QATAR is fast emerging as hub for global FinTech companies. The country has several incentives program to attract international business. It has partnered with fintech firms operating in Europe and India, while the government is also financing start-ups at home. Qatar Financial Centre (QFC), a partner in developing Qatar’s FinTech sector, has set a priority to attract FinTechs operating in digital payments, Islamic FinTech, RegTech, InsurTech, PropTech and SME-enabling FinTech. FinTech (or Financial Technology) is the term given to financial service firms whose product or service is built upon technology, often resulting in highly innovative, pioneering services. Last year, QFC launched the ‘QFC Tech Talk Series’, which bolsters connectivity across the FinTech ecosystem and encourages firms, experts and innovators to share ideas, exchange knowledge and explore opportunities spanning different verticals. QFC, a leading onshore financial and business centre in the region, witnessed a significant increase of 63.7 percent in the number of new firms licensed on the QFC platform in 2020, compared to 2019. The QFC registered 334 firms in 2020, compared to almost 200 firms registered over the same period in 2019. Ending the year on a high note, the QFC maintained its business growth for the 8th consecutive year, despite the unprecedented global economic slowdown as a result of the COVID-19 pandemic. The expansion of the QFCregistered firms, which represents a variety of industries, both financial and non-financial services, included a record increase of 139.5 percent in the digital sector. The QFC also continued to leverage its support to other firms across its strategic clusters, namely sports, media and financial services, registering 62 newcomers from these sectors. This increase pushes the QFC much closer to achieving its goal of registering 1,000 firms, ahead of the designated date as per its 2022 Strategy. The year 2020 saw the QFC’s implementation of support measures in the face of the COVID-19 outbreak, which offered relief to its registered firms, in addition to new policies that create opportunities for firms looking to tap into the Qatar’s flourishing market. This included a legal services policy, which ensures that new QFClicensed legal firms have the capacity and expertise to serve international clients across geographic boundaries. Another significant announcement was the new regulations for financial institutions to operate a representative office in Qatar, which further bolsters their business by allowing an increased range of permitted activities. The QFC also introduced a holistic digitalised incorporation process that streamlines the business experience of new firms, starting from the licensing phase, and throughout their journey in Qatar.
