A prominent London-based Banking-as-a-Service (BaaS) provider has selected Qatar as its primary hub for operations across the Middle East and North Africa (MENA). This strategic decision aims to take advantage of the region’s rapidly growing digital payments industry, which is projected to see substantial growth in the coming years.
As part of this move, Qatar’s digital investment segment is anticipated to reach a transaction value of approximately $477 million by 2025, while the user base for digital payments is expected to grow to around 2.87 million by 2028. The establishment of the new office underscores Qatar’s emerging role as a significant player in fintech innovation.
The office will operate under the guidance of a Country Leader, positioning it as the central point for delivering the BaaS Orchestrator platform throughout the MENA region. This platform is designed to seamlessly connect various core banking systems, payment processors, and third-party services using a modular approach. One of its standout features is the potential to cut operational costs for core banking, card issuance, and payment processing by as much as 50%.
This expansion aligns strategically with initiatives from the Qatar Central Bank aimed at bolstering the fintech landscape and supports the country’s National Vision 2030, which prioritizes economic diversification and technological advancement.
In light of this expanding digital payment landscape, the BaaS Orchestrator platform aims to facilitate the integration of financial products for local businesses. With the continuous uptick in digital payment usage in Qatar, the company is effectively positioning itself to cater to the rising demand for advanced financial solutions.
Further, the company recently strengthened its collaboration with a global payment services provider, Worldline. Initially established in 2022, this partnership focuses on integrating Worldline’s technical processing solutions for both issuing and acquiring to enhance the digital payment landscape across EMEA markets.
The ongoing partnership will allow the company to create a customizable solution for instant payment card issuance. This will be accomplished via an online onboarding process, allowing for a secure and efficient activation experience for clients. Additionally, by leveraging Worldline’s processing capabilities, which manage over 3.5 billion transactions annually for a vast network of merchants, the company will be better positioned to enhance its offerings in the digital payments sector.
Overall, the establishment of the Qatar office and the deepened alliance with Worldline indicate a focused approach towards capitalizing on the burgeoning fintech opportunities in the MENA region, ensuring robust service delivery and innovation in a rapidly evolving market.