The report outlines how Doha is building a pioneering open banking ecosystem aimed at transforming the financial services landscape by enabling secure data sharing and payment integration between banks, fintech firms, and third-party providers.

These initiatives are aligned with Qatar’s broader ambitions to enhance financial innovation, expand digital banking, and support sustainable economic transformation.

Open banking allows third-party service providers to access customer financial data through application programming interfaces (APIs), facilitating the creation of new financial products and services.

This model is particularly promising in Islamic finance, where it enables the development of personalized, Shariah-compliant solutions, such as real-time Zakat calculation tools and bespoke investment portfolios that include sukuk and equity funds.

QNB, Qatar’s largest financial institution, launched the country’s first open banking platform in 2022. The platform enables customers, partners, and fintech developers to securely access the bank’s core systems.

In May 2024, QNB extended its open banking services to corporate clients, further expanding the scope of financial innovation in the country.

Its collaboration with telecom operator Ooredoo on the Ooredoo Money platform serves as a benchmark for successful integration between traditional banks and fintech service providers.

The QFC report emphasizes that open banking is rapidly gaining traction across the Gulf Cooperation Council (GCC), with banks increasingly adopting the model to improve customer experience and enhance financial inclusion.

In Qatar, banks are integrating emerging technologies such as artificial intelligence, machine learning, and blockchain into their operations to drive digital transformation and increase efficiency.

Islamic banks are also tapping into open banking to deliver next-generation products that align with ESG goals and sustainability mandates.

These offerings support Qatar’s national decarbonisation and just transition efforts by enabling more sustainable, ethical, and inclusive financial systems.

A separate study by PricewaterhouseCoopers supports QFC’s findings, noting that open banking in Qatar is becoming a central pillar in the country’s digital banking roadmap.

The adoption of open banking frameworks is enhancing customer satisfaction, driving fintech growth, and facilitating the entry of new players into the market.

With growing regional momentum and increasing investor interest, Qatar’s open banking strategy is set to play a pivotal role in shaping the future of digital and Islamic finance in the Middle East.

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MENA fintech startups raised a combined $289 million in May, a 25% increase from April, with a Wamda report showing that the UAE contributed $86.7 million across 14 deals.

Coinciding with the announcement, the Dubai Future District Fund (DFDF) reported more than $1.65 billion in capital commitments last year, offering strategic backing to over 190 portfolio companies.

UAE-based entrepreneur and tech investor Abdumalik Mirakhmedov says DFDF’s influence is part of a wider, sustained effort by government authorities in the UAE that have created a dynamic, pro-business landscape appealing to both regional and international founders.

“The business environment here is phenomenal,” says Mirakhmedov, Director and co-founder of Scalo Technologies, the UAE tech venture company. “The government has established a regulatory framework that is so comfortable, and allows startups to build with confidence.

“The country’s appeal to entrepreneurs goes well beyond funding. Dubai and Abu Dhabi offer everything a startup needs to grow – access to capital, innovation infrastructure, talent, and a quality of life that’s hard to beat.”

Added Mirakhmedov: “The UAE allows us communicate with more prospective partners as a global technology group focused on fast growing sectors of the digital economy.”

“Startups here have easy access to venture capital and angel investors. Accelerators, co-working spaces, and research centres help early-stage companies get off the ground, creating a fast-moving and supportive startup scene.

“Sectors like fintech, AI, mobility, and e-commerce have grown rapidly, thanks to policy reforms, long-term visas, and government-backed funds aimed at helping young companies scale.”

Mirakhmedov points to both Dubai and Abu Dhabi offering the ideal setup for growth, with free zones built for tech firms, simple licensing, and no income tax all making it easier to launch and expand.

“There’s also real respect here for people who succeed,” he says. “Entrepreneurs feel welcome, and that’s backed by a professional business culture and a strong sense of personal safety. As more global startups look for stable places to grow, the UAE stands out – not just for its tools and support, but for creating the right conditions to succeed.”

