- 67 FinTech Startups have graduated the flagship incubator and accelerator programs with a total value of USD484 million since launch in 2020
- 25 graduates from the program are currently registered in Qatar
- 8 with applications for a PSP licence
Doha, Qatar: The Qatar FinTech Hub (QFTH), founded by the Qatar Development Bank (QDB) under the leadership of the Qatar Central Bank (QCB) to support the growth of the FinTech sector in Qatar, hosted on October 26 the 4th demo day of the flagship incubator and accelerator programs.
QFTH Demo Day has developed over the past couple of years to become one of the largest and most anticipated FinTech events in the region. Considered the latest milestone in the Incubator and Accelerator programs, it offers a platform to celebrate the graduation of the participating FinTechs in each edition and to highlight their achievements to investors, collaborators, partners and industry stakeholders.
The demo day of the 4th edition of the QFTH programme, which received more than 460 worldwide applications from FinTech startups, saw the graduation of 11 FinTechs; FinMind, Nervegram, FUNDSAIQ, Pewarisan.com, ADGS, UrbanPoint, Cadorim, Bankograph, Authenteq, Mihuru, Paycruiser and Zwipe. It was also attended, in person and virtually, by QFTH partners and key players from the local and regional financial ecosystem, investors, global startups, international FinTech hubs, aspiring entrepreneurs and FinTech enthusiasts.
QFTH is considered the first of its kind and only incubator in Qatar dedicated to promoting the FinTech industry in line with QCB’s National FinTech Strategy. The programs offer training, guidance, access to funding and a global network of mentors to local and international startups with innovative solutions that address the challenges of financial institutions. Over the course of 12 weeks, they attend more than 24 business development sessions delivered by more than 35 financial institutions and complete a series of high-level Masterclasses and Bootcamps conducted by QFTH partners and renowned speakers. The programs are designed to ensure that they can improve their services and start their business in Qatar successfully. To date, the programs have received more than 2,300 applications from over 76 countries, and have secured more than 35 partnerships with local and international financial organizations and FinTech hubs.
Mr. Abdulrahman Hesham Al Sowaidi, Acting CEO of Qatar Development Bank, said: “We would like to thank QCB for their unwavering support. Working under their guidance and in close collaboration with our partners, we have been able to provide FinTech startups the most important things they need most, which has made the incubator and accelerator programs grow and succeed significantly, and produced amazing results.For example, the 3 completed editions of the program have introduced several new services and products in fields such as payment and remittance, WealthTech, Digitization, Digital Banking, InsurTech, Crowdfunding and AI-based solutions to name a few. The total valuation of the 67 graduating FinTechs from all 4 programs is $484 million. And there are currently 25 companies registered in Qatar after have graduated from our programs, 8 of whom have already applied for a PSP license, which is a great achievement in a remarkably short time frame.”
“Our incubation and acceleration programs have really enabled many local entrepreneurs to establish successful Qatari FinTech startups and have also attracted many internationals to start their businesses in the local market,” he concluded.
Heba Ali Al-Tamimi, General Manager of Communications at QNB Group, said: “We are delighted to participate in this year’s Demo Day as a strategic sponsor, held under the theme Next Gen Banking. As a leading financial institution locally and internationally, we are committed to to contribute to events that support investment in knowledge, innovation and technological development. We are keen to support emerging national companies, and share with them our extensive experience as the best providers of banking solutions in the financial sector.”
In addition to the FinTech pitches, the event also recognized QFTH partners; QCB, QFC, Visa, Microsoft and EY, as well as sponsors QNB and iPay, for being long-standing supporters, providing program candidates with the tools and opportunities to grow and succeed.
As part of its commitment to provide world-class expertise to participating FinTechs, QFTH continuously collaborates with strategic stakeholders within the FinTech ecosystem, including financial institutions, technology providers, payment networks, global FinTech hubs, academia and regulators as well as partnering with other FinTech -hubs from Singapore, Great Britain, Turkey, Australia, Nigeria and Sweden.
For more information on QFTH, visit www.fintech.qa
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About Qatar FinTech Hub
Launched by the Qatar Development Bank (QDB) in May 2018, under the patronage of the Qatar Central Bank (QCB), the Qatar FinTech Hub (QFTH) is part of QDB’s FinTech vision and ambitions.
QFTH is a global FinTech hub with the aim of supporting the development of the FinTech industry in Qatar. It aims to facilitate collaboration between the participants and stakeholders in the FinTech ecosystem and develop local and global relationships that will advance the bank’s FinTech vision.
QFTH brings together talented entrepreneurs, investors and enablers to develop disruptive technologies so that big visions become reality.
QFTH offers a globally interconnected cluster, bringing together a vibrant community of FinTech entrepreneurs, industry experts, regulators and investors.
To offer the best global opportunities, expertise and develop a collaborative FinTech ecosystem, QFTH has linked up with global FinTech hubs, financial institutions, universities, technology partners, industry experts and others.
QFTH has significant opportunities for economic diversification, one of the four pillars of the Qatar National Vision 2030 which seeks to “transform Qatar into an advanced society capable of achieving sustainable development” by 2030.
