Saturday, 24 July 2021

Qatar FinTech Hub Hosts Second Hackathon to Support Innovative Ideas

Doha, Qatar - 27  January 2021: Qatar FinTech Hub (QFTH), co-founded by Qatar Development Bank (QDB) to support the growth of the FinTech industry in Qatar, is inviting entrepreneurs and FinTechs from Qatar and around the world to apply to its second Hackathon.

Under the theme "Disrupting the Global FinTech Ecosystem using Emerging Technologies", the Hackathon aims to find solutions that cater to three main challenges; helping financial institutions increase revenue and efficiency, reduce cost and risk, as well as enhance customer experience. 

At the end of the Hackathon, three successful innovative ideas will get Fast track access to Wave 2 of QFTH's flagship Incubator Program, an exclusive platform providing a wide range of support to FinTechs and entrepreneurs who are interested in Financial Technologies and to grow and tap into the opportunities within Qatar as well as global markets.

QFTH has already started receiving applications for the second round of this exciting Hackathon as submissions will close on 31 January. The first week of February will witness the meetings and discussions among the teams and mentors, and participants will have the chance to deliver their final pitches on 7 February. Winners will be announced on 10 February. The FinTechs will then receive support to turn their ideas to reality and accelerate their business as they play a key role in revolutionizing the FinTech industry in Qatar and beyond.  

Catering to FinTech entrepreneurs and startups worldwide who are looking for a launchpad and a hub in the Middle East to accelerate their growth, the QFTH Incubator and Accelerator Programs have received tremendous traction during Wave 1 with over 750 applications from 72 countries.

Through the Incubator and Accelerator Programs, participating FinTechs will have access to financial and in-kind support of up to $250,000, receive support in commercial establishment by registration and license fee waiver, as well as assistance in setting up their business in Qatar while being referred to Qatar Central Bank's Sandbox. Enrolled FinTechs will also get access to global mentors from over 12 countries and a series of high-level masterclasses conducted by QFTH partners and renowned speakers from across the world, in addition to a range of Proof of Concept (PoC) and collaboration opportunities with over 10 local financial institutions, payment networks and technology partners.

Direct Applications are also still open for Wave 2 of these flagship world class programs through fintech.qa QFTH aims to develop the Fintech industry in Qatar, in accordance with the Qatar National Fintech Strategy created by Qatar Central Bank, and to contribute and reiterate Qatar's position as a leading international FinTech hub in the region, as outlined in Qatar's National Vision 2030. Wave 2 of the Incubator and Accelerator Programs will focus on emerging technologies for financial services. 

As part of its commitment to offer world-class expertise to participating FinTechs, QFTH is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, global FinTech hubs, academia, and regulators. Microsoft is participating as program technology partner and other recent partnerships include Amazon, Progress Soft, Vodafone, and Global Positioning System to name a few. 

Re-disseminated by The Asian Banker