Singapore-Based Global Financial Group Fingular Expands into Qatari Market
Fingular, a global financial group based in Singapore, has entered the Qatari market through a strategic investment in TESS Payments LLC, a company operating within the Qatar Financial Centre. The group has set ambitious long-term goals, including the establishment of a full-scale digital retail banking presence in Qatar.
Fingular and TESS aim to build Qatar’s leading customer-centric neobank, creating one of the first versatile digital retail banking ecosystems in the Middle East. The partnership plans to issue over $600 million in loans to Qatari residents within three years, reaching over 2 million people with fully online, rapid financing solutions.
“In a move set to revolutionize personal finance, TESS Payments LLC today announced a significant advancement in financial services for individual consumers,” said Saad Ishfaq, CEO of TESS. “The introduction of online digital loans, in collaboration with Fingular, a renowned digital lending innovator, marks a pivotal shift towards personalized and efficient financial solutions. These innovative products are designed to thrive through collaboration, leveraging Qatar’s robust financial ecosystem to offer unprecedented growth opportunities that benefit consumers and strengthen the financial sector. We warmly invite local banks and financial institutions to join us in shaping the future of consumer finance.”
Vadim Gurinov, a Cypriot investor and strategic backer of Fingular, added, “This partnership is not just a milestone for Fingular and TESS Payments LLC; it’s a cornerstone of Qatar’s strategy to become a global FinTech hub. Our collaboration highlights Qatar’s open economic landscape and its commitment to embracing and fostering technological advancements in financial services. We are grateful to Qatar Development Bank, Qatar FinTech Hub, and key personnel from both organizations for their support.”
The collaboration between TESS and Fingular also marks a new chapter for international investment in Qatar’s FinTech sector. As one of the first foreign FinTech firms to make a significant investment in the local market, Fingular’s involvement underscores confidence in Qatar’s economic and regulatory environment, paving the way for future foreign investments and partnerships. This partnership is a testament to a long-term vision for the financial sector, driven by innovation, responsibility, and customer satisfaction.
Fingular currently serves over 500 million financially underserved customers, primarily in South and Southeast Asia. By expanding into the Middle East through Qatar, Fingular aims to achieve a significant milestone in its development, becoming the first global player with a presence in all five key financially underserved macro-regions of the world (MENA, Southeast Asia, South Asia, Sub-Saharan Africa, Latin America).
Fingular employs proprietary solutions, including machine learning algorithms and artificial intelligence models, to create robust risk management systems and credit scoring procedures. These systems evaluate over a thousand parameters, including credit history, socio-demographic factors, and data from partner companies and government agencies. This integrated approach enables real-time credit decisions while significantly reducing the risk of fraud and default. A team of experienced professionals is dedicated to enhancing service quality across all regions, continuously introducing convenient innovations at every stage of client interaction.