A screen grab of senior diplomats and officials participating in a virtual panel discussion on “Qatar’s Growing FinTech Sector & Business Opportunities” hosted by USQBC, yesterday.
Qatar is one of the most stable economies in the world, and the country offers strong financial incentives for US based companies, like its 20-year tax holidays for companies operating in Free Zones, said Fahad Al Dosari, Commercial Attaché for the Embassy of Qatar in the United States.
Participating in a virtual panel discussion on “Qatar’s Growing FinTech Sector & Business Opportunities”, Al Dosari said Qatar’s government agencies are committed to supporting US investment in the region and making Qatar a fintech hub for the Middle East.
The event was hosted by USQBC, in collaboration with the Embassy of Qatar in the US and FinTEx. Nasser Ibrahim Allenqawi, Consul General in New York for the State of Qatar; Abdulaziz Al Khalifa, CEO of Qatar Development Bank (QDB); Yousuf Mohamed AlJaida, CEO of Qatar Financial Centre (QFC); Amy Nauiokas, Founder & CEO of Anthemis; Randy Rivera, Managing Director of FinTEx; and Mohammed Barakat, Managing Director of USQBC attended the event.
The virtual discussion from sector experts provided US companies with an overview of the US-Qatar commercial relationship and the FinTech sector in Qatar including the regulatory environment, government initiatives, and business opportunities for US companies to support the sector’s development. Qatar is already a leading financial hub in the Middle East through the sector’s emphasis on payment innovations and Islamic financial services.
Set forth by the Qatar Central Bank (QCB), the National Fintech Strategy aims to support the burgeoning sector in partnership with several key local stakeholders including QFC and QDB. The Strategy will target opportunities in digital payments, money management, and lending, among others, Al Dosari added.
“Qatar’s FinTech strategy continues to accelerate local and international FinTechs in Qatar. QFC has long recognized that Qatar’s FinTech sector is booming with opportunity, and we see innovating and supporting the growth of this sector as a vital avenue to diversifying Qatar’s economy,” said Yousuf Al-Jaida, CEO of QFC.
“Moreover, the ongoing coronavirus crisis not only highlights the importance of tech and fintech, but also accelerates adoption and development. We will continue in our efforts to enrich and develop the tech and fintech infrastructure in Qatar as an enabling platform and look forward to seeing more international FinTechs, including those from the US, easily integrate into Qatar’s thriving eco-system via QFC’s FinTech license and wide range of benefits.”
QFC is focused on becoming a hub for FinTech in the region - a sector that saw global investment grow to some $111.8bn by end of 2018, from $50bn in 2017 according to KPMG.
Already home to both leading European and Indian FinTech investors, “The launch of QDB’s FinTech Incubator and Accelerator Programs is a great milestone. These programs are set to further consolidate Qatar’s position as a global FinTech leader and create a vibrant ecosystem that is attractive for international investors, especially those from the United States,” said Abdulaziz AlKhalifa, CEO of Qatar Development Bank.
“We actively work with many international organizations to spotlight places to match talent with opportunity and what is going on in Qatar fits as an attractive platform not just for the fintechs involved but for the Qatari market and the Middle East overall”, said Randy Rivera, Executive Director of FinTEx.
“The design of these programs reflects thoughtfulness, broad participation and commitment of the right mix of leaders who can affect change and attract the talent to make that change uniquely impactful, not just to the market, but to the regional fintech community as well.”
“As an experienced international fintech investor, we believe that Qatar provides a promising environment and set of opportunities for Fintech growth,” said Amy Nauiokas, Founder & CEO of Anthemis.
“We look forward to solidifying some key relationships in Qatar as Anthemis further builds our Mena strategy.” Anthemis, a venture investment platform with 100+ portfolio companies has created a dynamic ecosystem with more than 10,000 investors, incumbents and high-growth fintech companies around the world.
They are currently looking to expand their ecosystem through cultivating relationships with strategic investors and continuing to build a pipeline of diverse fintech startups across the Mena region.
“Qatar has demonstrated an incredible synergy among entities in the pursuit of becoming a global leader in FinTech,” said Mr. Mohammed Barakat, Managing Director of USQBC.
“Considering Qatar’s large payment processing and remittance market and its strategy to become a regional gateway for a huge market, I foresee rapid growth in Qatar’s FinTech sector.”
