Qatar’s KARTY Secures Central Bank License To Expand Digital Payment Services

Qatar’s fintech ecosystem has recorded a significant milestone as KARTY, a Doha-based lifestyle and payments application, officially received its Payment Service Provider (E-money) license from the Qatar Central Bank (QCB). This regulatory approval marks a pivotal shift for the startup, transitioning it into a fully regulated entity authorized to deliver secure digital payment services directly to users within the country. The license serves as a validation of the platform’s compliance with the highest regulatory standards and its readiness to operate as a primary financial utility for residents in Qatar.

Accelerating Growth Through Strategic Grants

The path to regulatory approval was significantly bolstered by the support of the Qatar Research, Development and Innovation (QRDI) Council. In 2024, KARTY was awarded the Technology Development Grant by the QRDI Council, a critical injection of resources that allowed the startup to refine its technology stack and accelerate its growth trajectory. This collaboration highlights the effectiveness of Qatar’s innovation strategy, where targeted investments in research and development are designed to mature local concepts into market-ready players capable of meeting stringent banking requirements. The grant facilitated the technical advancements necessary to transform KARTY’s vision into a practical, secure solution for financial management.

Enhancing Competitiveness and Market Reach

With the QCB license secured, the startup is now positioned to deepen its market penetration and enhance its value proposition to users. Co-Founder and CEO Mohammed Suleiman has previously highlighted that the support from the QRDI Council was instrumental in strengthening the company’s competitive edge. The regulatory clearance enables KARTY to fully deploy its “spend, save, and manage” features, providing a trusted environment for users to handle their finances. Furthermore, this regulatory status serves as a foundation for the company’s broader ambitions to scale its operations and export its fintech solutions to regional and global markets.

About KARTY

Founded in 2021 and headquartered in Doha, Qatar, KARTY is a fintech startup focused on simplifying financial management through a unified lifestyle and payments application. The platform is designed to help users spend, save, and manage their money within a single interface, combining secure payment processing with intuitive financial tracking tools. By leveraging technology to enhance financial literacy and control, KARTY aims to provide a seamless digital banking experience for the modern user.

Source: QRDI Council