Qatar FinTech Hub (QFTH) announced the opening of applications for wave 1 of its Incubator and Accelerator Programs, for both local and global FinTech entrepreneurs and startups looking for a launchpad and hub in the Middle East to accelerate their growth. QFTH is co-founded by Qatar Development Bank (QDB).
QFTH aims to develop the Fintech industry in Qatar, in accordance with the Qatar National Fintech Strategy created by Qatar Central Bank (QCB), and to contribute and affirm Qatar’s position as a leading international FinTech hub in the region, following Qatar National Vision 2030.
The first wave of the Incubator and Accelerator Programs will be on payments, aligned with the Qatar FinTech strategy and with QCB-Sandbox and upcoming regulations.
The vision of QFTH is to offer the best global opportunities and expertise to FinTechs, in collaboration with strategic stakeholders within the FinTech ecosystem. These include financial institutions, technology providers, payment networks, academia and regulators.
QFTH also announced their partnership with Microsoft as technology partner. Microsoft will support QFTH in building a sandbox environment on Azure and Eversheds Sutherland as the legal partner to offer legal guidance to FinTechs participating in the QFTH Programs. Additionally, QFTH has signed an MoU with Cambridge Spark – another one of the academia partners to facilitate their efforts to develop FinTech talents in Qatar. The partners will also provide workshops, offer in-kind services and opportunities to collaborate.
Participating FinTechs will get the opportunity to collaborate with over 16 local financial institutions and regulators who are part of the QFTH Task Force. These includes Al Khaliji Bank, Islamic Insurance, Qatar Islamic Bank, Qatar Financial Center (QFC) and the Ministry of Commerce and Industry. These FinTechs will also represent QFTH in global events and benefit from a range of business development opportunities on the global scale.
QCB – in collaboration with QFC – will also host a dedicated webinar for participating FinTechs to highlight the process and benefits of setting up their business in Qatar. Selected and eligible FinTechs will be directly referred to the QCB Sandbox to support their licensing needs in Qatar.
Each participating FinTech will receive financial support of up to US$300,000 as well as bespoke mentoring and training provided by QFTH mentors from over 12 countries across the globe.
In light of the COVID-19 situation, the first wave of the Incubator (focused on early-stage startups) and Accelerator (focused on mature FinTechs) Programs will be conducted virtually. Up to 30 FinTechs (10-15 per programme) will be selected to participate in a rigorous 12-week programme starting in September 2020.
The Incubator and Accelerator Programs, with support from QCB, will contribute to endorsing the newest technologies that will fortify Qatar’s position as a leader in financial technology on both regional and global levels, as well as contribute to the Qatar National Vision 2030 and in further diversification of the local economy.
Applications for wave 1 of the programme will close on 31 July 2020. To apply, visit fintech.qa.
