Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has recently welcomed aboard NEBIX LLC, a fintech digital trade finance marketplace headquartered in Doha. NEBIX joins QFC’s comprehensive suite of fintech companies, which will help advance Qatar’s position as a rising regional and global fintech and trade finance hub.
Connecting corporates, funders, and insurers, NEBIX is a digital marketplace that validates trade finance requirements, enhance their credit worthiness, and matches clients with appropriate funders and commercial insurers, helping SMEs increase sales, optimise working capital and minimise risks while acting as a quality origination tool for funders and a facilitator for trade finance brokers.
Sheikh Fahad bin Jassim Al-Thani, Vice President, Financial Sector Office, QFC, said: “Qatar has been putting increased resources into enhancing the business climate for fintech firms and is already reaping the rewards. We have seen a tangible increase in the quantity as well as the quality of fintech firms making Qatar their home through the QFC platform. We welcome NEBIX to the platform as yet another important addition to our growing list of fintech companies. Together, we will continue to work towards ensuring that Qatar becomes a thriving hub of financial technology.”
QFC’s strategy aims to develop a stronger regional ecosystem in Trade Finance. The Trade Finance Platform of NEBIX LLC will contribute to attracting more Financial Sector and Credit Insurance players to QFC, generating more Trade Finance opportunities for Qatari banks.
Fadi Saab, Chairman, NEBIX, said: “NEBIX was established to overcome specific Trade Finance obstacles facing corporates and financial institutions in Qatar and regionally in the wider neighboring markets. Our aim is to facilitate collaboration between all stakeholders by leveraging our state-of-the-art technology and artificial intelligence capabilities. Implementing Fineon Exchange’s efficient and non-disruptive model with tried and tested processes will enable NEBIX to become the go-to Trade Finance partner and solution provider for the region’s corporates, funders, and ecosystem parties.”
Michel Kilzi, Chairman, Fineon Exchange SA, said: “We are delighted to support both the Qatar Financial Centre (QFC) Authority and NEBIX in their pursuit of making Qatar the leading Fintech and Trade Finance hub in the region. We look forward to working closely with NEBIX to enable its success.”
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.