Qatar Fintech Hub (QFTH), which was developed by Qatar Development Bank (QDB) to facilitate the growth of the fintech industry in Qatar, undertook a Demo Day for Wave 2 of its flagship Incubator and Accelerator Programmes.
The Demo Day took place virtually on 1st July 2021.
The QFTH Demo Day for Wave 2, an event that was sponsored by Doha Bank, was one of the major fintech events in the region hosting key players from the local financial services ecosystem, as well as investors, global startups, international fintech hubs, aspiring entrepreneurs and fintech enthusiasts.
Under the theme, ‘Emerging Technologies’, the programme has received tremendous traction during Wave 2 with over 550 applications from more than 55 countries across the globe including the USA, India, Singapore, Nigeria, Russia, Hong Kong, UK, Turkey, and Qatar. 11 early-stage startups and 11 mature fintechs were selected from the application pool.
The selected fintechs for the Incubator programme include Snoonu Trading and Services, Karty, Cammillion, ePaysa, Digitalistic, Akillifon, CHANGE.COM, Kwidex, Nu Credits, Bondsmart, and Finstant.
Likewise, the selected fintechs for the Accelerator programme include Prive T, Active.AI, Finchat, eBaoTech, SafexPay, Twyla Technology, FinChatBot, Cargon, Invest Suite, Elite Capital, and Revix.
The selected fintechs covered a variety of technology solutions such as AI, ML, Blockchain, RPA, NFC, NLP, and OCR, and are well on their way to launch a host of new and empowering services to accelerate the digital transformation of global markets.
Throughout the programme, participants took part in more than 350 business development sessions with 15 financial institutions and completed a series of masterclasses and fintech bootcamps conducted by QFTH partners and renowned speakers from across the world.
“Through our specialised incubators, such as QFTH, we aim to develop fintechs as well as support entrepreneurs and innovators to make an impact within the domain, both regionally and globally,” comments Abdulaziz Bin Nasser Al Khalifa, the CEO of QDB and Chairman of QFTH Taskforce. “The QFTH Incubator and Accelerator Programmes continue to attract entrepreneurs from around the world, building upon the robust Qatari financial sector, and powered by the support of our partners who play a major role in their success.
Dr. R. Seetharaman, CEO of Doha Bank, added, “Over the recent few years, fintech has become a catalyst for financial innovation. Banks in Qatar are keen on leveraging the fast-developing fintech ecosystem. Doha Bank is also keen to explore fintech collaborations to build customer-centric value propositions. The next wave of fintech innovation is exciting and looks to be a win-win for all stakeholders. Doha Bank is proud to have sponsored QFTH’s second demo day of its Incubator and Accelerator programmes.”
QFTH is also currently gearing up for the anticipated Wave 3 of its Incubator and Accelerator Programmes which will focus on ‘Embedded Finance and TechFin’. It is reported that applications are now open for the programmes that will run from October to December 2021. Fintechs with innovative solutions in this domain have until the end of July 2021 to submit their application. All applications undergo a thorough evaluation process, where shortlisted candidates will be invited to present their solutions in front of a jury panel comprised of key stakeholders from Qatar’s financial services ecosystem.
QFTH was established by Qatar Development Bank in line with the Qatar National Vision 2030, and Qatar Central Bank’s (QCB) Fintech Strategy to build on Qatar’s success in the financial sector and enhance the country’s role in the field of financial innovation. The second wave of the Incubator and Accelerator Programmes focused on a variety of financial technology solutions in alignment with the Qatar Fintech Strategy, and in synergy with QCB – Sandbox.
As part of its commitment to offering world-class expertise to participating fintechs, QFTH is continuously collaborating with strategic stakeholders within the fintech ecosystem including financial institutions, technology providers, payment networks, global fintech hubs, academia, and regulators. Microsoft is participating as the programme technology partner. Other recent partnerships include Amazon, Progress Soft, Vodafone, and Global Positioning System; to name a few.