April 15, 2020
In line with Qatar’s FinTech strategy, Qatar Development Bank announced the launch of the FinTech Incubator and Accelerator programs (‘the Programs’). The Programs will cater to local and global FinTech entrepreneurs who are looking for a launch pad and a hub to accelerate their growth.
Run by QDB in collaboration with EY and MEDICI, the Programs will support the growth of local and international FinTechs by providing a team of international mentors from more than 10 countries, financial & regulatory support, registration support, and much more.
The Programs will comprise an incubator (for early-stage startups) and an accelerator (for mature FinTechs). The Programs will focus on key priority areas such as payment solutions, solutions for SMEs, Islamic FinTech, and regulatory technology. With the announcement of the Programs, applications will open for Wave 1 in June 2020 and will remain open for a period of 8 weeks.
FinTechs applying to the programs will get an opportunity to be part of a 12-weeK incubation or acceleration journey that will provide the 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, which is a global financial technology platform. It will support the Programs through mentorship and access to global opportunities for participants.
Commenting on the Programs, QDB’s CEO, Mr. Abdulaziz bin Nasser Al-Khalifa, said, “The launch of the FinTech Incubator and Accelerator Programs is undoubtedly a milestone for the financial system in Qatar and the region. We expect that the Programs 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.”
To know more about the Programs and how to apply, please visit https://fintech.qa.
Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for the private sector.
Qatar Development Bank has achieved significant milestones in recent years, playing a chief role in growing Qatar’s private sector. QDB has also played an integral role in stimulating national economic and social development through funding a variety of local projects and providing support to the private sector through a range of innovative services. By adopting this strategy, QDB has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry into new international markets.
QDB's strategy is entirely in line with Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in key economic sectors, with the aim of building a diversified and sustainable economy.
Qatar Development Bank aims to promote entrepreneurial spirit within the private sector in Qatar by providing the necessary services that shall foster the growth, development, and diversification of this sector. In doing so, QDB offers access to information, incubation, and potential development services to SMEs, in addition to access to capital through direct and indirect financial services, investment and access to local markets, and access to international markets for Qatari exporters through export insurance and funding services.