Qatar’s fintech sector expected to continue exponential growth, says Naxxum MEA Managing Director

by MMC
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Doha, Qatar: The fintech sector in Qatar has grown exponentially over the past few years, and this trend is expected to continue as the sector increasingly attracts some of the best minds available in the market, said Mohamed Snoussi, general manager Middle East and Africa. (MEA) from Naxxum Group, a software development and IT consulting company with offices around the world.

In an interview with The Peninsula, Snoussi asserted that Qatar indeed offers the necessary assistance and support to fintech entrepreneurs to foster innovation, which has many benefits for emerging startups.

“This has accelerated the growth of the sector and created an enabling environment for fair competition,” he said.

“For example, the Qatar Central Bank (QCB) recently announced the launch of the National Fintech Strategy, which aims to support and strengthen a diversified economy and investments in Qatar based on financial technology and technological innovation. This innovative idea, among many others, has undoubtedly boosted the growth of the domestic fintech ecosystem and helped several startups,” he added.

He noted that QCB has given the highest priority to digital payment solutions in Qatar over the past decade, as evidenced by the adoption of all global digital wallet services, including Apple Pay and Samsung Pay, in Qatar.

Snoussi added that innovations and growing trends in the sector are some of the reasons why Naxxum Group is organizing the Doha Fintech Executive Forum on November 27, 2023, at the Sheraton Grand Doha Resort & Convention Hotel, to inspire greater innovation and foster connectivity within the sector. the financial ecosystem, in alignment with Qatar’s National Vision 2030.

“The upcoming event will showcase the latest advancements and technologies that are transforming the industry landscape and have the potential to be implemented by leaders in public and private organizations. With an exclusive guest list of approximately 60 participants, the event will feature eminent speakers and hosts from around the world discussing relevant topics,” he said.

Snoussi said event attendees will discover the power of personalization in financial services with tailored solutions that improve customer satisfaction and promote long-term loyalty, and build partnerships with fintech pioneers, among other features.

Speaking about the connection between artificial intelligence (AI) and the fintech sector, Snoussi noted that AI has played a pivotal role in revolutionizing the sector, enabling businesses to streamline monotonous tasks, improve processes decision-making and increase customer satisfaction.

“In the fintech space, AI has proven to be exceptionally advantageous due to the vast volumes of data generated by financial institutions. By harnessing the power of AI-based algorithms, this data can be analyzed effectively to uncover valuable insights, identify emerging patterns and enable businesses to better understand their customer base,” he said.

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