Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the fintech industry in Qatar, has announced the final list of successful fintechs to join Wave 4 of its incubator and accelerator programmes. Both programmes are set to take place from June till August 2022.
Themed ‘Next Gen Banking’, Wave 4 of these specialised programmes has received more than 460 applications from early-stage and mature fintechs from over 60 countries, including Qatar, the US, the UK, Germany, Singapore, Belgium, India, and Malaysia.
The applications went through a rigorous and multilevel evaluation process, where over 37 fintechs were shortlisted to present their solutions via virtual pitch days judged by a panel of representatives from QFTH stakeholders and strategic partners. The top 13 were selected and invited to participate in the incubator and accelerator programmes.
In its fourth wave, the incubation programme will be attended by five early-stage fintechs, including Yougo Payway from Qatar, FinMind and Nervegram (the US), FUNDSAIQ (the UK), and Pewarisan.com (Malaysia).
On the other hand, eight mature fintechs, including ADGS and UrbanPoint (Qatar), Cadorim (Belgium), Bankograph (Singapore), Authenteq (Germany), Mihuru (India), Paycruiser (the US), in addition to the Anchor FinTech, Zwipe (Norway), will participate in the accelerator.
Abdulrahman bin Hisham al-Suwaidi, acting QDB CEO, said: “I am delighted to see yet another successful launch of our incubator and accelerator programmes. The quality of applications and the fintechs that are keen on joining QFTH testify to the credibility and confidence that we have established.”
He added: “The impact of our endeavours in the field can also be seen in the achievements of QFTH alumni. From raising funds to partnering with global players and launching new services in the local and regional markets, our fintechs are contributing to the transformation of the fintech industry, bringing Qatar to the forefront of this vital industry sector.”
For a period of 12 weeks, Wave 4 will offer participating fintechs a unique incubation and acceleration journey with all the essential support required to establish their businesses locally and to grow regionally and internationally.
Each fintech will receive financial and in-kind support of up to $70,000, in addition to bespoke mentoring and training services provided by QFTH, its strategic partners, and a mentor network of over 40 international and local mentors.
Upon the completion of the programmes, eligible fintechs will be referred to the Qatar Central Bank’s Sandbox, where they will receive support on licensing needs in Qatar and a fee waiver on registration. Licensing opportunities from the Qatar Financial Centre, as well as the opportunity to collaborate with over 15 local financial institutions and regulators, and a range of business development and investment opportunities on a global scale will also be available.
As part of its commitment to offer world-class expertise to participating fintechs, QFTH collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academia and regulators, in addition, partnering with other fintech hubs from Singapore, the UK, Turkey, Australia, Nigeria, and Sweden.
Due to Covid-19 precautions and restrictions, Wave 4 of both the incubator and accelerator programmes will be conducted virtually. The programmes will culminate in a Demo Day in August, where representatives from each of the participating fintechs will showcase their innovations to QFTH partners, industry influencers, and potential investors.
Themed ‘Next Gen Banking’, Wave 4 of these specialised programmes has received more than 460 applications from early-stage and mature fintechs from over 60 countries, including Qatar, the US, the UK, Germany, Singapore, Belgium, India, and Malaysia.
The applications went through a rigorous and multilevel evaluation process, where over 37 fintechs were shortlisted to present their solutions via virtual pitch days judged by a panel of representatives from QFTH stakeholders and strategic partners. The top 13 were selected and invited to participate in the incubator and accelerator programmes.
In its fourth wave, the incubation programme will be attended by five early-stage fintechs, including Yougo Payway from Qatar, FinMind and Nervegram (the US), FUNDSAIQ (the UK), and Pewarisan.com (Malaysia).
On the other hand, eight mature fintechs, including ADGS and UrbanPoint (Qatar), Cadorim (Belgium), Bankograph (Singapore), Authenteq (Germany), Mihuru (India), Paycruiser (the US), in addition to the Anchor FinTech, Zwipe (Norway), will participate in the accelerator.
Abdulrahman bin Hisham al-Suwaidi, acting QDB CEO, said: “I am delighted to see yet another successful launch of our incubator and accelerator programmes. The quality of applications and the fintechs that are keen on joining QFTH testify to the credibility and confidence that we have established.”
He added: “The impact of our endeavours in the field can also be seen in the achievements of QFTH alumni. From raising funds to partnering with global players and launching new services in the local and regional markets, our fintechs are contributing to the transformation of the fintech industry, bringing Qatar to the forefront of this vital industry sector.”
For a period of 12 weeks, Wave 4 will offer participating fintechs a unique incubation and acceleration journey with all the essential support required to establish their businesses locally and to grow regionally and internationally.
Each fintech will receive financial and in-kind support of up to $70,000, in addition to bespoke mentoring and training services provided by QFTH, its strategic partners, and a mentor network of over 40 international and local mentors.
Upon the completion of the programmes, eligible fintechs will be referred to the Qatar Central Bank’s Sandbox, where they will receive support on licensing needs in Qatar and a fee waiver on registration. Licensing opportunities from the Qatar Financial Centre, as well as the opportunity to collaborate with over 15 local financial institutions and regulators, and a range of business development and investment opportunities on a global scale will also be available.
As part of its commitment to offer world-class expertise to participating fintechs, QFTH collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academia and regulators, in addition, partnering with other fintech hubs from Singapore, the UK, Turkey, Australia, Nigeria, and Sweden.
Due to Covid-19 precautions and restrictions, Wave 4 of both the incubator and accelerator programmes will be conducted virtually. The programmes will culminate in a Demo Day in August, where representatives from each of the participating fintechs will showcase their innovations to QFTH partners, industry influencers, and potential investors.
