A banking-as-a-service (BaaS) provider based in London has chosen to establish its regional headquarters in Qatar to oversee operations in the Middle East and North Africa. This strategic decision is aimed at taking advantage of the fast-growing digital payments ecosystem in the region.
Qatar’s digital investment sector is projected to experience significant growth, with anticipated transaction values reaching $477 million by 2025. The number of digital payment users in the country is expected to increase to 2.87 million by 2028.
The establishment of the Qatar office signifies the country’s emerging role as a hub for fintech innovation. Emphasizing the importance of the fintech sector in driving economic diversification in the region, the office aims to support Qatar’s vision for a flourishing digital economy. Under the guidance of the Country Leader, the Qatar office will facilitate the deployment of BaaS Orchestrator, which aims to transform the delivery of financial services across the MENA region.
The BaaS Orchestrator platform is designed to integrate various core banking systems, payment processors, and third-party offerings through a flexible modular approach. This allows clients to potentially reduce operational costs by up to 50% for key financial services such as card issuing and payment processing.
The expansion into Qatar aligns with initiatives from Qatar Central Bank aimed at boosting the fintech landscape and is in step with the National Vision 2030, which seeks to harness technological advancement and achieve economic diversification. To further enhance its presence in the region, the company had previously opened an office in Cairo, Egypt, in 2023.
The leadership of the Qatar office believes that the BaaS Orchestrator platform will provide an easy integration of financial products for local businesses. As digital payment usage continues to rise in Qatar, positioning in the area is viewed as a strategic move to meet the increasing demand for innovative financial services.
In July, the company also announced the enhancement of its partnership with a well-known global payment services provider. This collaboration, which began in 2022, focuses on incorporating advanced technical processing solutions to strengthen payment offerings across EMEA markets. The partnership aims to provide a dynamic response to challenges in the market and to facilitate continuous innovation in the fintech domain.
A key feature of this collaboration is the development of customizable solutions for instant payment card issuance, which simplifies the onboarding process for customers. This technology ensures a secure and efficient method for card activation.
Furthermore, the company plans to utilize the processing platform of its partner, which manages over 3.5 billion transactions annually for a large number of merchants across Europe. This collaboration positions the company to enhance its digital payment capabilities substantially, allowing it to cater to the diverse needs of its clientele more effectively.
In summary, the decision to set up operations in Qatar underscores the growing opportunities within the region’s fintech space, supported by advancements in digital payments. With plans for continued growth and innovation, there is a clear commitment to establishing a strong foothold in one of the world’s most rapidly evolving markets for financial technology.