In 2024, Qatar continued to strengthen its position as a leading player in the global fintech and economic landscape.

The following overview from Richie Santosdiaz reflects on the significant strides the country made in developing its fintech ecosystem and advancing its broader economic diversification agenda.

Capital and financial hub: Doha (Ranked globally 88^th)

Key economic development strategy: Qatar Vision 2030

Economic, financial services and fintech overview:

The country’s economic diversification efforts extend beyond its natural resources into sectors such as sports, entertainment, financial services, and fintech, as part of its broader digital transformation agenda.

The Qatari government has also been proactive in supporting the growth and development of the fintech sector, notably through initiatives like the Qatar Fintech Hub (QFTH).

QFTH has emerged as a key player in the region, becoming the second-largest investor in Middle East and North Africa (MENA) fintech by September 2022 and incubating over 60 entities valued at over $400million.

Collaboration between QFTH, alongside other entities like the Qatar Development Bank (QDB), Qatar Financial Centre (QFC), and Qatar Central Bank (QCB), has also been instrumental in driving the fintech ecosystem forward.

Recognising the importance of fintech for long-term economic development, Qatar has also integrated fintech into its Second National Development Strategy 2018-2022. Moreover, the Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has shown interest in fintech opportunities globally, along with ventures in venture capital and sustainability.

Among the notable fintech companies emerging from Qatar are CWallet, Loopay as well as Tiptiptop.

Breakdown of Sector:

According to the ‘From Qatar to the World: A report by QFTH,’ the four areas in focus are payments, regtech, Islamic finance and SMEs.

Key organisations:

■ Qatar Central Bank (QCB) – Country’s central bank

■ Qatar Financial Centre (QFC) – An onshore business and financial centre located in Doha, providing legal and regulatory services for local and international companies

■ Qatar Fintech Hub (QFTH) – A fintech hub with the purpose to support the development of the fintech industry

■ Qatar Financial Markets Authority (QFMA) – Established under Law No. 33 of 2005 as an independent regulatory authority to supervise financial markets

■ Investment Promotion Agency of Qatar – The country’s investment promotional agency

■ Qatar Development Bank (QDB) – Its vision is to develop and empower Qatari entrepreneurs and SMEs to innovate and compete internationally while also contributing to Qatar’s economic diversification and the development of its private sector

Timeline of key fintech highlights:

• 2017 Qatar launches a fintech task force
• 2019 Fintech strategy announced with an established investment promotional agency (IPA) as well as other incentives to attract foreign direct investment (FDI)
• 2019 Qatar Fintech Hub (QFTH) by QDB with support of QCB was launched
• 2019 Over 800 fintechs, IT, tax and investment consulting firms part of QFC
• 2020 QFTH introduced its fintech and accelerator programmes

Key statistics of the country:

This article is also an excerpt from The Fintech Times: Middle East and Africa (MEA) 2024 Report