Qatar FinTech Hub (QFTH) has invited national, regional and international fintech start-ups and scale-ups as well as entrepreneurs to apply for the second ‘hackathon’. The theme of the ‘hackathon’ is ‘Disrupting the Global Fintech Ecosystem using Emerging Technologies’ and has the objective to identify solutions in three challenges: enhancing customer experience, reducing cost and risk as well as helping financial institutions increase revenue and efficiency.
The program is promoted and supported by Qatar Development Bank (QDB), Qatar Financial Centre (QFC) and Qatar Central Bank (QCB) with the objective to build on the successful first wave of the QFTH program which targeted the payments sector and saw over 750 applications from 72 countries.
QFTH aims and intends to develop the fintech industry in the State of Qatar in accordance with the Qatar National Fintech Strategy and to cement Qatar’s position as a(n) regional and international fintech hub as outlined or summarized in the Qatar National Vision 2030 (QNV 2030).
The first week of February 2021 will witness the initial interaction between teams and mentors and the participants will deliver their final pitches on the 7th of February, 2021.
The three successful ideas will be announced on the 10th of February, 2021 and will qualify for the second wave of the QFTH program with access to experienced and expertised mentors and a series of high-level masterclasses conducted by the partners of the QFTH.
In addition, the fintech start-ups and scale-ups will have a range of opportunities and possibilities to deliver proofs of concept (PoCs) and to collaborate and cooperate with ten financial institutions in the country, payment networks and technology partners. Further, financial assistance and in-kind support of up to QAR 912,500.00 (USD 250,000.00) will be available for qualifying fintechs.
The intention is to attract fintech start-ups and scale-ups in different sectors including, but not limited or restricted to Islamic fintech, insurance technology, cybersecurity and regulatory technology.
As part of the commitment of the QFTH to offer world-class expertise to participating fintechs, it is working with the relevant stakeholders within the ecosystem. Partners include without limitation or restriction Microsoft, Amazon, Progress Soft, Vodafone and Global Positioning System.