Qatar makes remarkable progress in the fintech sector

04/03/21

Qatar has made remarkable progress in the fintech sector and is accelerating the ecosystem. In order to advance and enhance the development of the sector, the key stakeholders have published the Qatar National Fintech Strategy (QNFS) 2020 with the establishment of the Qatar FinTech Hub (QFTH) in a very central role.

The QFTH aims and intends to aid the digital transformation of the financial sector and to make the country a(n) regional and international hub for fintech in line with the Qatar National Vision (QNV) 2030. Its incubator and accelerator programmes are the most prominent initiatives to attract global talent.

Despite the turbulent times brought on by Covid-19, the pandemic created new opportunities and possibilities as businesses had to innovate their models due to the limitations.

The global investments in the fintech sector totalled QAR 111.0 billion (USD 30.4 billion) in 2020. The largest investments were in payment solutions followed by digital banking and capital market solutions. Qatar's strategic interests are aligned with these areas.

In addition, the key stakeholders in the country are prioritizing businesses operating in Islamic FinTech, RegTech, InsurTech, PropTech and small or medium-sized enterprise (SME) enabling FinTech. The QFC introduced a FinTech Services Provider License that classifies businesses with related activities, products and services as non-regulated businesses under QFC’s platform.

By the end of 2020, the QFC registered a total of 39 fintech businesses with another 20 fintech businesses in the pipeline. Fintech businesses licensed by the QFC enjoy a number of incentives including a waiver of the application and (first year) renewal fees, market access and rent-free workspace.

Key drivers for solutions in the fintech sector include a high disposable income, an internet educated population, the high level of online payment penetration as well as the shifting consumer preferences away from traditional financial services.

Please click on the link and reach out to learn more about the latest developments related to fintech in the State of Qatar as well as Business Start Up Qatar.

Other News

BSUQ News 104 - Thumb

M7 and QSTP partner to target Qatar’s fashion and design sectors

M7 and Qatar Science & Technology Park (QSTP) have announced a partnership to strengthen Qatar`s entrepreneurship ecosystem.

The agreement provides for M7, an affiliate...

Read more
BSUQ News 103 - Thumb

Contracts in construction at the top of the mega projects in Qatar

A Qatar International Centre for Conciliation & Arbitration (QICCA) webinar discussed...

Read more
BSUQ News 102 - Thumb - New

Bedaya and stakeholders equip entrepreneurs on their journey in Qatar

The Bedaya Centre for Entrepreneurship & Career Development recently concluded a series of workshops as part of their ongoing foundation program.

The workshops were delivered online with the object...

Read more
BSUQ News 101 - Thumb - New

QFTH ends second wave of incubator and accelerator with demo day

Qatar FinTech Hub (QFTH) recently held the virtual Demo Day for the second wave of the incubator and accelerator program.

The major FinTech event hosted key players from Qatar’s ecosystem as well...

Read more
BSUQ News 100 - Thumb - New

A snapshot of the venture capital market in the State of Qatar

Qatar`s venture capital market has proven to be resilient despite the pandemic according to the most recent data and information.

The Qatar Venture Investment Report 2020...

Read more
BSUQ News 99 - Thumb - New

Qatar raises awareness for best practices in circular economy

The Josoor Institute held a webinar discussing the circular economy, an economic approach aimed at minimising waste, very recently.

The Josoor Institute is...

Read more
BSUQ News 98 - Thumb - New

Stakeholders in Qatar reiterate their commitment for tourism and travel

The State of Qatar has revealed an ambitious National Tourism Strategy which aims to position the country as a leading destination for tourism and travel.

Qatar has a lot to offer...

Read more
BSUQ News 97 - Thumb

Takeaways and lessons learned from the first Qatar Economic Forum

The Qatar Economic Forum concluded very recently and demonstrated the country’s position as an important centre for business, trade and investment. The virtual event provided a platform to exchange views,...

Read more

Page Break