Qatar Intends to Serve as Fintech Hub for Middle East Nations

Qatar's Government agencies are determined to make Qatar a fintech hub for the Middle East Nations, supporting U.S. investments.

By · Aug 24, 2020 . 6min read

Qatar Fintech
Source : UnSplash

Qatar’s nation is a World Bank of “high-income economy.” It supports the world’s third-largest natural gas and oil reserves. It has the third-highest GDP per capita globally with very high human development. Qatar’s Government agencies are determined to make Qatar a fintech hub for the region. It also intends to support the United States of America (US)-based investment in the Middle East, according to Fahad Al Dosari, Commercial Attaché for the Embassy of Qatar in the US. 

A virtual panel discussion covered Qatar’s evolving fintech sector and related business opportunities. Al Dosari stated that Qatar was one of the world’s most stable economies. Moreover, it provided strong incentives for US-based companies, including 20-year tax holidays for free zone-operating companies.

 The panel witnessed participation from experts in various sectors, including Fintech. Furthermore, the virtual discussion provided an overview of the US-Qatar commercial relationship and Qatar’s fintech sector. Additionally, the discussion included government initiatives, the regulatory environment, and business opportunities to support the industry. 

Qatar Comprehending National Fintech Strategy

The fintech sector’s concentration on payment innovations and Islamic financial services has made Qatar a leading commercial hub in the region. Moreover, the National Fintech Strategy, started by the Qatar Central Bank (QCB), strives to support the growing sector. It aims for key collaborations with local stakeholders, including the Qatar Financial Centre (QFC) and Qatar Development Bank (QDB). Additionally, the Qatar Fintech Hub (QFTH), co-founded by QDB (Qatar Development Bank), is preparing to promote and support multinational Fintech firms to establish operations in the Middle Eastern country.

As noted in a release shared with Crowdfund Insider: “Set forth by the Qatar Central Bank (QCB), the National Fintech Strategy aims to support the burgeoning sector in partnership with several key local stakeholders including the Qatar Financial Centre (QFC) and the Qatar Development Bank (QDB).”

“Qatar’s Fintech strategy continues to accelerate local and international Fintechs in Qatar. QFC has long recognized that Qatar’s Fintech sector is booming with opportunity.”

Yousuf Al-Jaida, CEO of QFC Said in an interview to Crowdfund Insider

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