The program has been a huge success during the past waves and has earned the trust and support of the local and international FinTech community
Doha: Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the FinTech industry in Qatar, has announced the final list of successful FinTechs to join Wave 3 of its Incubator and Accelerator Programs. Both Programs started on 12 October and will run until December 2021.
QFTH has received more than 500 applications from early stage and mature FinTechs, from over 40 countries, including USA, UK, Turkey, Singapore, and Qatar for the Wave 3 Programs.
The applications went through a rigorous and multilevel evaluation process, where over 45 FinTechs were shortlisted to present their solutions via virtual pitch days judged by a panel of representatives from QFTH stakeholders and strategic partners. The top 16 were selected and invited to participate in the Incubator and Accelerator Programs. Selected FinTechs focused on the theme ‘Embedded Finance and TechFin’ in their technology solutions presented.
For early stage, 10 FinTechs have been enrolled in Wave 3 of the Incubator Program including 5 from Qatar, while the remaining ones come from Canada, Luxembourg, India, among others.
The 6 mature FinTechs who have joined the Accelerator program are based in India, Sudan, Malaysia, and Indonesia
Mr Hamad Dashin Al Qahtani, SME’s Incubation & Acceleration Manager, QDB, said: “I am very happy to announce the launch of Wave 3 of our programs with a carefully curated suite of FinTechs that address the challenges facing the financial sector in Qatar and the region.”
“Our programs have witnessed tremendous success since their launch. The previous two waves were received with great interest from local and international stakeholders. This is only telling of the coordination we have with our partners to ensure the growth of the sector so that Qatar can become a regional hub for disruptive FinTech solutions, catering to the needs of the Global market,” he concluded.
“With the backing of QCB and the rest of our partners, the QFTH Incubator and Accelerator aim to introduce the newest technologies in order to fortify Qatar’s positioning as a leader in financial technology regionally and globally; as well as contribute to the national vision 2030,” he concluded.
For a period of 12 weeks, Wave 3 will offer participating FinTechs a unique incubation and acceleration journey with all the essential support required to establish their businesses locally and to grow regionally and inteArnationally.
In addition to cash investments of up to $100,000 for Accelerators and up to $40,000 for Incubators, each participating FinTech will receive in-kind support with a value up to $250,000. This will include bespoke mentoring and training services provided by QFTH, its strategic partners and mentor network of over 35 international and local mentors.
FinTechs will also receive support on licensing needs in Qatar and a fee waiver on registration. Licensing opportunities from Qatar Financial Center as well as the opportunity to collaborate with 15 local financial institutions and regulator, and a range of business development and investment opportunities on a global scale will also be available.
As part of its commitment to offer world-class expertise to participating FinTechs, QFTH has collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academic institutions, regulators, in addition, partnering with other FinTech hubs from Singapore, UK, Turkey, Australia, Slovakia, Nigeria, Ukraine, and Sweden.
Wave 3 of both the Incubator and Accelerator Programs will be conducted virtually. The programs will culminate with a Demo Day in January, where representatives from each of the participating FinTechs will showcase their innovations to QFTH partners, industry influencers and potential investors.
For more information about QFTH, visit www.fintech.qa
About Qatar FinTech Hub
Launched by Qatar Development Bank (QDB) in May 2018, with the support of Qatar Central Bank (QCB), Qatar FinTech Hub (QFTH) is part of QDB’s FinTech vision and ambitions.
QFTH is a global FinTech hub with the purpose to support the development of the FinTech industry in Qatar. It aims to facilitate collaboration among the participants and stakeholders of 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 great visions become reality.
QFTH offers a globally interconnected cluster, which gathers 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 tied up with global FinTech hubs, financial institutions, universities, technology partners, industry experts and others.
QFTH holds considerable opportunities for economic diversification, one of the four pillars of the Qatar National Vision 2030 that seeks to “transform Qatar into an advanced society capable of achieving sustainable development” by 2030.
© Press Release 2021
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