Digital acceleration is redefining Qatar’s entrepreneurship ecosystem, says Doha Bank CEO

Qatar’s overall entrepreneurship ecosystem is changing thanks to the country’s rapid digital acceleration efforts, which has been benefiting many fintechs, tech-based companies, and other startups, according to Doha Bank CEO Dr R Seetharaman.“This year is going to be a major breakthrough for Qatar. It is a defining moment; priorities will be visible, so the opportunities for entrepreneurs are there and they only need to take advantage of what the government is offering to them. “This is an advantage for entrepreneurs in terms of guaranteed access to funding as long as their ideas and companies have value creation,” Seetharaman told Gulf Times on the sidelines of a session titled ‘Convergence of Conventional Banking with New-Age Fintech Startups’ hosted recently by Startup Grind Doha.According to Seetharaman, Qatar’s hosting of the 2022 FIFA World Cup “is designed to deliver sustainable value creation.” “Digital acceleration is a way of sustainability. The whole world will be stunned by this digital acceleration embedded in the World Cup. You will find innovation within the frame. I think that will reignite and set a very high standard for the World Cup itself.“By bringing the World Cup here, you will have much more digital acceleration in the coming days through multiple tools. Through innovation, new technology will evolve,” Seetharaman explained.Seetharaman also said digital acceleration is also redefining Qatar’s banking system.In the financial services sector, banks will have to collaborate because the different mechanisms in terms of different facets of banking are being transformed, he stressed.“Technology is an integral part of society’s way of life. Trade will change; buyers and sellers will come together. Fintechs will become partners in the banking frame. It applies to every industry. You have to change the business model; that's the need of the hour,” he said.In the same way, Seetharaman said entrepreneurs and owners of small companies should embrace digital transformation to cope with the changing times.“Every entrepreneur, in today’s context, has to realise that digital convergence is a must so that he has got direct access to the global market – that's the principle-centred value this new revolution is giving. There’s a new world order. Let us embrace the technology, work with partners, and let us collaborate more,” he pointed out.On Qatar’s entrepreneurial culture in 2022, Seetharaman said: “I think you'll find more and more innovators, and entrepreneurship will flourish, so I am confident that 2022 will be a major driver for innovation for Qatar. And you'll have more entrepreneurship assuming in the coming days. We invite young minds to partake in this great movement of digital convergence.”