Qatar to launch FinTech Venture Capital Fund to support the ecosystem

07/03/21

Qatar is making considerable progress towards developing a more competitive FinTech ecosystem.

The National FinTech Strategy was published in 2019 and the Qatar Fintech Hub (QFTH) was established soon after. The QFTH supports the initiatives of Qatar Central Bank (QCB) and manages its incubator and accelerator programs.

To further the development of the ecosystem, Qatar Development Bank (QDB), a partner of the QFTH, is launching a FinTech venture capital fund. The fund will finance future QFTH graduates and other FinTechs in the country and the region. It will target early- to later-stage businesses and projects.

QDB has already committed an allocation of QAR 365 million (USD 100 million) for small and medium-sized enterprises including FinTechs in 2019 and will allocate more than QAR 40 million (USD 11 million) exclusively to FinTechs in 2021 with the intention to engage and involve more partners.

The support structure of QFTH and the key stakeholders in the country as well as the connection with local investors are considered as key elements to scale the FinTech ecosystem in the country.

The Qatar Financial Centre (QFC) is an onshore financial centre in the State of Qatar with substantial benefits to attract foreign direct investment in the country and provides incentives for FinTechs which register on the platform. For eligible FinTechs, the QFC will waive the application and registration fees equivalent to QAR 36.5 thousand (USD 10 thousand) and provide free access to the FinTech Circle with shared workspaces.

The QCB`s Regulatory Sandbox, another initiative with relevance for the ecosystem, will provide FinTechs with a safe and controlled environment to test their technologies under more relaxed regulations

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

Other News

BSUQ News 81 - Thumb - New

Qatar's foreign merchandise trade surplus hits QAR 17.7B

Qatar's foreign merchandise trade surplus for September 2024 stood at QAR 17.7 billion according to preliminary data from the National Planning Council.

In...

Read more
BSUQ News 80 - Thumb

Qatar's Government unveils Procurement Plan Forum 2025

Qatars Ministry of Finance, in collaboration with the Ministry of Commerce and Industry, Qatar Development Bank and Qatar Chamber, recently hosted the second edition...

Read more
BSUQ News 79 - Thumb - New

Qatars MoCI and Invest Qatar discuss private sector challenges

Qatars Ministry of Commerce and Industry (MoCI) recently joined forces with Invest Qatar to host the second annual Government Sector Forum. The Forum was attended by key government officials and saw participation...

Read more
BSUQ News 78 - Thumb - New

Qatar’s land transport sector Sees 75% surge in transactions

Qatar's land transport sector demonstrated remarkable growth in the first nine months of 2024 with the Ministry of Transport executing a total of 9,238 transactions. This marks a 17% increase from the...

Read more
BSUQ News 76 - Thumb - New

Qatar positioning itself as global business hub for investors

Qatar has established itself as a prominent global business hub, particularly in the real estate sector, reflecting the nation’s commitment to economic advancement and resilience. This dynamic market...

Read more
BSUQ News 75 - Thumb - New

Qatar`s TASMU Accelerator attracts over 640 applications

Qatar's Ministry of Communications and Information Technology (MCIT) recently closed registration for the 2024 cohort of the Smart Qatar - TASMU Accelerator programme. The scheme attracted over 640 applications...

Read more
BSUQ News 73 - Thumb - New

Qatar’s clean energy strategy targets renewables

Qatar’s future energy strategy aims to diversify into renewables, targeting a solar capacity increase to 5 Giga Watts (GW) by 2035.

Furthermore its strategy aims to leverages Qatar’s competitive...

Read more
BSUQ News 72 - Thumb

Qatar witnesses impressive growth in non-oil sectors

Qatar’s non oil revenues are expected to outperform all industries after recording growth of 2.2% this year, according to a report by Fitch Solutions. The company also indicated that numerous industries...

Read more

Page Break