In line with Qatar’s FinTech strategy, Qatar Development Bank (QDB) announced the launch of the FinTech Incubator and Accelerator programmes, which will cater to local and global FinTech entrepreneurs who are looking for a launchpad and a hub to accelerate their growth.
Run by QDB in collaboration with EY and Medici, the programmes will support the growth of local and international FinTechs by providing a team of international mentors from more than 10 countries, financial and regulatory support, registration support and much more.
The programmes will comprise of an incubator (for early-stage start-ups) and an accelerator (for mature FinTechs) and will focus on key priority areas such as payment solutions, solutions for SMEs, Islamic FinTech, and regulatory technology.
With the announcement of the programmes, applications will open for Wave 1 in June 2020 and will remain open for a period of eight weeks.
FinTechs applying to the programmes will get an opportunity to be part of a 12-weeks incubation or acceleration journey that will provide essential support required by the FinTechs to establish their businesses locally as well as in the region and grow internationally.
In line with its vision to offer the best global opportunities and expertise to the FinTechs, Qatar FinTech Hub is collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, academia and regulators.
Partnerships have already been established with several global FinTech hubs, including the UK, Singapore, Sweden, Nigeria, Lithuania, Turkey, India and others.
In addition to global FinTech hubs, an industry partnership has been established with NIUM – a global financial technology platform. It will support the programs through mentorship and access to global opportunities for the program’s participants.
On the programmes, QDB CEO Abdulaziz bin Nasser al-Khalifa said: “The launch of the FinTech Incubator and Accelerator Programmes is undoubtedly a milestone for the financial system in Qatar and the region.
“We expect that the programmes will contribute to changing the nature of projects and their abilities to compete and grow within a healthy business ecosystem, and thanks to the support of Qatar Central Bank in applying the newest technologies that shall make Qatar reiterate its positioning as a leader in financial technology on both regional and global levels.”
