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The Peninsula

TESS Payments, a leading Qatar-based FinTech startup, has made history by attracting a strategic Foreign Direct investment (FDI) from Fingular, a global financial services group based in Singapore. This landmark investment, the first of its kind in Qatar’s FinTech ecosystem, positions TESS Payments as a trailblazer in driving digital financial innovation across the region.

Fingular’s investment not only validates TESS Payments’ innovative approach but also strengthens Qatar’s appeal as a FinTech hub, capable of attracting global capital. Through this partnership, TESS Payments aims to accelerate the development of a fully digital, customer-first neobank, set to redefine the local banking experience. TESS Payments shall ensure to obtain the necessary licenses and approvals from regulatory authorities, ensuring full compliance with Qatar’s financial regulations.

Saad Ishfaq, CEO of TESS Payments, said -“In a move set to redefine the personal finance landscape, we are proud to be the first FinTech in Qatar to secure such a significant FDI. This partnership with Fingular opens a new chapter for us, accelerating our growth and allowing us to contribute more significantly to the FinTech ecosystem in Qatar. We would also like to express our deep gratitude to Qatar FinTech Hub and Qatar Development Bank for their invaluable support in fostering an environment that encourages innovation and investment in the financial sector.

TESS and Fingular share a long-term goal of building a versatile digital banking ecosystem in Qatar, including one of the region’s first customer-centric neobanks. The partnership aims to issue over $600 million in loans to Qatari residents within three years, marking a significant contribution to the country’s economic development.

Maxim Chernuschenko, CEO of Fingular, added – “We are excited to leverage the strengths of Qatar’s robust financial ecosystem providing unprecedented opportunities for growth and innovation, benefiting consumers and strengthening the financial sector as a whole. This deal underscores the strong confidence in Qatar’s economic and regulatory environment, paving the way for increased foreign investments and partnerships in the country. This partnership is not just about achieving immediate financial goals but is a testament to long-term vision for the financial sector, where innovation, responsibility, and customer satisfaction drive every decision”. Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur added – “This partnership is not just about achieving immediate financial goals but is a testament to long-term vision for the financial sector, where innovation, responsibility, and customer satisfaction drive every decision”

As TESS Payments embarks on this new journey, the strategic investment from Fingular will not only allow the company to expand its offerings but also inspire other international investors to explore opportunities within Qatar’s FinTech sector. This deal marks the beginning of a new era for digital banking in the region and highlights Qatar’s growing potential as a global FinTech hub.

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