DOHA: Mastercard has partnered with Qatar Development Bank (QDB) to support the development of the fintech industry through the Qatar FinTech Hub (QFTH).
Mastercard will work closely with the fintech community in Qatar through QFTH to accelerate innovation and drive the adoption of digital payments in the country.
QFTH brings together a community of fintech entrepreneurs, industry experts, regulators and investors to develop disruptive technologies and accelerate the growth of the fintech ecosystem.
Through this partnership, QTFH startups and partners would also gain access to Mastercard’s technology, expertise, products and services, equipping them with the tools they need to navigate their growth.
Relevant companies
The partnership will also identify relevant companies for Mastercard’s startup engagement programme – Start Path – opening market access for QFTH’s start-ups and Start Path companies for mutual benefit.
Start Path is Mastercard’s startup engagement programme that brings together a network of innovators from across the globe to shape the future of commerce together.
Startups benefit from the knowledge of a global network of Mastercard experts, technologies, and channels. Since its beginning, more than 200 later-stage startups and fintechs have participated in the programme.
These entities have collectively raised $2.6bn in post-programme investment, in addition to partnering with some of the world’s largest banks, merchants and well-known organisations.
Driving innovation
Nadia Ghissassi, Director, Country Business Development, Qatar, Mastercard, said: “At Mastercard, we are committed to drive innovation and bolster the growth of the local and regional fintech ecosystem. We are constantly seeking new ways to leverage our network, technology, insights and partnerships to help inform and enable small businesses to boost prosperity.”
She added: “Together with our partners in the private and public sector, we are committed to accelerating digitisation and drive economic growth, creating opportunities for knowledge-sharing, and ultimately advance the payments infrastructure in the country.”
Ibrahim Al Mannai, QDB Executive Director (Advisory and Incubation), said: “We aspire to offer the ideal launch pad for early-stage and matured fintechs to scale up, revolutionise financial services and make a global impact.”
He added: “We hope Mastercard’s extensive network of existing start-ups, experience in enabling digitisation, and deep market knowledge will allow us to shape the future of fintech in Qatar and create further opportunities to grow and develop digital payments.”