Mastercard, Qatar Development Bank to accelerate FinTech innovation through QFTH

By Edil Corneille

Payments technology company Mastercard has partnered with Qatar Development Bank to support the development of the FinTech industry through the Qatar FinTech Hub (QFTH), a tech ecosystem that supports the growth of local and international companies in the country. The objective of the partnership is the acceleration of innovation and adoption of digital payments in Qatar.

QTFH start-ups and partners will gain access to Mastercard’s technology, expertise, products, and services, thereby equipping them with the tools they need to navigate their growth.

Nadia Ghissassi, Director Country Business Development, Qatar, Mastercard  enunciated, “At Mastercard, we are committed to drive innovation and bolster the growth of the local and regional fintech ecosystem. We are constantly seeking new ways to leverage our network, technology, insights, and partnerships to help inform and enable small businesses to boost prosperity. Together with our partners in the private and public sector, we are committed to accelerating digitization and drive economic growth, creating opportunities for knowledge-sharing, and ultimately advance the payments infrastructure in the country.”

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Companies will be identified for Mastercard’s start-up engagement program – Start Path. The program brings together a network of innovators from across the globe to shape the future of commerce. Start-ups benefit from the knowledge of a global network of Mastercard experts, technologies, and channels. Since its beginning, over 200 later-stage start-ups and FinTechs have participated. These entities are said to have collectively raised $2.6 billion in post-program investment, in addition to partnering with some of the world’s largest banks, merchants and well-known organizations.

Ibrahim Al-Mannai, Executive Director (Advisory and Incubation) at Qatar Development Bank enthused, “We are thrilled to welcome Mastercard to our community of fintech entrepreneurs, investors, and enablers. We aspire to offer the ideal launch pad for early-stage and matured FinTechs to scale up, revolutionise financial services and make a global impact. We hope that Mastercard’s extensive network of existing start-ups, experience in enabling digitization, and deep market knowledge will allow us to shape the future of fintech in Qatar and create further opportunities to grow and develop digital payments.” ​

Mastercard is working closely with banks and governments to unlock economic opportunities for small to medium enterprises by ensuring inclusivity, driving education, and forging partnerships across the region.