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Qatar’s Islamic fintech market has seen remarkable growth during the past five years, reflecting a CAGR of 26%.Total transaction volumes for Islamic fintechs based in Qatar more than tripled from QR3bn in 2020 to nearly QR10bn in 2024; it said quoting the latest Global Islamic Fintech (GIFT) report.Qatar remained in the top 10 countries in the GIFT Index, ranking eighth in 2024, supported by a strong overall ecosystem, regulatory environment, and infrastructure for Islamic fintech. New York-based Wahed, a digital Islamic investment platform and one of the world’s largest Islamic fintechs, set up a regional office at the QFC in 2024, expanding its presence in the region. By offering innovative Shariah-compliant investment solutions, Wahed aims to cater to the growing demand for Islamic and ethical investments in the region.”

This strategic move marks a significant milestone for Islamic fintech in Qatar, aligning with the country’s vision to become a leading Islamic finance hub,” the report said.Payments and enabling technologies constitute the largest segments of Qatar’s Islamic fintech market, by number of companies, reflecting the region’s focus on modernizing Islamic financial services. This aligns with the broader region, where the digital payments sector is experiencing significant growth driven by the increasing adoption of e-commerce, mobile payments, and contactless payment solutions.”Growing use of digital wallets and mobile payment apps highlights the region’s shift towards seamless and secure digital transactions,” it said.

Enabling technologies, which include innovations such as blockchain and AI (artificial intelligence), are crucial for modernizing financial services in Qatar and enhancing the overall financial infrastructure, it said, adding they also support the development of more secure and efficient financial systems, which are essential for the growth of Islamic fintech.Meanwhile, the digital assets segment, encompassing digital currencies and tokenized assets, is growing in importance, reflecting the region’s efforts to integrate advanced financial instruments within the framework of Islamic finance, it said.

The report highlighted that the transparency, security, and decentralization provided by blockchain technology are particularly appealing in the context of Islamic finance, which emphasizes ethical and transparent financial practices.”This segment is poised for substantial growth, supported by the QFC’s increased regulatory and development focus on digital assets,” it added.
Highlighting that BNPL (Buy Now-Pay Later) solutions are rapidly gaining traction in the region, driven by increasing demand for flexible payment solutions and the rise of e-commerce; the report said the region has seen significant adoption of BNPL services, with companies like Tamara and Tabby leading the market and reshaping consumer behavior.”

In Qatar, the potential for Islamic fintechs in this area is substantial,” it said, adding by integrating BNPL services with Islamic finance, fintechs in Qatar can provide a value proposition that combines financial inclusivity with adherence to Shariah principles. Qatar has already taken significant steps to capitalize on this opportunity, with the QCB approving five companies, including Spendwisor and PayLater, to participate in a regulatory sandbox for BNPL services.

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As global commerce becomes increasingly digital, fintech is no longer just a sector—it’s an infrastructure, and trade agreements are becoming its enabler. To a country like India, focusing on a viable strategy on the digital highway could mean more enterprises exporting services, ability for more financial organizations to provide capital elsewhere. Besides financial and diplomatic benefits, this is an immensely rewarding opportunity to innovative start-ups, fintechs and even Indian citizens to leverage. But, when money flows faster through the click of a button there are an equal number of challenges. And the global architecture of trade needs to reflect such economic realities and the associated solutions to such challenges.

FTAs Tailored on Digital Aesthetics for Economic Diplomacy

Free Trade agreements (FTAs) have been a way that countries have leveraged to improve their trade numbers. Digital economy focused trade agreements such as UK–Singapore Digital Economy Agreement (DEA) or UK–Australia Free Trade Agreement, or India-UK FTA, and scores of multilateral initiatives such as DEPA have been used as a stepping-stone towards a smarter and forward-looking approach. What makes such agreements particularly relevant is their capacity to unlock the potential of innovation, improvement of financial technology (fintech) and accessibility of digital finance. Several governments and businesses have sought resilience and inclusivity and perceive such trade agreements as viable tools to better their fintech cooperation, data interoperability, and even regulatory alignment. A classic example is the India-UAE CEPA (Comprehensive Economic Partnership Agreement) that includes dedicated chapters on digital trade, online consumer protection, and even digital identities allowing smoother regulatory alignment for Indian services platforms to offer value in the Gulf. The Digital Economy Partnership Agreement (DEPA), signed by Singapore, Chile, and New Zealand, is another example that goes further by introducing modular approaches to digital trade governance. What makes this deal strikingly unique are the chapters on fintech collaboration, digital identities, and data innovation – making it one of the first trade pacts designed from the ground up for a digitized economy. As a blueprint, DEPA shows how nations can align on principles while allowing flexibility for local regulations.

