Qatar Islamic Bank (QIB), the leading digital bank in Qatar, has entered into a Memorandum of Understanding (MoU) with PayLater, a Qatari fintech company specializing in Buy Now, Pay Later (BNPL) services. This collaboration aims to offer Shari’a-compliant BNPL solutions to both customers and merchants in Qatar, providing flexible financing options that foster financial inclusion and contribute to the growth of the country’s digital economy. By joining QIB's financial expertise with PayLater's advanced technology, the collaboration will be able to provide seamless installment-based payment options, helping consumers make purchases while supporting merchants in expanding their customer reach.
Commenting on the partnership, Mr. Bassel Gamal GCEO of QIB said: “Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank’s strategy to support the collaboration between banks and fintech companies. We are proud to be among the first banks to extend our support to Qatari start-ups specialized in technology in line with Qatar National Vision 2030. By joining PayLater’s fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank”.
Mr. Mohammed Al-Delaimi, CEO of PayLater, said: “BNPL solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. This MoU with QIB highlights the potential of partnerships between FinTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar”.
Aligned with Qatar Central Bank’s objectives to encourage the collaboration between banks and fintech companies, enhance digital payment systems and promote financial inclusion, this partnership sets the foundation for new opportunities within Qatar’s financial sector, empowering stakeholders and driving economic growth.
