Qatar’s high GDP per capita has been instrumental in the development of the country’s financial technology (fintech) industry, thus creating favourable conditions for market size growth, according to a Qatari entrepreneur.
Mohamed al-Delaimi, founder and managing director of SkipCash, made the statement during a panel discussion organised recently by Startup Grind Doha Chapter under the theme ‘What’s Next for Fintech Startups in Qatar’.
During the discussion, which was moderated by Business Start Up Qatar CEO and founder Steve Mackie, al-Delaimi was joined by other fintech startup founders based in Qatar, including Ahmed Isse, co-founder of Dibsy; Michael Javier, CEO and founder of CWallet; and Mohamed Suleiman, co-founder of Karty.
Al-Delaimi emphasised that fintech, whose market size is continuously growing, is a promising industry in Qatar given the various solutions being offered by many tech companies.
“Qatar has one of the highest GDP per capita globally. More income means the market is ripe to promote and develop different technological innovations. As more companies are offering the same solutions, this will eventually lead different firms to differentiate themselves to add value to their customers,” al-Delaimi explained.
According to al-Delaimi, the Qatar Central Bank (QCB) has already granted licences to “eight” fintechs in the country. Al-Delaimi also said he is optimistic that the figures will increase going forward.
“The Qatar Central Bank has regulated eight companies as of now and it is expecting to regulate around 12 by the end of the year, and I guess the central bank wants to reach to 50 by 2030, so there is room for more companies.
“The economy today is adopting new technologies in digital or online payments, so the market size is actually growing and this trend is becoming a major demand for businesses,” al-Delaimi pointed out.
According to a QCB tweet, CWallet is the latest fintech to get a central bank licence. “In continuation of the efforts to develop and reinforce the financial technology sector (fintech), CWallet Services has been granted a licence to provide digital payment services, bringing the number of companies under QCB’s supervision to eight. #Qatar_Central_Bank #Fintech,” the QCB tweeted.
Al-Delaimi also explained that the payments sector is a small part of the larger fintech landscape. “There is also blockchain technology, ‘buy now, pay later there’ schemes, crowdfunding, and wealth management, as well as finance management, so there are a lot of areas that fall into fintech, hence there is room for everyone,” al-Delaimi emphasised.
According to al-Delaimi, Qatar’s top decision-makers “have realised that fintech “is a very crucial driver for pushing the economy forward.” He said legislations were made to help Qatar keep up-to-date with its neighbours in the GCC and Mena region that are leading in the fintech industry.
Al-Delaimi said the Qatar Central Bank governor has brought about a transformative vision focused on advancing technology in the financial sector.
“The QCB’s vision has not only influenced the mindset of the central bank’s fintech team but also resulted in the introduction of new people and fresh perspectives and ideas within the team,” he stressed.
Al-Delaimi also said QCB has been maintaining a forward-thinking approach while at the same time prioritising the protection of business funds and ensuring compliance with rules and regulations.
He noted that the QCB’s fintech team exhibits increasing flexibility by actively seeking input and feedback from both regulated and non-regulated fintech entities.
“This inclusive approach includes consulting stakeholders, sharing draft frameworks, and inviting advice to enhance and refine new laws and regulations. As a result, a noticeable improvement in the regulatory environment is evident.
“We hope that more rapid advancements would be made in the future. But as long as there is progress and as long as the wheel keeps moving forward, we anticipate promising developments in the near future,” al-Delaimi said.
Mohamed al-Delaimi, founder and managing director of SkipCash.