Digital Nuances of Economic Diplomacy

Focusing on digital nuances offers more opportunities to fintechs, financial enterprises and even countries. Fintech today is more than just a sector—it is a means of scaling financial inclusion, improving transparency, and enabling seamless business-to-business (B2B) and business-to-client (B2C) commerce. Trade agreements prioritising on fintech do more than promote commercial interests; they help build the financial plumbing of the future. Conversations hence around open finance frameworks, digital wallets, and interoperable payment can do more than just reduce friction for small and medium enterprises (SMEs).

Countries that evaluate trade on such parameters enable their SMEs and organizations to participate meaningfully in the global economy. Smart trade agreements also realize that the game is not only about reducing tariffs but removing regulatory fragmentation, inconsistent cybersecurity standards, and even opaque cross-border data policies. However, addressing such issues requires more than goodwill—it also demands harmonized frameworks.

Hence, provisions that support e-invoicing, electronic signatures, secure digital authentication, and real-time payment systems are not only technical footnotes but competitive advantages. Doing these may seem like too much. But the pursuit of such exercises creates a multiplier effect. It reduces transaction costs, increase access to credit for underserved businesses, and enables transparency that benefits regulators and participants alike. Smart trade architecture is therefore, not just pro-growth, it’s also pro-governance.

DNAs of a Modern Trade Agreement

The most forward-looking trade deals share a distinct set of traits: they treat data as a tradable asset, digital infrastructure as a public good, and fintech as a strategic growth lever. The UK–Singapore DEA exemplifies this shift. It ensures the free flow of data with strong privacy protections, removes unjustified data localization requirements, and encourages cooperation in fintech and regtech. These aren’t symbolic add-ons—they’re foundational elements that enable real-time cross-border payments, digital identity verification, and compliance automation, which in turn reduces the cost of doing business internationally. Similarly, the UK–Australia FTA includes an innovation chapter—an uncommon but powerful feature. This dedicated space for dialogue on emerging technologies fosters collaboration in digital payments, open banking, and AI regulation. It recognizes that trade today is as much about trust in digital standards as it is about trust in goods and services.

Building a Digital Trade Commons

As more countries prepare for next-generation trade agreements, the opportunity lies in building a shared digital trade commons—open, secure, and inclusive. Multilateral initiatives like SADEA (Singapore Australia Digital Economy Agreement) or the DEPA (Digital Economy Partnership Agreement) show that it’s possible to design agreements that are agile, modular, and deeply attuned to the digital age. The next phase of global trade will be driven less by the movement of containers and more by the movement of code, artificial-intelligence, or even compliance standards and capital flow. To policymakers therefore, the choice is clear: integrate fintech and digital finance as central pillars of trade policy, or risk creating agreements that are out of sync with economic realities. Those countries that embed digital economy thinking into their trade frameworks will hence not only future-proof their economic strategy but will emerge as new hubs of economic power. As the digital economy expands, aggregators and technology would become pivotal — not just in connecting services, but in shaping how countries, companies, and consumers participate in the global financial system. This is not just an opportunity for growth; it’s a responsibility to help build the backbone of a more open, agile, and inclusive global economy.

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In just the first part of 2025, crypto projects have raised over $7.2 billion in venture funding, already approaching last year’s full total. Meanwhile, 88 merger and acquisition deals worth $8.2 billion have been announced, which is almost triple the entire deal value of 2024.

The scale and speed of this activity sends the clear message that digital asset infrastructure is becoming a strategic priority. The players making moves are also preparing for the next financial architecture and not chasing short-term volatility.

The reported $4.5 billion acquisition offer from Ripple to Circle demonstrates this shift. It reflects how crypto-native infrastructure, once seen as speculative, is now viewed as essential, and not just by crypto firms. Fintechs and financial incumbents are watching closely and are expected to act in a big way in 2025 and beyond.

