The Financial Technology (Fintech) sector in Qatar is growing rapidly as companies, especially Small and Medium Enterprises (SMEs) are adopting new technologies, said an expert at the Qatar Fintech Summit recently.
Imran Chowdhury, Global Head of Data Protection & Governance, Al Jazeera Media Network shared his insights on the topic of ‘Developing a Culture of Cybersecurity Consciousness’ highlighting the Fintech industry in Qatar and protection of data.
He said, in the field of Fintech in Qatar many new ideas are coming about and there is lot of enthusiasm and adoption of changes as our lifestyle is changing. “When we talk about cybersecurity it means how the protection of data is more of a challenge. Everyone in the organisation needs to understand the information they are dealing with and how it should be protected.”
“In Fintech there are significant challenges in the areas of compliance requirement when it comes to the data for startups as the right amount of governance is required. For anyone coming into Fintech industry they should understand the regulatory requirements,” he added.
He said cybersecurity consciousness relates to the area of security and information and how people in an organization need to be conscious about that information. He delivered a brief history about digital evolution and how technology has changed over the years, highlighting the rapid changes in the last 10 years in the cybersecurity consciousness and protecting of information and data.
He said, “The pandemic has changed the way we do business, in 1990s the business started to use the technology of digital data, from 1990 to 2000 the technology started connecting with the consumers by using websites in terms of transactions and credit card proliferated. In 2010 to 2020 technology was used to optimise the business and digital technology is no longer an exception but part of our everyday business life, it’s a new normal. In 2020 and beyond we have entered digital life where our entire life and our every moment is getting recorded, for example, in the fintech industry everything is becoming personalised and consumer oriented.”
Safarudheen Farook, Co-Founder and CEO of Spendwisor Inc Qatar speaking during the Qatar Fintech Summit said, there is a huge boom in Fintech and emphasis on digital payment startups.
Around 80 percent of the retail transactions around the globe are happening in cash, only 15 to 20 percent are done electronically, therefore, there is a huge opportunity to tap into as Fintech is trying to come onto that space and this transformation has been speeded up COVID-19.
“People are looking for digital solutions to move forward. There is a huge demand of cash, and the main demand comes from the SMEs and micro-SMEs who still operate in cash,” he added.
He noted, there is a huge cost the society is bearing on cash and we believe it is the right time to tackle this issue and introduce products and solutions to the market so the consumers can get on to digital payment. For consumers to stay away from cash and use a different platform a lot of value-added services have to be introduced.
Spendwisor is introducing a platform where merchants can start accepting payments as well as use their platform for multiple purposes.
