Open banking app sync. has secured a licence from the Qatar Financial Centre Authority (QFC) and expanded its footprint into the Middle East.
sync. became the first European fintech to launch its operations in Qatar.
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The new licence comes after sync. secured its electronic money (EMI) licence from the UK watchdog Financial Conduct Authority (FCA), in September 2020.
sync. also received its own Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licenses.
The new licence is in line with its mission to “Make Qatar Cashless”, by offering sync. app to consumers.
Soon, the app users can open a local Qatar account and consolidate all their overseas financial accounts in one place.
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By GlobalDatasync. is also part of the Qatar Fintech Accelerator programme, which began in October 2020, and run by Qatar Development Bank and Qatar Fintech Hub.
In the coming months, the company is planning to open a physical office in the country, which will be its base for all its operations in the Middle East.
sync. will launch its operations next year, with a focus on the 2022 Qatar World Cup.
sync. co-founder and CEO Ricky Lee said: “We are incredibly excited to bring the sync. brand and product to Qatar.
“This licence is a huge step towards our goal of making Qatar cashless.
“We are the only European Fintech currently expanding into the Middle East, which perfectly positions us to capitalise on international travel to Qatar ahead of the 2022 World Cup.
“This rapid development has been made possible thanks to the fantastic support of the Qatar Fintech Hub.”
sync. leverages open banking technology to enable its users to send money to other users for free.
It allows users to connect all their debit and credit accounts, loans, and mortgages, alongside their own sync. X card powered by Mastercard.
In August, sync. launched across Europe to offer a complete suite of digital financial services to its users in one place.
sync. also partnered with UK banking infrastructure TrueLayer to roll out a smart banking beta for Spanish banks.
The sync. app allows users to open over 30 currency accounts, including creating and holding money in a GBP and/or EUR current account.
It features immediate currency exchange, money transfers, debit card payments, and peer-to-peer as well as QR code-based payments.
