Qatar National Fintech Strategy Seeks to Triple Number of Licensed Fintechs by 2027

Qatar National Fintech Strategy Seeks to Triple Number of Licensed Fintechs by 2027

Launched on 7. March by the country’s central bank, the Qatar Fintech Strategy 2023 is looking to turn the nation into a technologically advanced state and a fintech powerhouse, with the broader ambition of boosting economic growth and making Qatar an attractive destination for foreign direct investment and fintech competencies.

The plan has set out ambitious targets for 2027, which, among other things, include at least triple the number of licensed fintech companies in the country, increase by 20 to 25 times the number of fintech jobs, generate 40 to 50 times direct economic value add, and improve financial inclusion.

Summary of fintech targets by 2027, Qatar Fintech Strategy 2023, Source: Qatar Central Bank, March 2023

Qatar Central Bank (QCB) governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani detailed the four key pillars comprising the Qatar Fintech Strategy 2023 plan during an official launch event earlier this month, citing the establishment of a conducive infrastructure for fintech development, the prioritization of innovation and fintech growth, the expansion of the fintech talent pool, and the use of fintech for positive societal impact, as strategic areas of focus.

His Excellence Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani launches the Qatar Fintech Strategy