Qatar Fintech Hub Continues to Support Next-Gen Banking with Engaging Hackathons

Qatar Fintech Hub announced that it decided to host the fourth hackathon “to foster innovative ideas in next generation banking”

Applications had been open “until 2 March 2022.”

As confirmed in the announcement, pitches “take place on 10 March, and winners to be announced by mid-month” The update also mentioned that the Qatar Fintech Hub (QFTH), founded by Qatar Development Bank (QDB) to support the growth of the FinTech industry in Qatar, is “inviting all entrepreneurs and Fintechs from Qatar and around the world to apply to its fourth Hackathon.”

Under the theme “Next Generation Banking”, the Hackathon aims “to find solutions that cater to four main challenges; helping financial institutions increase revenue and reduce cost, helping financial institutions use data driven insights to create better products, enhance customer experience as well as provide innovative market-first payment solutions for a seamless sports fan experience in collaboration with Visa.”

In this edition, the QFTH Hackathon Wave 4 “brings on board Visa as a Challenge Partner who will also open their Fast-Track Incubator program to the winner of the Visa Challenge.” On the other hand, three innovative ideas will “get fast track access to Wave 4 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, allowing them to grow and tap into the opportunities within Qatar as well as global markets.”

Abdulrahman Al Sowaidi, Acting CEO, QDB, stated:

“QFTH Hackathons are one of the most successful and exciting activities across the FinTech communities. In addition to their fast nature that evokes the creativity of the participants, the Hackathon also helps us get focused solutions dedicated to key challenges and gaps available in the local market. Such kind of initiatives enables us to further develop the entrepreneurship sector so that we could contribute to the fulfillment of the Qatar National Vision 2030. This is an exciting time for us. QFTH continues to grow with confidence with every event and we look forward to more successes.”

Alex McCrea, VP and Head of Digital Partnerships & Ventures in CEMEA at Visa, remarked:

“Visa is delighted to partner with Qatar FinTech Hub on their Hackathon and for the opportunity this brings Visa to support the fintech ecosystem in Qatar. By joining Visa’s Fintech Fast Track program, the winner of this challenge will gain unprecedented access to Visa experts, technology, and the resources that fintechs need to scale with efficiency. We are looking forward to engaging with all the participants and seeing their developed ideas to solve challenges we are currently seeing in the market and deliver the seamless payment experiences consumers increasingly expect.”

After the registration process closes, shortlisted candidates will “receive guidance and mentorship on their proposals and will do their final pitches on the 10th of March.”

Winners who will be announced by mid-month “will receive support to turn their ideas to reality and to play a key role in revolutionizing the FinTech industry in Qatar and beyond.”

Recently, QFTH concluded Wave 3 “with a virtual Demo Day that was attended by many local and regional stakeholders.” The event reportedly “featured presentations from 16 FinTechs offering services and products under the theme embedded finance and Tech Fin.”

The incubator and accelerator has “concluded the application phase for wave 4 with an exciting slate of new Fintechs to be announced soon in April.”

QFTH Incubator and Accelerator Programs offer its participating FinTechs “access to financial and in-kind support as well as a wide global mentor network from more than 14 countries.”

The programs provide “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 15 financial institutions, payment networks technology partners and large corporations.”

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 4 of the Incubator and Accelerator Programs will “focus on emerging technologies or co-innovating solutions for existing challenges in the following focus areas: Payment Solutions, Regulatory Technology, Islamic Finance and Solution for SMEs.”

As part of its commitment to offer 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.”

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