Doha, September 14 (QNA) - Commercial Bank has signed a Memorandum of Understanding with TASMU Accelerator to strengthen the connection between banking and business to support and empower startups in Qatar.

As part of MCIT's flagship initiative, Smart Qatar, TASMU Accelerator plays a key role in nurturing innovation by supporting startups across key sectors, such as transportation and logistics, healthcare, environment, and smart cities industries. Through this partnership, Commercial Bank will support TASMU Accelerator in its mission by providing banking solutions tailored to the needs of startups. This includes opening business accounts and offering advisory services, such as financial advisory, marketing, succession planning, key person risks, feasibility studies, restructuring, and growth strategies.

In addition, both entities will offer a series of workshops throughout the year to be held on either of their premises. These sessions will be led together by both CB subject matter experts and TASMU teams.

Among other partnership benefits are preferential pricing and minimum initial deposit for onboarding accounts as per the Tariff of Charges for Micro companies. The Bank will also advise startups on these charges to support informed decisions. Dedicated relationship managers will also be assigned to startups to fast-track the onboarding process and provide continuous support and follow-ups on their behalf.

From TASMU Accelerator's side, startups under both them and the Digital Incubation Center will be encouraged to open enterprise accounts with Commercial Bank. The Bank will also be recognised as a Strategic Partner and be invited to TASMU's Demo Day. While this partnership is not exclusive, both entities will explore opportunities to co-host and participate in activations and community meetups whenever deemed relevant and beneficial.

Fahad Badar, EGM, Chief Wholesale and International Banking Officer at Commercial Bank shared: "We consider our partnership with TASMU Accelerator to be strategic as it will reinforce Commercial Bank's role as a key enabler of innovation in Qatar, driving forward initiatives and shaping financial literacy, advisory services, and trust within the Nation's innovation ecosystem."

Eman Al Kuwari, Director of Digital Innovation at MCIT, stated: "This strategic partnership marks a pivotal milestone for TASMU Accelerator, showcasing the readiness of local companies to actively support and empower startups. Together, we are driving meaningful progress toward building a robust ecosystem that nurtures innovation." She added: "By combining expertise and institutional backing, this collaboration creates an enabling environment that accelerates startup growth and success, reinforcing Qatar's leadership as a global hub for innovation and entrepreneurship." (QNA)