Doha, October 30 (QNA) – Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) under the direction of Qatar Central Bank (QCB) to support the growth of the FinTech sector in Qatar, hosted the 4th Demo Day of its flagship Incubator and Accelerator Programs.
The QFTH Demo Day has evolved over the last couple of years to become one of the major and most anticipated FinTech events in the region. It is considered the last milestone of the Incubator and Accelerator programs, offering a platform to celebrate the graduation of the participating FinTechs in each edition and to highlight their achievements before investors, collaborators, partners and industry stakeholders.
QFTH is considered the first-of-its-kind and only incubator in Qatar dedicated to fostering the FinTech industry in alignment with QCB’s National FinTech Strategy. Its 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 participate in 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 they can enhance their services and launch their business in Qatar successfully. The programs have received to date more than 2,300 applications from over 76 countries, having secure more than 35 partnerships with local and international financial organizations and FinTech hubs.
Abdulrahman 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 alignment with our partners, we have been able to provide FinTech startups with the key things they need the most, which has made the Incubator and Accelerator programs grow and succeed significantly, yielding amazing outcomes. For instance, 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 graduated FinTechs from across all 4 programs is USD484 million. And there are currently 25 companies registered in Qatar after graduating our programs, 8 of which have already applied for a PSP license, which is a great achievement within a considerably short timeframe.”
“Our Incubation and Acceleration Programs have indeed enabled many local entrepreneurs to establish successful Qatari FinTech startups and have also attracted many international ones to start their business in the local market,” he concluded.
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 longstanding supporters, providing the program graduates with the tools and opportunities to grow and succeed.
As part of its commitment to offering world-class expertise to participating FinTechs, QFTH is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, global FinTech hubs, academia, and regulators in addition to partnering with other FinTech hubs from Singapore, UK, Turkey, Australia, Nigeria and Sweden. (QNA)
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