A total of 16 FinTechs have been selected for the Wave 3 of the Incubator and Accelerator Programs run by the Qatar FinTech Hub (QFTH) to support the growth of the FinTech industry in Qatar.
Both Incubator and Accelerator programs started on 12 October and will run until December 2021.
Five of the 10 early-stage FinTechs enrolled in the Incubator Program are from Qatar and the rest from Canada, Luxembourg and India among others.
The six mature FinTechs that have joined the Accelerator program are based in India, Sudan, Malaysia and Indonesia.
The QFTH had received more than 500 applications from early-stage and mature FinTechs from over 40 countries, including the USA, UK, Turkey, Singapore, and Qatar for the Wave 3 programs.
The selected FinTechs focused on the theme ‘Embedded Finance and TechFin’ in their technology solutions.
In addition to cash investments of up to $100,000 for Accelerators and up to $40,000 for Incubators, each participating FinTech will receive in-kind support with a value up to $250,000.
This will include bespoke mentoring and training services provided by QFTH, its strategic partners and a network of over 35 international and local mentors.
FinTechs will also receive support on licensing needs in Qatar and a fee waiver on registration. Licensing opportunities from Qatar Financial Center as well as the opportunity to collaborate with 15 local financial institutions and regulators, and a range of business development and investment opportunities on a global scale will also be available, QFTH said in a statement.
The statement added that to offer world-class expertise to participating FinTechs, QFTH has collaborated with local and international institutions including financial institutions, technology and service providers, payment networks, academic institutions, regulators, in addition, partnering with other FinTech hubs from Singapore, the UK, Turkey, Australia, Slovakia, Nigeria, Ukraine, and Sweden.
Wave 3 of both the Incubator and Accelerator Programs will be conducted virtually. The programs will culminate with a Demo Day in January, where representatives from each of the participating FinTechs will showcase their innovations to QFTH partners, industry influencers and potential investors.