Qatar Development Bank To Act As Advisor On Strategic Investment And Partnership Between Fingular And Tess Payments
Qatar Development Bank (QDB) will orchestrate a strategic investment and partnership between Singapore-based global financial group Fingular and Qatar’s leading FinTech company, TESS Payments, through its subsidiary, Qatar FinTech Hub (QFTH).
QFTH, a key initiative under QDB, will serve as the exclusive strategic and financial advisor for both parties, leveraging its deep expertise in facilitating and advancing enterprises in critical economic sectors that contribute to Qatar’s long-term socio-economic development.
Fingular recently announced its plans to launch in Qatar by investing in TESS Payments LLC, a company registered in Qatar Financial Centre, with ambitious long-term goals of establishing a comprehensive digital retail banking presence.
The partnership between Fingular and TESS aims to create Qatar’s premier customer-centric neobank, featuring one of the Middle East’s first versatile digital retail banking ecosystems. The parties intend to exceed $600 million in loans issued to Qatari residents within three years, providing financing to over 2 million people in minutes entirely online.
Saad Ishfaq, CEO of TESS, emphasized the historical essence of the deal: «The collaboration between TESS and Fingular signals a new era for international investment in Qatar’s FinTech sector. As one of the first foreign FinTech firms to invest significantly in the local market, Fingular’s involvement exemplifies the confidence in Qatar’s economic and regulatory environment, paving the way for future foreign investments and partnerships. The deal of TESS and Fingular is not only recognized as a significant milestone in Qatar’s FinTech history but also celebrated as a visionary move that will shape the future of the company».
Maxim Chernuschenko, CEO of Fingular, stated: «We are excited to leverage the strengths of Qatar’s robust financial ecosystem providing unprecedented opportunities for growth and innovation, benefiting consumers and strengthening the financial sector as a whole. 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». «This partnership is not just about achieving immediate financial goals but is a testament to long-term vision for the financial sector, where innovation, responsibility, and customer satisfaction drive every decision» – added Vadim Gurinov, a Cypriot investor and strategic backer of Fingular.
Dr. Hamad Salem Mejegheer, Executive Director of Advisory and Incubation at QDB, commented on the partnership: «This collaboration between Fingular and TESS Payments marks a significant step in the ongoing transformation of Qatar’s financial landscape. By integrating global expertise with local innovation, this partnership is set to introduce unique services tailored to the Qatari market. At QDB, we are committed to supporting local companies by providing advisory services and encouraging strategic partnerships with leading global firms. This ensures that these companies can scale, thrive, and compete effectively within the Qatari market and beyond. We are confident that such alliances will flourish within the resilient business ecosystem we are cultivating in Qatar, and QDB, through QFTH, is proud to have orchestrated this strategic partnership and investment».
This strategic partnership between Fingular and TESS Payments, facilitated by Qatar Development Bank through Qatar FinTech Hub, underscores Qatar’s growing influence as a hub for financial innovation. This collaboration is set to drive significant advancements in the digital banking landscape, reflecting the broader vision of Qatar’s economic diversification, as the country continues to embrace cutting-edge financial technologies.
