Building on the momentum of its historic achievement in attracting strategic foreign direct investment late last year, Qatar-based fintech TESS Payments, in strategic partnership with Singapore-based global financial group Fingular, renowned for its disruptive role in accelerating financial inclusion and fintech innovation, has taken another significant step forward. Partnering with Al Rayan Bank, one of the largest Islamic banks in Qatar, this initiative aims to redefine Qatar’s digital financing ecosystem by introducing innovative financing solutions designed to empower customers and drive financial inclusion.

In September 2024, Fingular made waves by announcing its plans to launch in Qatar by investing in TESS Payments LLC, a leading fintech company registered in Qatar Financial Centre. This strategic partnership, facilitated by Qatar Development Bank through Qatar FinTech Hub, underscores Qatar’s growing influence as a hub for financial innovation and aims to create Qatar’s premier customer-centric neobank, featuring one of the Middle East’s first versatile digital retail banking ecosystems. The parties intend to exceed $600 million in financing issued to Qatari residents within three years, providing financing to over 2 million people in minutes entirely online.

Gaining momentum, Fingular and TESS Payments are now pleased to announce that one of Qatar’s largest Islamic banks, Al Rayan Bank, is becoming one of the first strategic partners to support this initiative.

This groundbreaking collaboration brings together TESS Payments’ leadership in fintech innovation, Al Rayan Bank’s market expertise, and Fingular’s global expertise, cutting-edge technologies and operational excellence. The partnership aims to address pressing financial needs, offering accessible, customer-centric, and technology-driven solutions while contributing to Qatar’s National Vision 2030.

“Partnering with Al Rayan Bank in a strategic cooperation with Fingular reflects our commitment to creating transformative financial solutions tailored for Qatar’s market,” said Saad Ishfaq, CEO of TESS Payments. “This collaboration is a milestone in our journey to expand financial access and introduce smarter, more seamless digital experiences.”

“We are gaining significant momentum to seize unprecedented opportunities for growth and innovation, benefiting consumers and strengthening the financial sector as a whole. Our goal is to combine TESS Payments’ fintech agility with Al Rayan Bank’s deep-rooted market knowledge and Fingular’s distinctive technology and global fintech practice to establish a world-class digital financing ecosystem,” said Maxim Chernuschenko, CEO of Fingular. 

Al Rayan Bank highlighted its excitement about the partnership, emphasizing the collective value it will bring to customers and the fintech landscape. “This partnership aligns perfectly with our vision to lead the way in digital financial innovation while supporting Qatar’s growth as a financial hub,” said Omar Al Emadi, Group Chief Business Officer from Al Rayan Bank.

The partnership represents a significant leap forward for Qatar’s fintech ecosystem, heralding a future where collaboration drives innovation and ensures financial accessibility for all.

As TESS Payments & Fingular continues its journey of strategic partnership and technological advancements, this collaboration stands as a testament to the power of shared vision in creating impactful financial solutions.