Qatar Development Bank to launch FinTech, SportsTech incubation centres

DOHA: Qatar Development Bank (QDB) is set to launch two more incubation centres as part of its accelerated efforts to support startups and SMEs to achieve economic diversification in Qatar’s private sector, revealed a senior official of the state-backed development agency.

The new incubation centres will be dedicated to financial technology (FinTech) and sports technology (SportsTech). They will support every way possible to the innovative ideas of budding Qatari entrepreneurs who are aspiring to extend their contributions in transforming Qatar into a knowledge-based society.

QDB is already overseeing the Qatar Business Incubation Centre (QBIC) which is a unique mixed-use business incubation centre providing support services to help entrepreneurs and companies who either have an idea to start a business or wants to grow an existing business. The new centres will be tech-based and catering to startups from the finance and sports sector.

“During the fourth quarter of 2018 QDB will launch two more incubation centres dedicated to the sports and financial sector technologies,” Ibrahim Abdulaziz Al Mannai, Executive Director for Advisory Services at QDB, told The Peninsula on the sidelines of an event.

Al Mannai added: “The Sportstech incubation centre is being developed in collaboration with Aspire Zone Foundation, while the FinTech is being established in association with the American tech giant IBM.”

He said that the preparations for the openings of the ambitious incubation centres are almost at the final stages, which will be launched at a grand ceremony in the presence of all stakeholders.

Both the incubation centres will be budgeted by QDB (up to 90 percent) and supported by its partners. The SportsTech incubation centre will located in Aspire Zone, and the FinTech will be initially housed at QDB headquarters building located along the Grand Hamad Street.

The programme development and how much intake these centres will have initially are under development, which is expected to be finished very soon.

QDB has also announced to host a workshop on ‘Mobile Apps’ by the end of this month. The workshop aims to educate and train businesses about how to identify right opportunities and capitalize on it using technology and appropriate mobile app ideas.

QDB is keen on bringing the best local, regional, and international expertise to help promote entrepreneurs skills and support their projects as an SME.

It offers various training programmes, workshops, and exhibitions for the SMEs who can choose the ones that interest them the most.

“The upcoming Mobile App workshop is part of our efforts to enhance support to our SMEs. It will be highlighting and educating about the benefits of using smartphones and mobile apps and other technologies in marketing their products and services,” added Al Mannai.

“The idea of organising the workshop is to educate the SMEs about the use of appropriate technology in developing their businesses, and also to classify the apps as per the industry, and not the app development itself.”