The Doha-based government-owned financial entity, Qatar Development Bank (QDB)’s executive director of Advisory and Incubation Ibrahim Al-Mannai has revealed that the economic diversification strategy of the country is expected to gain more momentum from the development of its financial technology (fintech) industry.
“Fintech holds considerable opportunities for economic diversification, one of the four pillars of Qatar’s National Vision 2030,” Mr. Al-Mannai said.
The QDB official clarified that Qatar intends to partner with payment-based companies that could help streamline their operations for small and medium-sized enterprises (SMEs). As a financial services center, one of Qatar’s key advantages is its capacity to work with skilled professionals who can help boost the economy of the country, he commented.
“The future is fintech. The added value that fintech presents to any industry is truly understated, the benefits are limitless, and this is the goal at Qatar FinTech Hub (QFTH) to help deliver in the future,” Mr. Al-Mannai stressed.
According to him, QFTH, co-founded by ADB to support the growth of the fintech industry in Qatar, is a global fintech hub to support the development of the fintech industry in the country, which brings together talented entrepreneurs, investors to develop disruptive technologies.
He further elaborated that the QFTH aims to promote cooperation between the fintech ecosystem’s participants and stakeholders, to establish impactful local and global ties that will support its vision.
“We aspire to become a globally-recognized hub that connects like-minded hubs, organizations, and regulators from across the world. By leveraging the fintech industry, QFTH aims to contribute to addressing pressing social and financial services challenges in Qatar and beyond. In Wave 1 of its programs, QFTH secured over 200 mentor sessions, in collaboration with 36 leading local and global mentors, in addition to over 400 business development sessions with 15 financial institutions, having conducted 13 high-level Masterclasses conducted by 34 partners from QFTH extensive network and renowned speakers from across the globe.”
“Enrolled fintechs also benefited from participating in international events, including ‘Hong Kong FitTech Week’, a range of events organized by QDB, as well as international webinars,” Mr. Al-Mannai added.