The Qatar Fintech Hub (QFTH), which was 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; which are due to run until June 2021.
The 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.
Following a rigorous and multilevel evaluation process, a total of 40 fintechs were shortlisted to present their solutions via a virtual pitch; a process judged by a panel of representatives from QFTH stakeholders and strategic partners. Out of the 40 shortlisted, the top 22 were selected and invited to participate in the Incubator and Accelerator Programs. The selected fintechs cover 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; with Nu Credits, Bondsmart and Finstant representing the UK.
The 11 mature fintechs selected for Wave 2 of the Accelerator Program are Prive T from Hong Kong, Active.AI and Finchat from Singapore, eBaoTech from China, SafexPay from India, Twyla Technology from Qatar, FinChatBot from South Africa, Cargon from Georgia, Invest Suite from Belgium, and both Elite Capital and Revix from the UK.
Commenting on the start of the programmes, 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 programmes. 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.
12 week programme
For a period of 12 weeks, Wave 2 will offer participating 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 mentor network of over 36 international and local mentors.
Upon the completion of the programmes, 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 Centre 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.
Due to Covid-19 precautions & restrictions, Wave 2 of both the Incubator and Accelerator Programs will be conducted virtually. The programmes 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.