QFTH zoning in on self-sustainability

17/12/20

Qatar FinTech Hub’s (QFTH) incubator and accelerator programmes were introduced to promote and support early-stage and mature FinTech start-ups and are on track to become financially self-sustainable. The recent launch has been hugely successful and has attracted national and international talent with over 750 applications from 72 countries.

The QFTH which was stablished in calibration with the Qatar FinTech Strategy and under the direction of the Qatar Central Bank (QCB). The QFTH has already entered into 32 national and international partnerships in line with the aim and intention to become an international epicentre and the regional hub for FinTech.

The QFTH has received commitments of QAR 7.75m (USD 2.43m) in terms of sponsorships and QAR 9.3m (USD2.57m) in terms of equity. This has resulted in the near self-sustainability of the programme for the next two years.

It is relevant to point out that the 23 FinTechs in the QFTH are already advanced and have a total valuation of QAR 1.8bn (USD 500m) and have raised about USD 365m (USD 100m) in financing or funding. All of them already have their minimum viable product (MVP) in place and are ready to launch and go to the market.

The programmes are there to help them to become revenue positive organisations. Funding was fine, talent is fine, but the businesses or projects will only survive by generating revenues.

Qatar is establishing itself as a key FinTech destination in the region where there is a lot of competition.

Please click on the link and reach out to learn more about the Qatar FinTech Hub, Qatar’s FinTech Strategy and the policies of the Qatar Central Bank as well as Business Start Up Qatar.

Other News

BSUQ News 132 - Thumb

Qatar attracts most FDI in ME and meets key partners

The Investment Promotion Agency Qatar (IPA) revealed that Qatar attracted 71% of all Middle East investment in the second quarter of this year.

The report provides ...

Read more
BSUQ News 131- Thumb

More interest in social entrepreneurship in Qatar

Qatar is seeing an increase in social entrepreneurs dedicated to developing solutions to community based problems.

At a recent event, representatives of key stakeholders in the community of Qatari businessmen...

Read more
BSUQ News 130 - Thumb

Mega-solar power plants in Qatar for sustainability

Qatar Energy Renewable Solutions recently awarded a gigantic solar energy power plant contract to South Korea’s Samsung C&T.

The QAR 2.3 billion (USD 630 million) Engineering, Procurement and Construction...

Read more
BSUQ News 129 - Thumb

Qatar to build the most sustainable food supply chain

In keeping with the United Nations Sustainable Development Goals 2030, Qatar has revealed its ambition to build a sustainable food supply chain. This project is also inspired by the government’s goal...

Read more
BSUQ News 128 - Thumb

Launch of labour re-employment platform in Qatar

Qatar Chamber(QC) has successfully launched its revised labour re-employment platform targeting the private sector.

The digital platform is administered in collaboration and cooperation with the [Ministry...

Read more
BSUQ News 127 - Thumb

Investors confident in Qatar’s non-energy sectors

Qatar Financial Centre (QFC) data indicates the non-energy private sectors rapid growth according to the latest Purchasing Managers’ Index (PMI) survey.

The rates of expansion in total activity, new...

Read more
BSUQ News 126 - Thumb

SMEs are key contributors to Qatar’s economy

The State of Qatar`s small and medium enterprises (SMEs) represent 97% of registered private sector companies and contribute 16% to non-oil gross domestic product (GDP).

“The Report: Qatar 2022”...

Read more
BSUQ News 125 - Thumb

Qatar continues to grow and maintains trade surplus

Qatar`s real economic growth rate has grown by 2.5% based on constant prices according to figures released by the Planning & Statistics Authority (PSA).

The real economic growth rate is based on preliminary...

Read more

Page Break