Shufti Pro has partnered with fintech CWallet to improve the digital financial experience for Qatar customers and enterprises. Through CWallet’s assistance, the Qatar National Bank has approved Shufti Pro to enter their market, therefore supporting the commitment of both companies to offer Qatar’s citizens fintech solutions.

According to CWallet’s officials, the collaboration should be long-term and include expanding into other territories that the company plans to enter. Qatar’s fintech landscape Qatar’s developed economy encouraged the growth of fintech solutions, its digital investment market reaching an Asset under Management of USD 100 million in 2023. As per Statista’s report, the market is set to present a revenue growth of 19% in 2024, while the number of users is expected to reach 2,337 thousand users by 2027.  The Qatar Fintech Hub, created by the Qatar Development Bank, has announced that its objective is to improve the economic development of the country through the Qatar Central Bank in 2023.

Officials have said that their focus will be on emerging trends and market demand, including payment technology, insurance technology, BNPL, and collective debt-based crowdfunding. Their goal towards the fintech industry was to develop an ecosystem that will allow the market to grow in Qatar, therefore partnering with the Qatar Central Bank, Qatar Financial Centre, Microsoft, Visa, Mastercard, Qatar Insurance Company, Meeza, and Blockchain Research Institute. According to Bloomberg, the COVID-19 pandemic has increased technology implementation in the entire business field.

As customers moved towards digital products, including mobile payments, credit card applications, online loans, and money transfers, almost all major banks in Qatar provide mobile banking solutions. Qatar constantly improves its fintech environment to allow the expansion of local and international fintech companies, and recently, the Qatar Central Bank added fintech to its strategic agenda by instituting a fintech section, developing a regulatory sandbox, and addressing fintech regulations. More details about Shufti Pro AI-powered identity verification solution provider, Shufti Pro has recently partnered with several companies to expand into different geographic regions around the world.

At the beginning of August 2023, crowdfunding platform Bambucorn integrated Shufti Pro’s solutions to protect investments for its customers. Through this collaboration, Bambucorn wanted to provide a secure and transparent crowdfunding experience to its investors, while ensuring regulatory compliance and inhibiting fraudulent activities. Back in July 2023, Shufti Pro published details on the improvement of digital finance for customers in the Middle East and North Africa region, aiming to offer insight into the methods that companies and clients could use to expand brand loyalty, by introducing KYC and AML services in a regulation-heavy environment.

The company also partnered with Hong Kong-based Carparkhub in June 2023, their objective being to improve the car parking industry by offering a secure transaction experience for customers. Carparkhub wanted to integrate Shufti Pro’s ID document and face verification service within its platform to allow its customers to undertake an extensive verification process. For more information about Shufti Pro, please check out their detailed profile in our dedicated, industry-specific Company Database.

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