Fostering Company Formation and Attracting FDI Through Qatar’s FinTech Strategy

• Sep 26, 2024

• Posted by: admin_perfect

• Categories: Business, Uncategorized

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Qatar is on the right path to be a global FinTech hub and to achieve that objective, the country is focusing on attracting foreign investment. In addition to the already robust financial ecosystem of Qatar, these initiatives boost company formation in Qatar.

How is Qatar Central Bank Moving and Working Towards Qatar National Vision 2030?

• The diversification and the innovation of the financial services industry acts as the main pillar of the Qatari economy.
• Costs are reduced and there is improved efficiency across the financial sector.
• Positive Impact on Gross Domestic Product (GDP)
• There is improved customer experience and financial inclusion in Qatar
• The strategy aims to position Qatar as an attractive hub for Foreign Direct Investment and there is an increasing trend of foreign direct investment in Qatar that aligns with the Qatar National Vision - 2030
• International talent skilled in specific technologies are brought into Qatar.
• Additional financing options are made available to SMEs and consumers.
• There is an aim to build a knowledge based economy by building technology related skill sets to attract talents in the country.
• An increase in locally generated innovation with sandboxes and innovation labs.

A lot of efforts have been put into creating a favorable environment for the strategy to work and several steps were taken to streamline regulations. The market infrastructure in Qatar has been improved and the bureaucratic hurdles have been reduced.

In the current business environment entrepreneurs find it easier to establish a company in Qatar and this ease has led to more company formation. The technological advancements in

Key Principle of the Fintech Strategy

• Efficiently utilize various investments that have been made by Qatar to fund startup and acceleration programmes.
• Make use of Qatar’s global reach to establish international collaborations on Technology & innovation.
• Leverage the position of Qatar as a leader in Islamic Banking and insurance and build focus areas in FinTech.

The Fintech Strategy is anticipated to provide great benefits over the next 5 years, and the number of FinTechs is expected to proliferate and grow in Qatar.