QFTH seeks to be ‘flagship’ of Qatar’s fintech agenda, says QDB official


Acting as a catalyst to transform Qatar’s financial services industry to become globally competitive, Qatar FinTech Hub (QFTH) aspires to become a globally recognized hub that connects hubs, organizations and regulators to views similar around the world, said an official from the Qatar Development Bank (QDB). said.
QFTH will continue to be the flagship of the fintech agenda in Qatar, focusing on empowering the country’s fintech ecosystem by connecting relevant stakeholders. Hilal al-Kuwari, incubation specialist, QDB, told Gulf Times in an exclusive interview that it is well on its way to becoming a globally recognized and leading fintech hub.
Al-Kuwari said one of the main objectives of QFTH is to transform Qatar into an advanced society capable of achieving sustainable development, “which is fully aligned with the Qatar National Vision 2030.”
“By nurturing local talent and sourcing the best international fintechs in Qatar, we are creating a pool of companies that contribute to the economic, social and human development of the region. We have companies that are even disrupting the local market with cutting-edge technologies and solutions, such as cashless payments, artificial intelligence, NextGen banking services and digital identity, among others.
“We have carefully identified gaps in the Qatari market and strategically positioned each of our waves to focus on a specific challenge that needs to be addressed to support the country’s development. Our wave 1 focused on payments, wave 2 on emerging technologies, wave 3 on integrated finance and techfin, and wave 4 on next-gen banking. Throughout each wave, we strive to attract fintechs that offer services that are not yet available in Qatar,” al-Kuwari explained.
In his fourth wave, al-Kuwari said QFTH’s prestigious incubation program is followed by five early-stage fintechs, including Qatar’s Yougo Payway, US’s FinMind and Nervegram, UK’s FUNDSAIQ and Pewarisan. .com from Malaysia.
On the other hand, eight mature fintechs, including ADGS and UrbanPoint from Qatar, Cadorim from Belgium, Bankograph from Singapore, Authenteq from Germany, Mihuru from India, Paycruiser from the United States, in addition to Qatar-based Anchor FinTech and Zwipe from Norway, are participating in the accelerator program, he also said.
According to al-Kuwari, QFTH has achieved many milestones, having helped graduate fintechs reach great heights since its launch.
Doha-based fintech startup Karty, winner of the QFTH Hackathon, has signed a Memorandum of Understanding (MoU) with Doha Bank as part of a strategic partnership to promote, improve and elevate literacy and literacy. financial innovation in Qatar.
This marked the start of a collaboration between Doha Bank and Karty as part of the start-up’s financial education campaign as part of the FinTech Acceleration Program in the Central and Eastern Europe, Middle East region. East and Africa (CEMEA), in partnership with Visa.
Karty, also a winner of the Innovation Coupon (IC), a Qatar Foundation for Research, Development and Innovation (QFRDI) funding program, has accelerated its growth in the Qatari market since its launch in 2021, al-Kuwari said.
With the support of major public and private sector players in Qatar, including the Qatar Financial Center (QFC), the Qatar Science and Technology Park (QSTP) and the Digital Incubation Center (DIC), the startup is now extending its fintech expertise to wider community, he said.
Al-Kuwari said: “Qatar Islamic Bank is the first bank in Qatar to launch a conversational virtual assistant using AI and machine learning algorithms as part of QIB’s ongoing efforts to provide digital solutions enabling its customers to meet their ever-changing banking needs.
“This was powered by Active.Ai’s, a startup from Singapore and a graduate of QFTH’s Wave 2 Accelerator Program. Active.Ai is a conversational AI platform that enables institutions to digitally communicate with their consumers, understand their intent, be context-aware, manage a variety of instructions in multiple languages, and even manage acronyms or slang in a delightful way.
He also said: “This is in addition to TESS Payments, which has taken an active role in the market place to provide merchants with a single solution to use multiple payment options, and Twayla, which has been one of the leading service providers payments with a number of merchants as part of their day-to-day business.

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