Qatar Fintech Hub (QFTH), co-founded by Qatar Development Bank or QDB, has invited applications for the Wave 1 of its Incubator and Accelerator Programmes (IAP), catering to local and global fintech entrepreneurs and startups looking for a launch-pad in the Middle East to accelerate their growth.
QFTH aims to develop the fintech industry in Qatar, in accordance with the Qatar National Fintech Strategy created by the Qatar Central Bank (QCB), and to contribute to and reiterate Qatar’s position as a leading international fintech hub in the region, as outlined in the Qatar National Vision 2030.
The first wave of the IAP would be centered on payments in alignment with the Qatar FintechStrategy, and in synergy with the QCB-Sandbox and upcoming regulations. The applications will be received until July 31, 2020.
In view of the Covid-19 outbreak, the first wave of the incubator (focused on early-stage startups) and accelerator (mature fintechs) programmes will be conducted virtually. Up to 30 fintechs (10-15 per programme) will be selected to participate in a rigorous 12-week course starting this September.
Each participating fintech will receive financial support of up to $300,000; as well as bespoke mentoring and training provided by QFTH mentors from over 12 countries across the globe including; Somil Goyal, chief operating officer of Adjoint; Henk Jan Hoogendoorn, managing director of the Financial Sector Office at the QFC Authority; Kolja Rafferty, manager of subsidiaries at QDB; and Varun Mittal, emerging markets leader at Ernst & Young, Singapore.
Participating fintechs will get the opportunity to collaborate with over 16 local financial institutions and regulators who are part of the QFTH task force including Al Khaliji, Qatar Islamic Insurance, Qatar Islamic Bank, Qatar Financial Center and the Ministry of Commerce and Industry.
QFTH has roped in Microsoft as the technology partner to support it in building a sandbox environment on Azure and Eversheds Sutherland as the legal partner to offer guidance to the fintechs participating in the QFTH programmes.
Additionally, QFTH has signed a memorandum of understanding with Cambridge Spark as one of the academia partners to facilitate its efforts to develop the Fintech talent in Qatar.
The partners will also provide workshops, offer in-kind services, and opportunities to collaborate.
