22 FinTechs selected to take part in Wave 2 of the Incubator and Accelerator Programs to run from March until June 2021. The Qatar FinTech Hub programs are backed by Qatar’s financial ecosystem and developed by Qatar Development Bank in collaboration with a host of partners and stakeholders
Doha, Qatar – 30 March 2021: Qatar FinTech Hub (QFTH), co-founded by Qatar Development Bank (QDB) and established to support the growth of the FinTech industry in Qatar, has announced the final list of successful FinTechs to join Wave 2 of its Incubator and Accelerator Programs. Both Programs started on 24 March and will run until June 2021.
QFTH received more than 500 applications from early-stage and mature FinTechs from over 58 countries, including the USA, India, Singapore, Nigeria, Russia, Hong Kong, UK, Turkey, and Qatar.
The applications went through a rigorous and multilevel evaluation process, where over 40 FinTechs were shortlisted to present their solutions via virtual pitch days judged by a panel of representatives from QFTH stakeholders and strategic partners. Out of the 40 Fintechs, the top 22 were selected and invited to participate in the Incubator and Accelerator Programs. Selected FinTechs covered a variety of technology solutions such as AI, ML, Blockchain, RPA, NFC, NLP, OCR, and other FinTech solutions.
Eleven early-stage FinTechs were also selected to join Wave 2 of the Incubator Program including Snoonu Trading and Services as well as Karty from Qatar, Cammillion from Singapore, ePaysa from India, Digitalistic from Bangladesh, Akillifon from Turkey, CHANGE COM from Jordan, Kwidex from Ghana, Nu Credits as well as Bondsmart and Finstant from the UK.
The 11 mature FinTechs selected for Wave 2 of the Accelerator program are Prive T from Hong Kong, Active.AI as well as Finchat from Singapore, eBaoTech from China, SafexPay from India, Twyla Technology from Qatar, FinChatBot from South Africa, Cargon from Georgia, Invest Suite from Belgium, Elite Capital, and Revix from the UK.
Commenting on the start of the programs, Mr. Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of QDB and Fintech Task Force Chairman, said: “I would like to congratulate all the FinTech startups whose leadership in innovation has enabled them to join our flagship programs. This marks the beginning of their journey towards reshaping the future of financial technology in Qatar and beyond, and we are confident they will help us in building solid pillars for a knowledge-based economy in Qatar.”
“The Qatar FinTech Incubator and Accelerator Programs continue to attract entrepreneurs from around the world, establishing Qatar as a preferred destination for Fintechs looking to establish a base in the region,” concluded Mr. Abdulaziz bin Nasser Al-Khalifa.
For a period of 12 weeks, Wave 2 will offer to participate 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 participating FinTech will receive financial and in-kind support of up to $250,000, in addition to bespoke mentoring and training services provided by QFTH, its strategic partners, and a mentor network of over 36 international and local mentors.
Upon the completion of the programs, eligible FinTechs will be referred to Qatar Central Bank’s Sandbox, where they will receive support on licensing needs in Qatar, in addition to benefiting from a fee waiver on registration. Licensing opportunities from Qatar Financial Center as well as the opportunity to collaborate with over 16 local financial institutions and regulators and a range of business development and investment opportunities on a global scale will also be available to participating FinTechs.
As part of its commitment to offer world-class expertise to participating FinTechs, QFTH has collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academic institutions, regulators, also, partnering with other FinTech hubs from Singapore, UK, Turkey, Australia, Nigeria, and Sweden.
Due to COVID-19 precautions & restrictions, Wave 2 of both the Incubator and Accelerator Programs will be conducted virtually. The programs will culminate with a Demo Day in June, where representatives from each of the participating FinTechs will showcase their innovations to QFTH partners, industry influencers, and potential investors.