(MENAFN- The Peninsula) By Lani Rose R Dizon I The Peninsula
The Qatar Development Bank (QDB) yesterday announced it will launch a specialised fintech accelerator programme next year as part of its new initiative in partnership with multinational professional services firm Ernst & Young (EY) and global fintech platform MEDICI, along with other national strategic partners in Qatar. Leading European venture capital fund for tech startups Speedinvest and San Francisco-based Alchemist Fintech Accelerator, were also announced as new QDB partners during the event.
The fintech accelerator programme will support the country's strategic initiatives in making Qatar a fintech hub for all local and international startups, said Ibrahim Mohammed Hassan, Executive Director of Investment at QDB, while addressing the 2nd Investment Forum 2019 which opened at the Mandarin Oriental Hotel in Msheireb Downtown Doha.
'We have many partners working closely with us on this including QFC, QCB, QNB, QIB, QIIB, and other banks and insurance companies. Everyone is working together because everyone is needed to build the pillars of a successful and sustainable fintech ecosystem in Qatar, Hassan added while talking to mediapersons on the sidelines of the event.
The Qatari government and the private sector have been working vigorously in developing the country's fintech infrastructure. According to an EY October 2018 report, fintech that complies with Islamic law could help attract 150 million new banking customers in the next three years. However, market data showed that despite the global fintech industry's remarkable growth, the Middle East accounts for only 1.8 percent of global fintech startups in the past five years.
QDB has previously launched a $100m Fund-of-Fund approach to support companies, funds, and partner funds in developing Qatar's entrepreneurship ecosystem. The new fintech accelerator programme is expected to benefit from this pool of funds.
Hassan added that more than $60m (QR230m) out of the $100m fund has already been committed to more than 30 Qatari startups and seven venture capitalist (VC) partners since 2018.
'Five of our portfolio companies are now expanding to neighbouring markets including Turkey, Kuwait, Oman, Jordan, and Vienna. There's more maturity in the startups ecosystem and greater competition in local and regional markets. We're also seeing a number of promising tech companies from Europe, India, and other countries setting up shop in Qatar to expand in the region, added Hassan.
Organised by QDB under the theme ‘Connect, Invest, Grow', the forum was attended by local and international investors interested in venturing into entrepreneurship and technology industry sectors in Qatar, along with entrepreneurs and business owners.
QDB Chief Executive Officer Abdulaziz bin Nasser Al Khalifa in a statement said: 'QDB is committed to creating an interactive local investment environment through our strategic network of partners, one that would open up wide investment doors before local entrepreneurs to support them in creating and developing their innovative projects.
Qatar Investment Authority (QIA) and Qatar Science & Technology Park (QSTP) were sponsors of the event. QSTP Executive Director Yosouf Abdulrahman Saleh, added: 'The forum had a positive impact in shedding light on special programmes and investment opportunities that we offer to support technological entrepreneurship, and to contribute in enriching the local and regional economy.
The forum also included a panel discussion on Qatar's startup ecosystem, Investor Series pitching sessions, and concluded with one-to-one meetings between investors and entrepreneurs.
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