Doha: Qatar FinTech Hub (QFTH), co-founded by Qatar Development Bank (QDB) and established to support the growth of the FinTech industry in Qatar, has announced that registration for Wave 2 of its flagship Incubator & Accelerator Programs is now open.
Both Programs are set to start in March and will run until June 2021.
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 at an international level, the FinTech Programs will comprise of an Incubator for early-stage startups, and an Accelerator for mature FinTechs.
The highly anticipated FinTech programs in Wave 2 will focus on emerging technologies for financial services. The call for applications will open during mid of December 2020 for a period of 8 weeks. FinTechs applying to the Programs will get an opportunity to be part of a 12-week incubation or acceleration journey that will provide essential support required to establish their businesses locally, regionally, and internationally.
Each participating FinTech will receive financial and in-kind support of up to $250,000 with bespoke mentoring and training provided by QFTH in the form of investment. Additionally, this investment will ensure a long-term relationship between the hub and the FinTech to help them navigate the local financial service ecosystem in Qatar and also support them in raising the future rounds of funding. During the current program of Wave 1, international and local FinTechs are taking part in a series of high-level Business Development meetings and specialized Masterclasses conducted by QFTH partners and renowned speakers from across the world.
With Demo Day scheduled in January 2021, the Wave 1 FinTechs are well on their way to launch a host of new and empowering services to fuel the digital transformation of the markets across the region and globe.
Commenting on the anticipated Wave 2 of the FinTech Programs, Abdulaziz bin Nasser Al Khalifa (pictured), Chief Executive Officer of Qatar Development Bank & Fintech Task Force Chairman, said: “The first wave of the QFTH Incubator and Accelerator Programs received an overwhelming response with over 750 applicants from 72 countries, including Qatar, UK, USA, India, Singapore, Turkey, Nigeria, Germany, Russia, Indonesia, and Australia. Following a thorough and multilevel evaluation process, 11 early-stage startups and 12 mature FinTechs were chosen to join the ongoing Programs. The FinTechs have been welcomed with open arms by the financial service ecosystem in Qatar”.
“The announcement of the second wave of the Programs shows our commitment towards the development of the financial service ecosystem in Qatar,” concluded Al Khalifa.
Upon the completion of the Programs, eligible participants will also be referred to QCB’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 Center (QFC) as well as the opportunity to collaborate with over 17 local financial institutions and regulators who are part of the QFTH task force including Dukhan Bank, the QFC and Ooredoo. In addition to this, a range of business development opportunities on the global scale will also be made available to the successful FinTechs.
