The State of Qatar’s demographics make the nation an ideal place for developing a robust business-to-business (B2B) FinTech market.
The FinTech industry in the country has witnessed a surge in the number of start-ups exploring the local opportunities. The Qatar FinTech Hub (QFTH) has recently attracted over 750 applications from all corners of the world.
Qatar Central Bank (QCB) has issued the second strategy document for 2017-2022 with FinTech in each of the five pillars of the strategy. The most recent reforms including, but not limited or restricted to the launch of a new credit scoring bureau and the introduction of a sandbox, indicates a pro-active regulatory environment. A balance between innovation and regulation of the financial markets remains a focus of QCB and opens an opportunity for supervision through RegTech.
In a recent report on first-mover’s advantages it was highlighted that the availability of financing and funding for local start-ups, scale-ups and small/medium sized enterprises combined with the investments in the education sector promote and support the development of the FinTech capacity in the country.
One of the State of Qatar’s key advantages as a FinTech hub is the human capital. The attractiveness and effectiveness of a FinTech ecosystem depends on factors such as talent availability, progressive regulators, network access, investor sophistication, government support, consumer demand, regional opportunities and incubator and accelerator availability.
Please click on the link and reach out to learn more about the FinTech ecosystem in the State of Qatar as well as other initiatives of the most relevant stakeholders in the State of Qatar and Business Start Up Qatar.
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The collaboration and cooperation of the public sector and the private sector will strengthen the position of the State of Qatar as a hub for business, trade and investment in the Middle East.