Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the FinTech sector in Qatar, released its first-ever White Paper on the state of the fast-developing FinTech industry in Qatar and the Middle East and North Africa (MENA).

Titled From Qatar to the World: A report on the state of FinTech in Qatar, the paper aims to provide a holistic review of the local and regional FinTech market, following the launch of Qatar’s National FinTech Strategy by Qatar Central Bank (QCB). The strategy will facilitate the set-up and growth of local FinTechs while creating a favourable business ecosystem to attract international companies and entice them to make Qatar a launchpad for their regional and global expansion.

Boosting the FinTech sector in Qatar

The national effort to boost the local FinTech sector has begun to bear fruit. Evidently, Qatar is emerging as a potential new home for FinTech in the region with QFTH becoming the second largest FinTech venture investor in MENA in Q1 2021*. The new status makes the White Paper a crucial and timely document for the global FinTech community, bringing entrepreneurs, investors, and stakeholders the insights and knowledge they need to identify gaps and possible market entry opportunities.

The report identifies challenges and opportunities within the context of global industry trends, while detailing the forces promoting the rapid growth of FinTech in the country, such as access to opportunities, favourable regulations, access to talent, and access to capital.

The country’s FinTech capabilities, in comparison to leading FinTech hubs from the US, UK, Singapore, Australia, India, Bahrain, Saudi Arabia, and Kuwait, indicate that Qatar is in a good position in terms of access to capital and focus on innovation. The government has facilitated access to capital through several venture vehicles, and where innovation is concerned, Qatar was found to be performing better than its peers. Nevertheless, the country can further reinforce the emphasis on innovation by launching a FinTech innovation division and an inter-university FinTech body to develop talent and raise awareness.

Gaining traction globally

QDB CEO and QFTH Taskforce Chairman Abdulaziz Bin Nasser Al Khalifa said that Qatar has been working hard to gain traction with globally trending technological developments and is shaping up as a technology-led economy.

He said that FinTech offers a significant opportunity to drive Qatar’s economic diversification, one of the four pillars of Qatar National Vision 2030. It also provides a massive opportunity for SME in GCC countries, particularly in Qatar, to gain greater access to funding.

Emerging technologies could play a significant role in the country’s overall economic transformation, especially where digitisation of services is involved, including government to citizen, business to consumer, government to business, and business to business services. This report spotlights a myriad of opportunities for the FinTech community to become part of our success story.

Available for download via their website, QFTH worked with leading research partners to conduct the groundwork for the Whitepaper. QFTH is also a platform where companies can access a wide network of partners, mentors and experts from across the globe

To download the White Paper or apply for Wave 3 of the QFTH programmes, visit fintech.qa.

* According to MAGNITT FinTech Venture Report in MENA for Q1 2021.

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