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Qatar Development Bank Affirms Support for Innovative Investments in Financial Technology

Qatar Development Bank Affirms Support for Innovative Investments in Financial Technology

Doha, October 21 - Mr. Abdulrahman Bin Hashim Al-Suwaidi, the Chief Executive Officer of Qatar Development Bank, has reiterated the bank's commitment to fostering innovative opportunities for investors in the field of financial technology (fintech) in the State of Qatar. The bank is dedicated to the growth and development of startups operating in this sector.

This statement was made during the graduation ceremony of the fifth batch of incubation and business acceleration programs, held under the auspices of the Central Bank of Qatar and themed "Financial Technology and Its Evolution." The event took place as part of the project showcase day, an initiative that the bank consistently organizes.

Mr. Al-Suwaidi emphasized the significance of the project showcase day in supporting the fintech journey by presenting cutting-edge investment opportunities for those interested in the sector.

"We have been working with our partners over the past months to nurture and develop the businesses of 19 companies in various sectors, with the hope that we can elevate Qatar's fintech ecosystem to a level that enables it to contribute to diversifying and enhancing the national economy," said Al-Suwaidi.

Qatar Financial Technologies Center successfully concluded the project showcase day for the fifth batch of companies that graduated from the incubation and business acceleration programs. The event was attended by strategic partners such as Microsoft, MIZA Financial Services, and the Blockchain Research Institute.

Nineteen startup companies completed the incubation program and presented their pitches to investors and active partners in the entrepreneurship ecosystem after receiving guidance and training over 12 weeks. These services were offered through a program by the Qatar Financial Technologies Center in collaboration with local and international partners.

Qatar Development Bank is committed to providing the necessary investments to support these companies and empower them. This is done in coordination with the Central Bank of Qatar, which has allocated a total of $2.8 million as both equity and cash investments to fuel the growth of these emerging fintech ventures.