Mastercard has partnered with Qatar Development Bank (QDB) to support the development of the fintech industry through the Qatar Fintech Hub (QFTH) – a tech ecosystem that supports the growth of local and international Fintech companies in Qatar.
Mastercard noted that it would work closely with the fintech community in Qatar through the QFTH to accelerate innovation and drive the adoption of digital payments in the country.
The QFTH brings together a vibrant community of fintech entrepreneurs, industry experts, regulators, and investors to develop disruptive technologies and accelerate the growth of the fintech ecosystem.
Through this partnership, QTFH start-ups and partners will also gain access to Mastercard’s technology, expertise, products, and services, equipping them with the tools they need to navigate their growth.
The partnership will also identify relevant companies for Mastercard’s start-up engagement programme, Start Path, opening market access for QFTH’s start-ups and Start Path companies – for mutual benefit.
Start Path is Mastercard’s award-winning startup engagement programme that brings together a network of innovators from across the globe to shape the future of commerce together.
Start-ups benefit from the knowledge of a global network of Mastercard experts, technologies, and channels. Since its beginning, more than 200 later-stage start-ups and fintechs have participated in the programme. These entities have collectively raised $2.6bn in post programme investment, in addition to partnering with some of the world’s largest banks, merchants, and well-known organisations.
Nadia Ghissassi, director, country business development, Qatar, Mastercard, said: “We are committed to driving innovation and bolster the growth of the local and regional fintech ecosystem. We are constantly seeking new ways to leverage our network, technology, insights, and partnerships to help inform and enable small businesses to boost prosperity.
“Together with our partners in the private and public sector, we are committed to accelerating digitisation and drive economic growth, creating opportunities for knowledge-sharing, and ultimately advance the payments infrastructure in the country.”
Commenting on the partnership, Ibrahim al-Mannai, executive director (Advisory and Incubation) at QDB, said: “We are thrilled to welcome Mastercard to our community of fintech entrepreneurs, investors, and enablers. We aspire to offer the ideal launch pad for early-stage and matured fintechs to scale up, revolutionise financial services and make a global impact. We hope that Mastercard’s extensive network of existing start-ups, experience in enabling digitisation, and deep market knowledge will allow us to shape the future of Fintech in Qatar and create further opportunities to grow and develop digital payments.”
To further accelerate the development of fintechs in the country, the QFTH Incubator and Accelerator Programmes provide the key building blocks to build a successful local fintech ecosystem.
This includes access to several global fintech hubs, financial institutions, universities, technology partners, and industry experts that offer the best in global opportunities. Mastercard’s decades of technology investment and expertise in forging transformative partnerships makes it a secure, resilient, and reliable network for small businesses to lean on.
Mastercard is at the forefront of innovation and Fintech enablement, working closely with banks and governments to unlock economic opportunities for small to medium enterprises by ensuring inclusivity, driving education, and forging partnerships across the region.
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