Fingular, a Singapore-based global financial group, launched in Qatar by investing in TESS Payments LLC, a company in the Qatar Financial Centre. The group has ambitious long-term goals in full-blown digital retail banking.

Fingular and TESS’s long term goal is building the best customer-centric neobank in Qatar, including one of the first versatile digital retail banking ecosystems in the Middle East. The parties intend to exceed $600 million in loans issued to Qatari residents within three years, providing financing to over 2 million people in minutes and entirely online.

“In a move set to redefine the personal finance landscape, TESS Payments LLC today announce a major leap forward in financial services, aimed at individual consumers. The introduction of online digital loans, in collaboration with the renowned digital lending innovator Fingular, marks a significant shift towards personalized, efficient financial solutions,” said Saad Ishfaq, CEO of TESS, – New innovative financial products, including online digital loans, are designed to thrive through collaboration, leveraging 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. We warmly invite local banks and financial institutions to join us in shaping the future of consumer finance.”

“This partnership is more than just a milestone for Fingular and TESS Payments LLC, it’s a cornerstone and confirmation of Qatar’s strategy to become a global FinTech hub. Our collaboration showcases Qatar’s attractive open economic landscape and its commitment to embracing and fostering technological advancements in financial services. We also need to thank Qatar Development Bank, Qatar FinTech Hub, and key personal of both organizations,” – added Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur.

The collaboration between TESS and Fingular also signals a new era for international investment in Qatar’s FinTech sector. As one of the first foreign FinTech firms to invest significantly in the local market, Fingular’s involvement exemplifies the confidence in Qatar’s economic and regulatory environment, paving the way for future foreign investments and partnerships. 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’s services are available to more than 500 million financially underserved customers, primarily in the South and Southeast Asian markets. By entering the Middle East market through Qatar, Fingular aims to achieve an important milestone in its development and become the first global player with a presence in all five key financially underserved macro-regions of the world (MENA, Southeast Asia, South Asia, Sub-Saharan Africa, Latin America).

Fingular uses proprietary solutions such as machine learning algorithms and artificial intelligence models to create robust risk management systems and credit scoring procedures. The system evaluates more than a thousand parameters, including current credit history, socio-demographic factors, data from partner companies and government agencies. This integrated approach allows credit decisions to be made in real time, while significantly reducing the risk of fraud and default. A team of experienced professionals consistently works to improve the quality of service in all countries of presence, introducing convenient innovations at every stage of interaction with clients.