Doha, June 11 (QNA) - Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the FinTech industry in Qatar, has announced the final list of successful FinTechs to join Wave 4 of its Incubator and Accelerator Programs. Both Programs are set to take place from June till August 2022.
Themed Next Gen Banking, Wave 4 of these specialized programs has received more than 460 applications from early stage and mature FinTechs, from over 60 countries, including Qatar, USA, UK, Germany, Singapore, Belgium, India and Malaysia.
The applications went through a rigorous and multilevel evaluation process, where over 37 FinTechs were shortlisted to present their solutions via virtual pitch days judged by a panel of representatives from QFTH stakeholders and strategic partners. The top 13 were selected and invited to participate in the Incubator and Accelerator Programs.
In its fourth wave, the prestigious Incubation Program will be attended by 5 early stage FinTechs including Yougo Payway from Qatar, FinMind and Nervegram from USA, FUNDSAIQ from the UK, and Pewarisan.com from Malaysia. On the other hand, 8 mature FinTechs, including ADGS and UrbanPoint from Qatar, Cadorim from Belgium, Bankograph from Singapore, Authenteq from Germany, Mihuru from India, Paycruiser from USA, in addition to our Anchor FinTech, Zwipe from Norway, will participate in the Accelerator.
Acting CEO of QDB Abdulrahman bin Hisham Al Suwaidi said: "I am delighted to see yet another successful launch of our Incubator and Accelerator programs. The quality of applications and the FinTechs who are keen on joining QFTH testify to the credibility and confidence that we have established." "The impact of our endeavors in the field can also be seen in the achievements of QFTH Alumni. From raising funds to partnering with global players and launching new services in the local and regional markets, our FinTechs are contributing to the transformation of the FinTech industry, bringing Qatar to the forefront of this vital industry sector," he concluded.
For a period of 12 weeks, Wave 4 will offer participating FinTechs a unique incubation and acceleration journey with all the essential support required to establish their businesses locally. Each FinTech will receive financial and in-kind support of up to $70k, in addition to bespoke mentoring and training services provided by QFTH, its strategic partners and a mentor network of over 40 international and local mentors.
Upon the completion of the programs, eligible FinTechs will be referred to Qatar Central Banks Sandbox, where they will receive support on licensing needs in Qatar and a fee waiver on registration. Licensing opportunities from Qatar Financial Center as well as the opportunity to collaborate with over 15 local financial institutions and regulators, and a range of business development and investment opportunities on a global scale will also be available.
As part of its commitment to offer world-class expertise to participating FinTechs, QFTH has collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academia and regulators, in addition, partnering with other FinTech hubs from Singapore, UK, Turkey, Australia, Nigeria and Sweden.
Due to COVID-19 precautions & restrictions, Wave 4 of both the Incubator and Accelerator Programs will be conducted virtually. The programs will culminate in a Demo Day in August, where representatives from each of the participating FinTechs will showcase their innovations to QFTH partners, industry influencers and potential investors. (QNA)