Global payments orchestrator Yuno has announced plans to establish a new regional office  in Qatar, supported by Invest Qatar, highlighting another major move in the Gulf state’s ambitions to become a global fintech hub. This milestone—unveiled at Web Summit Qatar 2025—aligns with Qatar’s Third National Development Strategy, which aims to diversify the economy by fostering innovative sectors like fintech, which holds great importance for the UK’s tech ecosystem. Yuno’s vision is to drive global commerce forward by enabling secure, scalable, and seamless payment solutions for businesses around the world.

Invest Qatar will assist Yuno in establishing its operations, connecting the company with key stakeholders, and providing ongoing support to foster the growth of its business in the region. The partnership also aims to attract high-skilled talent, advance local expertise through knowledge exchange, and drive innovation in Qatar’s fintech ecosystem. According to Sheikh Ali Alwaleed Al-Thani, CEO of Invest Qatar, this collaboration demonstrates Qatar’s commitment to developing a thriving fintech sector built on talent, innovation, and technological advancement.

As Qatar is making a push into fintech, many major fintech firms are opting to skip London in favour of establishing offices or tap international capital markets in regions like the Middle East and the United States. Companies such as Checkout.com and Rapyd have either expanded operations or raised capital in Dubai, while Revolut has been weighing an IPO in New York rather than the UK despite being one of the UK’s most celebrated unicorns. This trend raises concerns about London’s ability to retain its status as the world’s premier fintech hub.

Doha Over London?

Qatar has steadily positioned itself as a key player in the global fintech landscape, leveraging its financial resources and progressive regulatory framework to attract international firms. With a rapidly evolving digital payments ecosystem, the Middle East is becoming an increasingly important market for fintech firms. The region’s e-commerce sector is valued at $1.888 trillion in 2024, with the GCC outpacing the US and major European economies in growth. Yuno said in a press release dated February 24th that Qatar’s fintech-friendly policies, government incentives, and strategic location make it an ideal base for the company’s regional operations.

Juan Pablo Ortega, Yuno’s Co-founder and CEO, attended London Tech Week 2024, demonstrating interest in the UK fintech scene. However, Yuno has not yet moved to open an office in London, despite expanding globally, including in Europe. Yuno’s decision to launch a regional headquarters in Qatar is a sign of the growing allure of emerging fintech hubs outside of the UK.

The Global Fintech Race: Can the UK Keep Up?

Yuno’s decision to expand into Qatar underscores the increasing competition among global fintech hubs. While London has historically been a fintech powerhouse, emerging hubs like Singapore, Dubai, and Toronto are rapidly gaining ground by offering regulatory sandboxes, investment incentives, and state-backed fintech initiatives. The United Arab Emirates, for example, has positioned itself as a fintech gateway for the Middle East, while Canada is fostering fintech growth through government-backed accelerators.

The UK government has also introduced several initiatives to maintain its leadership in fintech. Programs such as the Fintech Growth Fund, the Kalifa Review recommendations, and regulatory sandboxes from the Financial Conduct Authority (FCA) are intended to support startups and attract investment. Additionally, the UK’s R&D tax credits and the expansion of visa programs for tech talent aim to bolster the industry. But is this enough? With firms increasingly looking abroad for funding and expansion opportunities, the UK must evaluate whether its policies are competitive enough in a rapidly evolving global fintech landscape.

One key area for improvement is talent attraction and retention. Qatar’s Invest Qatar is actively working to attract high-skilled professionals, while the UK risks losing talent due to visa restrictions and high living costs. A more fintech-friendly immigration policy and increased funding for startups could help London maintain its competitive edge.

Fintech Hub of the Future?

By establishing its regional headquarters in Qatar, Yuno says it is positioning itself at the heart of the Middle East’s fintech revolution, enabling businesses to navigate cross-border payment complexities with ease. Qatar’s advanced digital infrastructure and fintech-friendly environment make it an attractive base for companies looking to expand in the region, according to the company’s press release.

Yuno’s platform provides businesses such as McDonald’s, inDrive and Avianca with a frictionless, single-integration solution that grants access to over 1,000 payment methods worldwide. Yuno also integrates fraud detection technology and Smart Routing technology, optimizing transaction pathways to increase payment approval rates and boost revenue.

If the UK is to remain a top fintech destination, it must take bolder action to attract emerging tech businesses like Yuno, working at the cutting-edge of payments. Simplifying regulations, enhancing capital access, and fostering a more welcoming environment for fintech startups are crucial steps. Strengthening ties with emerging fintech hubs, such as those in the Middle East, could also provide mutual benefits. The UK must adapt to this new competitive landscape or risk falling behind.