of relevant bodies and influential figures, as well as investors in emerging projects, which provides an opportunity to discuss opportunities for cooperation, work and investment among the attendees. It is noteworthy that the Qatar Financial Technology Center was established by the Qatar Development Bank within the framework of the Qatar National Vision 2030 and the Qatar Central Bank’s financial technology strategy, which aims to develop the development of this vital sector in Qatar and enhance the country’s position in the field of financial innovation. The establishment of the Qatar Financial Technology Center was also an important step in the process of transforming Qatar into a regional and global center for financial technology, by attracting companies that will contribute to raising the competitiveness of the local market.

The center launched the financial technology incubator and accelerator programs in 2020, which achieved great success during the first and second cohorts, as they received more than 1,200 applications from various countries of the world. This interest on the part of the startup community also reflects the important position that Qatar has become on the global level.

Fintech companies participating in the two programs will receive financial and in-kind support of up to $250,000 per company, in addition to the facilities that participants will receive to accelerate the establishment of their companies in Qatar through the Qatar Financial Center and the Qatar Central Bank’s Sandbox Legal Regulatory Initiative.

The Qatar Financial Technology Center was launched by the Qatar Development Bank in May 2018, with the support of the Qatar Central Bank, and it is part of the Qatar Development Bank’s vision to develop the financial technology sector in the country.

Qatar FinTech Center is a global center for financial technology, which aims to facilitate cooperation between all participants in the financial technology ecosystem, as well as to develop international and local relations that will contribute to achieving the vision of Qatar Development Bank.

The Qatar Financial Technology Center brings talented entrepreneurs, investors and innovators to develop new technologies to achieve great visions. The center also provides a globally interconnected group, comprising an active community of entrepreneurs, industry experts, regulators and fintech investors.

Qatar FinTech Center has associated with global FinTech centers, large financial institutions, universities, technology partners, industry experts and others to provide the best global opportunities and expertise, and to develop a collaborative FinTech ecosystem. The Qatar FinTech Center provides promising opportunities to contribute to economic diversification, and is one of the four pillars of Qatar National Vision 2030, which seeks to “transform Qatar into an advanced society capable of achieving sustainable development” by 2030.