Doha, December 14 (QNA) - Qatar Fintech Hub (QFTH), supported by QDB, concluded its 7th wave Demo Day of fintech companies graduating from its "Pre-Acceleration" and "Acceleration" programs.

The event was attended by representatives from regulators, business ecosystem partners, and a select group of investors, financial sector leaders, and entrepreneurs. QDB, represented by QFTH, made a strategic announcement regarding the "Fintech Development Grant" provided by the Qatar Central Bank (QCB), and the launch of the new model of the "Pre-seed Investment Program."

The event, held under the title "Fintech Transformed: From Vision to Impact" reaffirmed the continued progress of Qatar's financial ecosystem. This year's edition, the largest in terms of participating companies, featured presentations from 20 startups enrolled in the "Pre-Acceleration" and "Acceleration" programs. These startups had undergone weeks of thorough hands-on training and specialized mentorship, covering technical and organizational product development, navigating legal and regulatory procedures, preparing for investment, and entering and competing in the market. The 7th wave of companies demonstrated significant maturity and diverse expertise, spanning strategic areas that contribute to the future development of Qatar's financial sector. These areas include Open Banking, Crowdfunding, InsurTech, and Emerging Tech, in alignment with the objectives of Qatar's National FinTech Strategy and the Third Financial Sector Strategic Plan.

The "Fintech Development Grant," provided by the QCB through QFTH, will offer co-fundings of up to QAR 1.5 million per company, linked to key milestones in each company's growth journey. The grant aims to enhance technical and regulatory readiness, support product development, and facilitate market entry.

QDB also presented the updated model of the "Pre-seed Investment Program" to finance early-stage companies and graduates of QFTH programs, announcing an increase in direct investment funding to QAR 730,000 (USD 200,000) per company. This comes in addition to other high-quality support services and packages provided by the hub, most notably the opportunity to apply to the "Talent Community Program", which is designed to attract specialized talent to work in Qatar by offering premium residential spaces.

The event also witnessed the announcement of the redesign of the QFTH's operating methodology through the introduction of an applied model known as the "Lab Model." This model provides a practical pathway for product development and regulatory readiness, enabling companies to transition to the testing environment (sandbox) and initiate the licensing process quickly and effectively. The hub will also hold discussion sessions with companies to better understand their needs and work to address them through an integrated support ecosystem.

The success of this wave marks a continuation of QDB's journey in supporting innovation in the fintech sector. Through QFTH, QDB has successfully graduated seven waves of fintech companies so far, in addition to the support it has provided through investments and financing exceeding QAR 73 million within the sector, whether through the QFTH or QDB's investment arm. This reflects QDB's pivotal role in strengthening Qatar's position as a regional center for fintech, based on strategic partnerships with regulators and financial and technical institutions. (QNA)