From Disruption to Infrastructure

Crypto’s early years were defined by radical innovation and disruption. Today, the opportunity lies in integration with more assets and processes recorded and managed directly on blockchain networks, or “on-chain.”

Much like how embedded finance reshaped digital banking, tokenization is set to rewire the issuance, transfer and custody of assets. This development will reshape not just how financial products are built but who controls the backend.

For fintech leaders, this is a shift in the foundation of digital financial services. Capabilities such as tokenized assets, embedded custody and regulated digital wallets will become baseline expectations for users and partners alike. Owning or controlling this infrastructure will determine who leads in the next decade of financial innovation.

Forward-looking fintech firms know this and are asking: who will own the channels when sovereign bonds, carbon credits, private funds and treasuries move on-chain? Which firms offer both regulatory maturity and technical credibility? What bets can we make now to avoid playing catch-up in 2026? The answer will increasingly come from M&A.

Why 2025 Is the Turning Point

Three distinct catalysts are converging this year and are removing long-standing friction in the crypto-fintech M&A market.

Historically, mergers and acquisitions in this space have been complicated by regulatory uncertainty, valuation disconnects and the technical challenges of integrating crypto-native infrastructure with traditional fintech. These factors made deal-making slow, risky, and unpredictable.

However, recent developments are addressing these core issues and paving the way for more more favorable environment for M&A activity.

1. Regulatory green lights in Europe and the UK

The EU’s MiCA regulation and the UK’s digital asset framework have provided long-awaited legal certainty. This unlocks meaningful institutional participation and makes compliance risk, once a deal breaker, now manageable.

For acquirers, this clarity means fewer legal unknowns, streamlined due diligence and stronger board-level confidence. For crypto-native firms, regulatory approval becomes a premium asset and licensing becomes a differentiator.

Regulation is also changing the dynamics for competition. Firms with licences or early alignment to compliance regimes are now on the radar of fintech and financial institutions that want to fast-track digital asset integration.

2. Public market benchmarks are emerging

Throughout 2024, dealmaking was hampered by valuation dislocation. Sellers, often referencing 2021 bull-market peaks, found themselves out of sync with buyers focused on fundamentals. However, the tide is turning. A wave of anticipated crypto IPOs is likely to introduce much-needed pricing discipline. These listings will provide credible comparables, give confidence to acquirers and create new acquisition currency for listed firms.

More importantly, a successful IPO tells the market that crypto infrastructure is not only viable but also investable at scale.

3. Real-world asset tokenisation moves from pilot to production

Sovereign bonds, real estate, carbon markets and private credit are increasingly being tokenised and issued on-chain. The infrastructure required to scale these offerings, including compliant wallets, programmable smart contracts and permissioned blockchains, is highly specialised. It’s not something most fintechs have the time or technical capacity to build themselves.

Acquisition is becoming the obvious path forward. Whether it’s a neobank looking to offer tokenised securities or a payment platform needing integrated smart contract orchestration, buying crypto infrastructure is increasingly faster and less risky than building from the ground up.

What’s Still Holding Some Deals Back?

Even amid strong momentum, friction remains. Regulatory fragmentation in key markets, particularly the United States, continues to make cross-border deals complex. This legal patchwork complicates deal structuring, integration and risk assessment. It’s a key reason why some acquirers are proceeding cautiously, especially those without in-house legal or compliance depth.

There’s also the issue of valuations. While the gap between sellers and buyers is closing, it hasn’t disappeared. Some founders are still anchored to peak-era pricing. At the same time, institutional buyers are under pressure to justify every dollar spent, especially in a high-rate macro environment.

Nonetheless, the momentum is clear. More firms are aligning expectations with public market realities and as unprofitable startups burn through capital, M&A becomes more of a necessity than an option.

What Comes Next?

By the end of 2025, the artificial lines between crypto, fintech and traditional finance will blur further. M&A will be a more strategic move and infrastructure will become the battleground. The firms that act now will shape the rules, control the flow and define the user experience of digital finance for the next generation of users.

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Launch of Qatar’s National FinTech Strategy 2023

In March 2023, the Qatar Central Bank (QCB) launched the “Qatar National FinTech Strategy 2023,” aiming to transform Qatar into a digitally advanced nation and a financial technology hub. The strategy focuses on enhancing innovation in the financial sector, attracting foreign direct investments, and building future skills in digital financial services. The strategy aims to triple the number of licensed FinTech companies by 2027.

