TESS Payments, a leading FinTech startup in Qatar, has made a groundbreaking move by securing the first-ever strategic Foreign Direct Investment (FDI) in Qatar’s FinTech sector. The investment comes from Singapore-based financial services group Fingular, marking a major milestone for both TESS Payments and the country’s emerging digital financial landscape.
This landmark deal not only solidifies TESS Payments’ role as an industry trailblazer but also underscores Qatar’s growing appeal as a regional FinTech hub, capable of attracting global capital and innovation. Through the partnership, TESS Payments aims to accelerate the development of a customer-centric neobank that promises to redefine banking in Qatar by providing fully digital, personalised financial services.
A New Era for FinTech in Qatar
Saad Ishfaq, CEO of TESS Payments, hailed the investment as a pivotal moment for the company and the broader Qatari FinTech ecosystem. “We are proud to be the first FinTech in Qatar to secure such a significant FDI. 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,” Ishfaq said. He credited the Qatar FinTech Hub and Qatar Development Bank for fostering a supportive environment that has enabled the company to attract international investment.
TESS Payments will work closely with Qatar’s financial regulatory authorities to ensure the full compliance of its upcoming digital banking services, reflecting the country’s strict but progressive approach to financial innovation.
Ambitious Plans for Digital Banking
The partnership between TESS Payments and Fingular aims to transform Qatar’s banking experience by building one of the region’s first fully digital neobanks. This neobank will prioritise customer-first services, leveraging cutting-edge technology to simplify and enhance personal financial management. Over the next three years, TESS Payments and Fingular plan to issue over $600 million in loans to Qatari residents, marking a significant contribution to the country’s economic development.
Maxim Chernuschenko, CEO of Fingular, expressed his excitement about the collaboration, emphasising that the partnership aligns with Qatar’s dynamic financial ecosystem. “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,” said Chernuschenko. “Our goal is to not only achieve immediate financial success but to create a long-term vision where innovation, responsibility, and customer satisfaction are at the core of every decision.”
Boosting Qatar’s FinTech Ecosystem
This strategic investment also reflects the growing global interest in Qatar’s FinTech sector, which has seen increased support from government-backed initiatives like the Qatar FinTech Hub. The success of TESS Payments is expected to encourage other international investors to explore opportunities within Qatar’s financial services landscape, potentially sparking a wave of foreign investments in the sector.
Fingular’s strategic backer, Vadim Gurinov, highlighted the partnership’s broader vision. “This collaboration is not just about immediate financial outcomes but about a long-term commitment to reshaping the financial sector through innovation and customer-centred solutions,” Gurinov stated.
A Promising Future for Qatar’s Digital Economy
As TESS Payments embarks on this new journey with Fingular, the partnership is expected to set a new standard for digital banking in the region. With a shared vision of transforming the financial landscape, both companies are poised to play a key role in strengthening Qatar’s reputation as a global FinTech hub.
This investment marks the beginning of a new era for digital banking in Qatar, positioning the country to take advantage of emerging technologies and trends while fostering a more innovative, inclusive financial ecosystem.
