In a groundbreaking development for Qatar’s FinTech ecosystem, TESS Payments, a prominent startup based in the country, has successfully secured a strategic Foreign Direct Investment (FDI) from Fingular, a global financial services group headquartered in Singapore. This investment marks a significant milestone as it is the first of its kind in Qatar, positioning TESS Payments at the forefront of digital financial innovation in the region.
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Transforming Qatar into a FinTech Hub
The infusion of capital from Fingular not only validates TESS Payments’ innovative business model but also enhances Qatar’s reputation as a burgeoning FinTech hub capable of attracting international investments. With this partnership, TESS Payments plans to accelerate the development of a fully digital neobank that prioritizes customer experience, aiming to redefine banking for local residents. To ensure compliance with Qatar’s financial regulations, TESS Payments will work diligently to secure the necessary licenses and approvals from relevant regulatory authorities.
CEO Insights: A Commitment to Innovation
Saad Ishfaq, CEO of TESS Payments, expressed pride in being the first FinTech company in Qatar to secure such a significant investment. He stated, “This partnership with Fingular opens a new chapter for us, accelerating our growth and allowing us to contribute more significantly to the FinTech ecosystem in Qatar. We would also like to express our deep gratitude to Qatar FinTech Hub and Qatar Development Bank for their invaluable support in fostering an environment that encourages innovation and investment in the financial sector.”
A Vision for a Customer-Centric Digital Banking Ecosystem
Both TESS Payments and Fingular share a long-term vision of establishing a versatile digital banking ecosystem in Qatar, which includes launching one of the region’s first customer-centric neobanks. The partnership has set ambitious goals, aiming to issue over $600 million in loans to Qatari residents within the next three years, significantly contributing to the country’s economic growth.
Fingular’s Commitment to Qatar’s Economic Future
Maxim Chernuschenko, CEO of Fingular, expressed enthusiasm for the partnership, highlighting the robust financial ecosystem in Qatar that presents unprecedented opportunities for growth and innovation. He emphasized, “This deal underscores the strong confidence in Qatar’s economic and regulatory environment, paving the way for increased foreign investments and partnerships in the country. This partnership is not just about achieving immediate financial goals but represents a long-term vision for the financial sector, driven by innovation, responsibility, and customer satisfaction.”
Looking Ahead
As TESS Payments embarks on this transformative journey, the strategic investment from Fingular is poised to not only expand the company’s offerings but also inspire further international investment in Qatar’s FinTech sector. This landmark deal signals the dawn of a new era for digital banking in the region, showcasing Qatar’s growing potential as a global FinTech hub and enhancing its attractiveness to international investors.
