Chairman of Qatar Association of Certified Public Accountants (QCPA), Dr. Hashim Al Sayed with other officials during the 3rd Fintech Finance Technologies Conference.
Doha: The 3rd Fintech Finance Technologies Conference kicked off Wednesday and discussed avenues for boosting digital economy and expediting the advancement of digital services in keeping up with the rapid technological advancements.
The event featured a contingent of academics, technological experts and entrepreneurs who discussed avenues for exploring opportunities and sharing expertise, in pursuit of strengthening the State of Qatar’s stature in the financial sector given the increasing dependence on FinTechs.
In his opening remarks, Chairman of Qatar Association of Certified Public Accountants (QCPA), Dr. Hashim Al Sayed, underscored the rapid evolution that FinTech has witnessed in recent years, with the state-of-the-art communication media contributing to combining digital tools with the financial and economic systems.
He added that after pivoting toward financial inclusion, FinTech has become one of the foremost drivers of digital transformation turbocharged with the overwhelming evolution in technology, thereby prompting the increase of demand for digital financial solutions that garnered the interests of
governments and private
sector.
Innovative FinTech has become one of the most consequential industries globally, with the global FinTech market standing at $228.24bn in 2024 and is projected to reach $397.24bn by 2029, with a CAGR of 11.72 percent, Dr. Al Sayed noted.
Notwithstanding this remarkable evolution, sectors encounter a multitude of challenges, foremost of which is the digital infrastructure with its uneven readiness among nations, along with the protracted legislative enactment for this sector, with some customers expressing concerns over utilising digital financial services due to hacking, thereby triggering the action to enforce risk management, he highlighted.
He noted that the center has played a pivotal role in developing and expanding startups and sectors within the FinTech industry, including payment technologies, Buy Now, Pay Later services, Insurtech, loan-based crowdfunding, Islamic FinTech, and digital assets, all of which were central to the latest cohort graduating from the QFC, among other sectors.
