Fingular, a Singapore-based global financial group, has marked its entry into Qatar by investing in TESS Payments LLC, a company within the Qatar Financial Centre. This strategic move aligns with Fingular’s ambitious long-term goals of establishing a robust digital retail banking presence in the region.
The collaboration between Fingular and TESS Payments LLC aims to create one of the first comprehensive digital retail banking ecosystems in the Middle East, with a focus on customer-centric services. The partnership sets an ambitious target of exceeding $600 million in loans issued to Qatari residents within the next three years. The goal is to provide financing solutions to over 2 million people, offering fully online and efficient service.
Saad Ishfaq, CEO of TESS Payments LLC, emphasized the transformative impact of this partnership on Qatar’s financial services landscape. “This collaboration is set to redefine personal finance by introducing innovative financial products, including online digital loans, that thrive through leveraging Qatar’s robust financial ecosystem,” said Ishfaq. He also extended an invitation to local banks and financial institutions to join in shaping the future of consumer finance in the country.
Fingular’s entry into Qatar is a significant milestone, not only for the company but also for Qatar’s strategy to become a global FinTech hub. The partnership highlights Qatar’s commitment to fostering technological advancements in financial services and creating an attractive environment for international investment.
With a proven track record of serving over 500 million financially underserved customers across South and Southeast Asia, Fingular’s expansion into the Middle East underscores its commitment to becoming a leading global player. The company’s use of advanced technologies, including machine learning and artificial intelligence, ensures robust risk management and real-time credit decisions, significantly reducing fraud and default risks.
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