Qatar Sees Increased Traction from International Fintech Companies

Qatar Sees Increased Traction from International Fintech Companies

Though less developed than neighboring countries including the United Arab Emirates (UAE) and Saudi Arabia, Qatar’s fintech industry has continued to grow and attract international businesses over the past year.

Owing to continuous support from regulators and several initiatives introduced by stakeholders to foster innovation, HE Governor of the Qatar Central Bank (QCB) Sheikh Bandar bin Mohammed bin Saoud Al-Thani, said during a Visa event in December.

“QCB has accorded the highest priority towards digital payment solutions over the past decade,” the QCB governor said in his speech. “Over the past couple of years, QCB has approved various initiatives that will contribute towards supporting emerging companies in the field of financial technology.”

One of these initiatives is the granting of licenses to innovative fintech companies, he said.

QCB awarded its first licenses for digital payment services in August, providing the regulatory greenlight to Ooredoo Money and iPay by Vodafone Qatar.

2022 also saw the central bank introduce mobile payment service Google Pay in the country, reiterating that all global digital wallet services including Apple Pay, Samsung Pay were now accepted in Qatar.

Industry initiatives like the Qatar Fintech Hub (QFTH) have also contributed to the growth of the domestic fintech ecosystem, the QCB governor said, noting