Qatar-based leading private commercial financial institution Doha Bank’s CEO Dr. R Seetharaman has stated that financial technology (fintech) is redefining Qatar as the country encourages entrepreneurs and innovators to have a regional and worldwide influence in the sector.
Dr. R Seetharaman made this statement during the ‘Qatar Fintech Summit’ while speaking about ‘The Future of Mobile and Digital only Banking’.
Dr. Seetharaman has remarked that fintech is one of the developments arising from the fourth industrial revolution. Fintech is the application of technology and innovation to meet the financial demands of consumers and businesses, such as credit cards, online banking, and blockchain-based cryptocurrencies.
“Fintech enables digital transformation in banks. It has compelled banks to level up their digital transformation and actively seek to implement the latest advancements. Roughly 85 percent of the fintech firms in the MENA operate in the payments, transfer, and remittances sectors. Fintech firms in Qatar are focused on improving the customer experience by providing more accessible financial services. According to KPMG, global fintech investment reached a record $98 billion in the first half of 2021, up from $87.1 billion in the same period in 2020. The UK saw a huge slice of cash invested into fintech with $24.5 billion of fintech investments in the first half of 2021. EMEA saw $39 billion invested in the first six months. Venture capital (VC) investments in Qatari startups have surged by 182 percent in H1, 2021 totaling $8 million (QR31 million).”
He further added that mobile banking and digital banking will be felt in the Internet of Things (IoT), blockchain, and open banking. Differentiated value propositions, early revenue realization, easy scalability, and cost-efficiency are all critical success factors for digital banks.
Furthermore, he emphasized Doha Bank’s participation in fintech, stating that the bank is a member of the Qatar FinTech Hub (QFTH), the Qatar Development Bank’s (QDB) fintech incubator.
“As one of the leading commercial banks in the state of Qatar, we are constantly innovating and seeking to partner with and help the fintech ecosystem grow. It is a key objective for Doha Bank to support the transformation of the financial ecosystem in Qatar to achieve the vision set by the Qatar Central Bank,” Dr. Seetharaman concluded.