Abdulrahman Hesham al-Suwaidi, QDB CEO. PICTURE: Shaji Kayamkulam (gulf-times.com)
Doha, Qatar - The Qatar Fintech Hub (QFTH), established by the Qatar Development Bank (QDB), unveiled its latest cohort of fintech startups for Wave 5 of its renowned incubator and accelerator program. Since its inauguration in 2020, QFTH was a driving force in Qatar's burgeoning fintech industry, boasting an impressive record of nurturing 57 startups, which together commanded a staggering combined portfolio valuation of USD$500 million.
The selection process for this coveted program was rigorous, with over 500 applications pouring in through the program's application portal. After meticulous evaluation of eligibility and relevance to the program and the market, 290 applicants made the initial cut. Following this, a jury, comprising strategic and theme partners, extended their invitations to 14 fintech startups to present their projects, ultimately selecting 10 to participate in the event. Additionally, QFTH selected 11 more startups through their Hackathon in June, bringing the total number of FinTech startups in QFTH-FIA Wave 5 to 21.
Capsphere secured a spot in the accelerator program. This intensive 12-week program was designed to foster fruitful collaborations between fintech innovators and QFTH partners, including the Qatar FinTech taskforce through Proof-of Concepts.
As a participant, Capsphere underwent an immersive 12-week experience that included exclusive mentorship and skills support to enhance business models and strengthened their position in the industry. Moreover, they had the opportunity to secure pre-seed investment capital.
Among the key officials from participating institutions such as the Qatar Central Bank, Visa, Microsoft, Qatar Financial Center, and licensed payment service providers provided comprehensive support and empowerment to the participating startups in various FinTech domains.
Mr. Abdulrahman Hesham Al Sowaidi, the CEO of QDB expressed, "We are constantly working on developing the fintech industry by offering entrepreneurs the necessary support in terms of venture capital and our incubation and acceleration programs."
Commenting on the launch of Wave 5, Al Sowaidi said, "With every new cohort of startups, we created a range of innovative solutions and future opportunities that advanced Qatar’s position as a regional fintech hub. Over the next three months, we worked on developing and localizing 21 startups across four sectors through our incubation and acceleration programs as well as investments worth over 7 million Qatari riyals. These companies were shortlisted in line with the regulatory and licensing mechanisms outlined by Qatar Central Bank, with the aim of providing value-added services to the payments, insurance, and crowdfunding sectors in coordination with the central bank’s fintech department, Visa, MasterCard, Qatar Insurance Company, Microsoft, and Qatar Financial Center."
For more information on Wave 5 of QFTH’s Incubation and Acceleration programs, please visit https://fintech.qa/en/programs/accelerator
Source: www.zawya.com
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