From left to right: Co-founder of Licorne Gulf Alexandre Katrangi with Co-founder & President of Licorne Gulf Irina Duisimbekova and CEO and co-founder of Spendwisor Safarudheen Farook.
Doha, Qatar: Qatar is gradually emerging as a focal point for the global fintech community, drawing considerable attention from investors seeking to capitalize on the region’s burgeoning financial technology sector, Alexandre Katrangi, Co-Founder of Licorne Gulf, a global company dedicated to helping visionary entrepreneurs and ambitious businesses achieve their growth potential by providing expert consulting services in capital raising and business growth, has said.
According to him, Qatar’s fintech potential is bolstered by its advantageous geographical location, strong infrastructure, and progressive initiatives. These factors have made the country an appealing destination for investment and innovation in the fintech industry.
“Qatar’s dedication to expanding its economy beyond oil and gas has created an atmosphere that promotes technological advancement, especially in the financial services industry. The country’s Vision 2030, a comprehensive development strategy, highlights the significance of cultivating a knowledge-driven economy, which in turn supports the growth of sectors like fintech,” Katrangi told The Peninsula.
He pointed out that the growing potential of Qatar’s fintech sector is one of the reasons why his company is making a strategic investment in Qatar’s Spendwisor, a burgeoning leader in the digital payment solutions sector, through its Qatari arm, Licorne Gulf Qatar.
Katrangi noted that the partnership between Licorne Gulf and Spendwisor was initiated against the backdrop of an investment symposium in Qatar that showcased the most promising financial sector innovations.
“We were introduced to Spendwisor at an event organized by the Ministry of Commerce and Industry (MoCI). Their unique approach, bridging the technological prowess of the United States with the strategic business acumen of Qatar, captivated us, and we could see that the company is one of the many success stories emerging from Qatar, which makes it an interesting proposition,” Katrangi, an investor with several years of experience across the region, added.
He applauded the Qatar Central Bank (QCB) and the Qatar Financial Center for providing the enabling environment for growth, which has helped in attracting global interests in the sector in the country.
“Qatar’s attractiveness to investors can be attributed to its regulatory framework, which is supportive of business growth. The Qatar Central Bank (QCB) has taken a proactive approach to creating an environment that is conducive to fintech development.”
“This has been achieved through the introduction of regulatory sandboxes and initiatives that promote experimentation and collaboration between traditional financial institutions and fintech startups."
"By providing a controlled environment for companies to test innovative solutions, this approach encourages innovation while also ensuring consumer protection,” he added.
Speaking on the partnership between his company and Spendwisor, Katrangi said,
“The collaboration between Licorne Gulf and Spendwisor is characterised by clearly defined responsibilities, capitalizing on the individual strengths of each company. Spendwisor will take charge of the technical development and integration with the worldwide digital payment ecosystem, whereas Licorne Gulf will concentrate on organizing their forthcoming investments and financial strategies.”
On his part, CEO and co-founder of Spendwisor, Safarudheen Farook, said, “As Spendwisor becomes a part of Licorne Gulf’s portfolio, there is a deliberate emphasis on identifying and nurturing synergies within the fintech industry.”
He added that the collaboration is anticipated to be a significant advancement in fintech in the country, potentially establishing innovative benchmarks for the industry and presenting a multitude of opportunities for both consumers and businesses.
