Qatar’s fintech sector projected to continue exponential growth: Naxxum MEA’s GM

PHOTO

Doha, Qatar: The fintech sector in Qatar has been experiencing exponential growth over the past years, and the trend is projected to continue as the sector increasingly attracts some of the best brains available in the market, said Mohamed Snoussi, GM Middle East and Africa (MEA) of Naxxum Group, a software development and IT consulting company with offices around the world.

In an interview with The Peninsula, Snoussi asserted that Qatar is effectively offering the necessary assistance and backing to entrepreneurs in the fintech industry to foster innovation, presenting numerous benefits for emerging startups.

“This has accelerated the sector’s growth and cultivated a favorable environment for fair competition,” he said.

“For example, the Qatar Central Bank (QCB) recently announced the launch of the National Fintech Strategy, which is aimed at supporting and reinforcing a diversified economy and investments in Qatar based on financial technology and technological innovation. The innovative idea, among many others, has doubtlessly further boosted the growth of the domestic fintech ecosystem and helped several startups,” he added.

He noted that QCB has accorded the highest priority to digital payment solutions in Qatar over the past decade, further highlighted by the adoption of all global digital wallet services, including Apple Pay and Samsung Pay, in Qatar.

Snoussi added that the innovations and growing trends in the sector are some of the reasons the Naxxum Group is organising the Doha Fintech Executive Forum on November 27, 2023, at the Sheraton Grand Doha Resort & Convention Hotel, to inspire greater innovation and nurture connectivity within the financial ecosystem, in harmony with Qatar’s National Vision 2030.

“The upcoming event will showcase the latest advancements and technologies that are transforming the industry’s landscape and have the potential to be implemented by leaders in both public and private organizations. With an exclusive guest list of approximately 60 attendees, the event will feature distinguished speakers and facilitators from around the globe who will discuss pertinent topics,” he said.

Snoussi said that participants at the event will discover the power of personalization in financial services with tailored solutions that enhance customer satisfaction and foster long-term loyalty, as well as forge partnerships with fintech pioneers, among other features.

Speaking about the nexus between artificial intelligence (AI) and the fintech sector, Snoussi noted that AI has played a pivotal role in driving the revolution in the sector, enabling businesses to streamline monotonous tasks, enhance decision-making processes, and elevate customer satisfaction.

“Within the realm of fintech, AI has proven to be exceptionally advantageous due to the vast volumes of data generated by financial institutions. By harnessing the power of AI-driven algorithms, this data can be efficiently analysed to uncover valuable insights, identify emerging patterns, and empower companies to gain a deeper understanding of their clientele,” he said.