Qatar FinTech Hub Announces Applications Now Open for Wave 1 of its Incubator and Accelerator Programs
Following the launch of the FinTech Incubator and Accelerator Programs in April 2020, Qatar FinTech Hub has opened applications for wave 1 until July 31, 2020.
Doha, Qatar: 7 June 2020 – Qatar FinTech Hub “QFTH”, which is co-founded by Qatar Development Bank “QDB”, announced that applications are now open for wave 1 of its Incubator and Accelerator programs, catering to both local and global FinTech entrepreneurs and startups who are looking for a launchpad and a hub in the Middle East to accelerate their growth.
QFTH aims to develop the Fintech industry in Qatar, in accordance with the Qatar National Fintech Strategy created by Qatar Central Bank “QCB”, and to contribute and reiterate Qatar’s position as a leading international FinTech hub in the region, as outlined in the Qatar National Vision 2030.
The first wave of the Incubator and Accelerator Programs will be centered around payments in alignment with the Qatar FinTech strategy, and in synergy with QCB - Sandbox and upcoming regulations.
QFTH, in line with its vision to offer the best global opportunities and expertise to the FinTechs, is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, academia and regulators.
QFTH announced its partnership with Microsoft as the technology partner who will support QFTH in building a sandbox environment on Azure and Eversheds Sutherland as the legal partner to offer legal guidance to the FinTechs participating in the QFTH programs. Additionally, QFTH has signed an MoU with Cambridge Spark as one of the Academia partners to facilitate its efforts to develop the FinTech talent in Qatar. The partners will also provide workshops, offer in-kind services, and opportunities to collaborate. International media partners of the programs include CNN, Bloomberg and Reuters.
Participating FinTechs will also get the opportunity to collaborate with over 16 local financial institutions and regulators who are part of the QFTH Task Force including Al Khaliji Bank, Islamic Insurance, Qatar Islamic Bank, Qatar Financial Center “QFC” and the Ministry of Commerce and Industry to name a few. Moreover, these FinTechs will represent QFTH in marquee global events, and benefit from a range of business development opportunities on the global scale.
QCB - in collaboration with QFC - will also host a dedicated webinar for the participating FinTechs to highlight the process and benefits of setting up their business in Qatar. Additionally, the selected and eligible FinTechs will be directly referred to the QCB’s Sandbox to support their licensing needs in Qatar.
Each participating FinTech will receive financial support of up to $300,000; as well as bespoke mentoring and training provided by QFTH mentors from over 12 countries across the globe including; Somil Goyal, COO of Adjoint; Henk Jan Hoogendoorn, Managing Director of the Financial Sector Office at the QFC Authority; Kolja Rafferty, Manager of Subsidiaries at Qatar Development Bank; and Varun Mittal, Emerging Markets Leader at Ernst & Young, Singapore to name a few.
In light of the situation surrounding the COVID-19 outbreak, the first wave of the Incubator (focused on early-stage startups) and Accelerator (focused on mature FinTechs) programs will be conducted virtually. Up to 30 FinTechs (10-15 per program) will be selected to participate in a rigorous 12-week program starting September 2020.
The Incubator and Accelerator Programs, with the backing of QCB, will contribute to endorsing the newest technologies that will fortify Qatar’s positioning as a leader in financial technology on both regional and global levels; as well as contributing to the national vision 2030 and further diversify the local economy.
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