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Population
3M
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Online population
2.7M
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Currency
QAR
Population - 3M
At the start of 2024, 99.4% of Qatar’s population lived in urban centres, while 0.6% lived in rural areas.
Internet penetration - 99%
There were 2.7M internet users in Qatar at the start of 2024
In 2023, Qatar Central Bank (QCB) [launched](https://thepeninsulaqatar.com/article/05/06/2024/qatars-fintech-ambitions-driving-transformation-and-innovation#:~:text=In 2023%2C Qatar Central Bank,innovation in the financial sector.) a FinTech strategy in line with Qatar National Vision 2030 to support diversification and innovation in the financial sector.
Qatar’s Islamic FinTech market is projected to grow to $4B by 2027, according to the recently released Global Islamic Fintech (GIFT) Report 2023-2024. Home to 24 of the 417 identified Islamic FinTech firms globally, the country ranks as the sixth largest hub of Islamic FinTech firms.
Qatar Central Bank (QCB) and the Qatar Financial Institutions Regulatory Authority (QFCRA) have played a pivotal role in establishing a regulatory framework that promotes FinTech innovation while ensuring stability and protection. The QFTH has been instrumental in supporting the FinTech ecosystem by attracting numerous regional and international FinTech startups through its incubation and acceleration programmes, which offer access to investment, mentorship, and networking opportunities, thereby fostering collaboration and innovation. The rising demand for alternative financial solutions, coupled with a progressively supportive regulatory landscape, is driving funding and investment opportunities for FinTech enterprises.
In Qatar, entrepreneurship in the FinTech sector has been significantly propelled by significant initiatives and financial investments aimed at fostering creativity and expanding the financial landscape. Key factors contributing to this growth include regulatory backing, innovation, establishment of a dedicated industry hub—the Qatar FinTech Hub (QFTH)—and the nation’s commitment to technology and infrastructure development, among others.
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**Qatar FinTech Hub (QFTH)**
Since its inception in 2020, Qatar FinTech Hub (QFTH) has been at the forefront of fostering the FinTech ecosystem in Qatar, providing support to over 100 FinTech startups both directly and indirectly. As a key initiative managed by Qatar Development Bank and supported by the patronage of Qatar Central Bank and in close partnership with Qatar Financial Center, QFTH serves as a one-stop-shop for FinTech-related activities in the country, aligning with both the National FinTech Strategy and the Qatar National Development Strategy.
QFTH’s FinTech Incubation & Acceleration (FIA) programs have demonstrated a strong commitment to nurturing innovation, with a Pre-Seed Investment exceeding $9M in 70 FinTech startups from 28 different countries. Moreover, QFTH has allocated over $16M for Pre-Seed Investment (from FY 2020 to 2028) to support an additional 50 FinTech startups over the next five years.
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QPay, Qatar’s largest FinTech company, is currently in the process of registering on the QFC’s platform. The company has serviced more than 10K SMEs and works closely with more than 75 local and international partners to offer a wide range of innovative payment solutions. QPay recently partnered with Qatar Islamic Bank (QIB) to launch the first Islamic point of sale (POS) and online payment gateway solutions. These will serve QIB’s corporate and SME clients by supporting their business banking needs. The Islamic POS solution will provide innovative, secure and highly efficient payment-processing services and supports contactless card transactions, digital wallet, mobile POS (mPOS), QR code scanners, and online billing and settlement.
There are 18 licensed banks in Qatar, 11 of which are Qatar-owned, seven of which are foreign banks Qatar National Bank is the biggest bank overall, while Qatar Islamic Bank is the largest Islamic bank in the country.