Growth in FinTech Investment

Reports from 2024 show that Qatar’s FinTech sector has seen significant growth in investments. FinTech accounted for 29% of total investment deals in 2024, up from 12% in 2023. The sector’s share of overall funding in Qatar increased from 14% in 2023 to 41% in 2024, reflecting growing confidence in this emerging sector.

The Role of the Qatar FinTech Hub (QFTH)

The Qatar FinTech Hub (QFTH) is a key initiative managed by Qatar Development Bank, with support from the Qatar Central Bank and in partnership with the Qatar Financial Centre. The hub provides a supportive environment for start-ups in the FinTech space, offering incubation and acceleration programs, technical support, and mentorship, which contribute to fostering innovation and growth in the sector.

Advancements in Digital Payments

Qatar has witnessed significant advancements in the digital payments space, with innovative solutions such as “Buy Now, Pay Later” (BNPL). In 2023, the Qatar Central Bank issued guidelines to regulate this sector, including licensing requirements and consumer protection measures. Five companies have received approval to offer BNPL solutions, reflecting the country’s commitment to providing flexible and secure financial solutions for consumers.

Regulation and Innovation in Digital Assets

In a bid to promote innovation in digital assets, Qatar’s Financial Centre introduced a new regulatory framework for digital assets in 2024. This framework aims to facilitate the management and tokenization of digital assets, positioning Qatar as a regional leader in the FinTech space.

The Rise of Digital Banks

Qatar is also moving towards enhancing the role of digital banks, with financial institutions offering fully digital banking services, allowing consumers to access innovative and user-friendly financial products. This trend is supported by Qatar’s advanced regulatory environment, which encourages innovation and the provision of sophisticated financial services.

FinTech Start-ups in Qatar

Qatar is experiencing a surge in the number of FinTech start-ups, such as “CWallet,” “Xpendless,” and “Owlo.” These companies provide innovative solutions in digital payments, remittances, and digital banking services, contributing to increased diversity and innovation in Qatar’s financial sector.

Looking Ahead

As Qatar continues to implement its FinTech strategy, the country is expected to experience further growth and innovation in this sector. Qatar is set to become a leading regional hub for FinTech, contributing to the realization of Qatar’s National Vision 2030 and reinforcing its position as a global financial center.

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“The QCB’s fintech strategy, including a five-year roadmap for innovations like blockchain, AI, and open banking, has created a fertile environment for startups like PayLater. Additionally, initiatives like the $1 billion fund announced at Web Summit 2024 and the establishment of six tech-focused funds in 2025 signal robust support for Qatar’s tech ecosystem,” Al-Delaimi noted.

He added that these elements—government vision, central bank strategy, and funding—have been critical to the success of the fintech sector in the country.

PayLater secured its license from the Qatar Central Bank (QCB) on the last day of Ramadan, marking a significant milestone for the company and the country’s financial ecosystem.

According to him, PayLater’s journey began with a clear mission: to alleviate financial stress for Qatar’s residents by offering a flexible, interest-free payment solution. The platform allows customers to split purchases into four equal installments without hidden fees, distinguishing itself from traditional credit cards and bank-offered BNPL services that often carry interest charges.

“Our goal is to provide a tool that reduces financial strain, whether it’s a parent planning a vacation, a student buying a laptop, or a tech enthusiast upgrading their phone,” Al-Delaimi explained. By charging merchants instead of consumers, PayLater ensures a transparent and cost-free experience for users.

The idea for PayLater was sparked by the QCB’s introduction of a BNPL framework, which Al-Delaimi and his co-founders saw as a golden opportunity.

“We came together as entrepreneurs to seize this moment,” he said, noting that the team’s personal experiences with financial management fueled their passion. The platform’s rapid adoption underscores its relevance: within 40 days of launching, PayLater recorded 70,000 app downloads, with 60,000 users completing registration and 12,000 making transactions across 120 partner stores, including well-known retailers like Fnac, Jarir Bookstore, Carrefour, and IKEA.

