The Qatar Financial Center (QFC), which is eyeing more global fintechs (including those from the US) to join its platform, will soon launch ‘Fintech Circle’, a co-workspace for qualifying institutions, free of charge for 12 months.
The move, which will enable fintech communities and talents to network with large entities and corporates as well as foster joint collaboration, comes in view of "booming" opportunity for the sector in the country.
The proposed 'fintech circle' is addition to its fintech services provider licence which enables easy access for the international fintech companies into Qatar’s lucrative market, especially large payment processing and remittance segments.
"We will continue in our efforts to enrich and develop the tech and fintech infrastructure in Qatar as an enabling platform and look forward to seeing more international fintechs, including those from the US, easily integrate into Qatar’s thriving eco-system via QFC’s fintech licence," QFC Authority chief executive Yousuf Mohamed al-Jaida told a webinar, organised by the US-Qatar Business Council (USQBC) in association with Qatar Embassy in the US.
The ongoing coronavirus crisis not only highlights the importance of tech and fintech but also accelerates adoption and development, he told the webinar, which was attended by Nasser Ibrahim Allenqawi, Qatar’s Consul General in New York.
"Qatar is one of the most stable economies in the world, and we offer strong financial incentives for the US-based companies, like our 20-year tax holidays for companies operating in free zones,” said Fahad al-Dosari, Commercial Attaché of Qatar to the US.
The QFC is focused on becoming a hub for fintech in the region – a sector that saw global investment grow to some $111.8bn by end of 2018, from $50bn in 2017, according to KPMG.
Already home to both leading European and Indian fintech investors, the QFC is also home to QPay, Qatar’s largest fintech company.
"Qatar has demonstrated an incredible synergy among entities in the pursuit of becoming a global leader in fintech. Considering Qatar’s large payment processing and remittance market and its strategy to become a regional gateway for a huge market, I foresee rapid growth in Qatar’s fintech sector," said Mohamed Barakat, USQBC managing director.
Abdulaziz al-Khalifa, chief executive of Qatar Development Bank, said its fintech incubator (early-stage start-ups) and accelerator (mature fintechs) programmes are set to further consolidate Qatar’s position as a global fintech leader and create a vibrant ecosystem that is attractive for international investors, especially those from the US.
"We actively work with many international organisations to spotlight places to match talent with opportunity and what is going on in Qatar fits as an attractive platform not just for the fintechs involved but for the Qatari market and the Middle East overall,” said Randy Rivera, executive director of FinTEx.
"We believe that Qatar provides a promising environment and set of opportunities for fintech growth,” said Amy Nauiokas, founder and chief executive of Anthemis, which is currently looking to expand their ecosystem through cultivating relationships with strategic investors and continuing to build a pipeline of diverse fintech startups across the Middle East and North Africa region.
