Qatar’s banking sector is embracing fintech and advanced technologies, aligning with national development plans. In particular, financial institutions are increasingly turning to digital platforms and artificial intelligence (AI) to reach underserved segments, including micro, small, and medium-sized enterprises (MSMEs).

In an interview with The Peninsula, Carlos Teixeira, Head of Business Development and Strategy, Lending, at Finastra, discussed the outlook of Qatar’s banking and fintech industries, highlighting emerging trends and current challenges.

In Qatar and across the Gulf Cooperation Council (GCC), “we are seeing a paradigm shift: banks are transforming their operating models to be data-driven, cloud-native, and artificial intelligence (AI)-augmented,” Teixeira told the media outlet.

“AI adoption has surged as it plays a pivotal role in reshaping customer engagement, risk management, and product innovation.”

Rapid AI integration

According to Teixeira, business leaders in Qatar are proactively leveraging emerging technologies to gain competitive advantages and drive strategic growth, a trend that’s supported by recent industry research.

PwC’s recent 28th Annual CEO Survey reveals that a striking 90% of CEOs in Qatar have adopted genAI over the last year, compared to 83% globally, placing Qatar ahead of the global curve.

AI adoption in Qatar now spans from 24/7 chatbots and real-time analytics, to integrated AI-enabled customer relationship management (CRM) systems that deliver personalized experiences, and AI-optimized supply chains that reduce costs and improve logistics. CEOs are also accelerating product innovation and using AI-powered financial forecasting to uncover opportunities, mitigate risks, and maximize savings.

Looking ahead, 97% of CEOs in Qatar plan to integrate genAI into technology platforms within the next three years, compared to 78% globally. Additionally, 87% plan to embed it into business processes, compared to 76% globally, and 83% plan to integrate genAI into product development, compared to 63% globally.

Cross-sector collaboration

A standout feature of Qatar’s AI-driven transformation is industry convergence, with CEOs exploring partnerships across finance, healthcare, energy, and tech, to unlock operational efficiencies, access new customer segments, and accelerate innovation.

Results from the PwC study show that an impressive 63% of the surveyed CEOs have collaborated with other organizations. Additionally, 57% have successfully targeted new customer bases, and 47% have explored innovative routes to market.

Qatar’s AI market was worth QAR 2 billion (US$549 million) in 2024, according to the Qatar Development Bank (QDB). It is projected to grow at a compound annual growth rate (CAGR) of 29%, reaching QAR 7 billion (US$2 billion) by 2030.

Closing the SME finance gap

Qatari banking institutions are also focusing on expanding financial inclusion, particularly for MSMEs, which are a vital and yet underserved segment.

According to the International Finance Corporation (IFC) and SME Finance Forum, MSMEs have an unmet financing need of US$5.2 trillion every year. In the Middle East and North Africa (MENA) region, the finance gap is particularly high, at 88% of potential demand.

However, banks are facing structural challenges in addressing this gap. “Legacy infrastructure, high servicing costs, increased credit risk, and fragmented data make it difficult to assess SME creditworthiness and process loans efficiently,” Teixeira said.

Technology and digital platforms are enabling banks to serve MSMEs profitably, compete effectively with fintech challengers, and unlock new revenue streams, while also expanding credit access and strengthening economic resilience.

“Adopting a simplified servicing approach in lending is becoming a strategic priority for banks to better serve SMEs,” Teixeira said.

“By automating workflows, applying data analytics, breaking down silos and integrating digital channels, banks can reduce costs, improve credit assessments and processing times, reduce risk and deliver more tailored, responsive support.”

National strategies drive digital transformation

Qatar’s fintech evolution aligns with the country’s national priorities and initiatives, including the Qatar National Vision 2030, the Digital Agenda 2030, and most notably, the Qatar Fintech Strategy 2023.

The Qatar National Vision 2030 is a national economic plan launched in 2008 that aims to boost economic diversification, ensure financial sustainability, develop a skilled workforce, and raise living standards.

The Digital Agenda 2030, launched in 2024, seeks to build a thriving digital economy. It focuses on six key strategic pillars:

• Establishing a world-class, secure and sustainable information and communications technology (ICT) infrastructure;
• Ensuring transparency and improving digital government efficiency;
• Building strong foundations in data and emerging technologies;
• Developing an innovative and thriving digital sector;
• Driving digital adoption; and
• Nurturing talent.

Finally, the Qatar Fintech Strategy 2023 supports innovation in the financial sector. It’s based on four main axes: the establishment of an advanced infrastructure supporting the development of fintech; prioritizing innovation and fintech sector growth; empowering companies and enhancing their performance by using fintech solutions; and providing smooth mechanism and support for the transition towards cashless transactions.

In line with these goals, the Qatar Central Bank (QCB) has adapted its regulatory framework to encourage the use of technology in the banking and financial services sector. In December 2024, the central bank issued new rules for digital banking.

Regional expansion

Qatar’s banking industry is also establishing itself as a regional fintech leader. In October 2025, Qatar National Bank (QNB) Group announced that its digital-first banking entity, ezbank, received licenses from both the Saudi Central Bank (SAMA) and the Central Bank of Egypt. In Saudi Arabia, QNB Group is partnered with Ajlan & Bros to launch the service.

Ezbank is a digital banking offering that aims to offer a digital-first banking experience that is simple, inclusive, and secure, providing innovative solutions for the youth and entrepreneurs. The platform will use mobile-first design, AI-driven tools, and smart risk management to make transactions easier, increase access, and support digital economy.

Featured image: Edited by Fintech News Middle East, based on image by user8285578 and daboost via Freepik