Singapore's Fingular Invests in Qatar's TESS Payments, Establishing a New Era in Digital Banking

Fingular, a global financial group headquartered in Singapore, has officially launched its operations in Qatar by investing in TESS Payments LLC, a company based in the Qatar Financial Centre. With ambitious plans for the future, Fingular aims to establish a comprehensive digital retail banking platform in the region.

The partnership between Fingular and TESS Payments is focused on creating a customer-centric neobank, envisioned as one of the first versatile digital banking ecosystems in the Middle East. Their goal is to issue over $600 million in loans to Qatari residents within the next three years, enabling quick and fully online financing solutions for more than two million consumers.

Saad Ishfaq, CEO of TESS Payments, stated, “In a move set to redefine the personal finance landscape, TESS Payments LLC announces a significant leap forward in financial services aimed at individual consumers. The introduction of online digital loans, in collaboration with Fingular, signifies a shift towards personalized and efficient financial solutions.” He emphasized that these new products are built on collaboration and are designed to capitalize on the strengths of Qatar’s financial ecosystem, thereby enhancing opportunities for growth and innovation while benefiting consumers and the broader financial sector.

Vadim Gurinov, a strategic backer of Fingular and Cypriot investor, noted, “This partnership is not only a milestone for Fingular and TESS Payments LLC but also a cornerstone of Qatar’s strategy to emerge as a global FinTech hub. Our collaboration highlights Qatar’s appealing open economic environment and its dedication to advancing technological innovations in financial services.” He also expressed gratitude to key organizations such as Qatar Development Bank and Qatar FinTech Hub for their support.

Source: FF News