Unlike other BNPL providers, PayLater is selective about its partnerships, focusing on sectors like travel, car insurance, and retail to encourage responsible spending. “We’re not signing up with grocery stores where purchases are frequent,” Al-Delaimi emphasized. “Our solution is about helping customers manage significant expenses, not piling up debt.” This approach aligns with PayLater’s commitment to financial wellness, ensuring users can regulate payments without overextending themselves.

PayLater’s differentiation lies in its customer-centric features. Users can shop online, scan QR codes in-store, or pay via links sent by merchants.

The platform also offers flexibility in managing installment dates, allowing users to align payments with their salary schedules at no extra cost. Looking ahead, PayLater plans to introduce a marketplace feature by September, offering cashback rewards and loyalty points to enhance the user experience.

“We’re gamifying the customer journey to make it engaging,” Al-Delaimi said, highlighting the strategic timing to coincide with the back-to-school season.

The company’s partnership with Qatar Islamic Bank (QIB), one of the country’s largest Islamic banks, further strengthens its position. QIB serves as the lending partner, ensuring compliance with BNPL regulations while boosting consumer trust. This collaboration, combined with PayLater’s integration with SkipCash’s online payment infrastructure, positions the company for significant growth in Qatar and potentially across the MENA region.

Al-Delaimi envisions a future where fintech solutions like PayLater become integral to Qatar’s financial landscape, offering tools for budgeting, investing, and wealth management. “In five years, I see bank accounts seamlessly integrated with startup solutions, empowering customers to make smarter financial decisions,” he predicted.

He added that with digital banks and investment apps gaining traction in the MENA region, PayLater aims to set a benchmark for user-friendly, innovative services.

As Qatar continues to embrace digital transformation, PayLater stands out as a pioneer, blending convenience, transparency, and financial empowerment. With ambitious plans to expand its offerings and deepen its market presence, the company is poised to redefine how Qataris shop, pay, and thrive in an increasingly digital world.

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The report, titled “What Can FinTech Learn From The UAE’s Rise As The Next Hotspot?”, outlined the UAE’s competitive advantages, including its low business startup costs compared to European markets and the availability of free zones such as Dubai International Financial Centre and Abu Dhabi Global Market, which help ensure the sustainable delivery of financial services at minimal cost.

It also highlighted the UAE’s emergence as a global fintech hub and the success of its financial policies and initiatives in attracting foreign direct investment into the sector. The report affirmed that the UAE holds a strategic edge in fintech, where transformative innovations such as generative artificial intelligence and blockchain are revolutionising the market, while startups continue to gain financial prominence.

According to the report, fintech companies in the UAE are capitalising on a supportive regulatory environment shaped by the UAE Government. It cited comments from Arif Amiri, Chief Executive Officer of Dubai International Financial Centre, who said that the country’s comprehensive and dynamic ecosystem, independent regulatory framework, efficient judicial system and international stock exchange enable startups to be better positioned to promote their solutions and expansion plans to investors.

The report further noted that the UAE’s robust investment and funding ecosystem offers significant opportunities for startups. In 2024, the UAE led the region by raising US$1.1 billion across 207 startups, followed by Saudi Arabia with US$700 million across 186 deals.

It added that startups in the UAE can leverage the strong funding environment to secure investment and innovate rapidly, contributing substantially to the growth of the country’s fintech sector.

The report concluded that the most valuable lesson fintech professionals can take from the UAE’s experience lies in key practices such as adhering to sound regulatory frameworks and local compliance, which are essential to ensuring safer financial operations.

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HRH Prince Salman reaffirmed the kingdom’s commitment to attracting international companies across promising sectors, strengthening its regional and international position and expanding growth across various industries.

He highlighted the kingdom’s commitment to fostering an environment that enhances investment in financial technologies.

HRH the Crown Prince and Prime Minister received the company’s new Mastercard prototype from Anziani, which will be issued by the company, and is regarded as the first of its kind in the Middle East. Mr Anziani expressed his gratitude for the opportunity to meet HRH Prince Salman and extended his wishes for Bahrain’s continued progress and prosperity.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa and Central Bank of Bahrain Governor Khalid Humaidan also attended the meeting.

He highlighted the significance of digital transformation in driving progress across key economic sectors to realise Bahrain’s aspirations.

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