The Qatar Financial Technology Center of Qatar Development Bank announced the launch of the fifth batch of the Business Incubation and Acceleration Programme, in continuation of the efforts made to support startups in the field of financial technology in their entrepreneurship journey through the center’s programs and bold investments in them. Through the previous four batches, it was able to be a major contributor to the growth journey of the financial technology field in the State of Qatar and contributed by developing and growing a group of local companies, offering more than 50 graduates from its programs, as well as bold investments by the private sector since the center’s launch in year 2020.
Qatar Financial Technology Center received 290 applications to join the fifth cohort programs this year, of which 21 were accepted by local and international startups in the areas of “payment technology” in partnership with Visa, “insurance technology” with Qatar Insurance Group, “buy now, pay later” with MasterCard, and debt crowdfunding with Qatar Development Bank. Companies will begin their journey of incubating and accelerating business for a period of 12 weeks, during which they will be able to develop and grow their business and obtain the support required to enable their business locally, in addition to what they will receive in-kind support amounting to $70,000 for each startup. The companies qualified for the fifth cohort will also receive a set of specialized mentoring and training services provided by the Qatar Financial Technology Center and its strategic partners with a group of local and international mentors, in addition to the bold and initial investments by Qatar Development Bank, which ranges between 40 and 100 thousand dollars for the startup.
For his part, Mr. Abdul Rahman Hisham Al Suwaidi, CEO of Qatar Development Bank, said about the importance of supporting the financial technology field in Qatar, saying: “With every new batch of startups, we offer a range of new innovative solutions, job opportunities and partnerships with the private sector, aiming to Enhancing the vital role of the State of Qatar as one of the effective financial technology centers in the region.
He added about future goals: “We will work during the next three months to develop and localize approximately 21 startup companies in four different sectors, with the aim of incubating and accelerating the business of these companies and investing in them with approximately 7 million Qatari riyals. The process of selecting these companies was carried out according to the standards of the regulations and licensing mechanisms of the Qatar Central Bank, with the aim of providing value-added services to the payments, insurance and crowdfunding sector in debt, in direct coordination with the Financial Technology and Innovation Department team at the Qatar Central Bank and Visa, MasterCard, Qatar. Insurance, Microsoft and the Qatar Financial Center.
The Qatar Financial Technology Center continues its journey in supporting male and female entrepreneurs and sharing global experiences and expertise with them, as the center continuously cooperates with the main stakeholders in this field, including financial institutions, technology service providers, payment solutions networks, academia and regulatory bodies, in addition to concluding new partnerships with financial technology centers. ACKO Corporation to be a major customer in the field of insurance technology.
