The Fintech industry in Lebanon has been budding, yet innovative companies are facing many challenges concerning funding, mentorship and scaling their businesses. Recognizing the potential of the Fintech industry, Visa, the digital payments industry leader and the Beirut Digital District (BDD) joined forces, to fuel growth in the sector.
Visa’s Fintech Fast-Track Program was unveiled on March 28, 2019, in the first Fintech Meet-Up event organized in partnership with BDD. This milestone paves the way for fintech companies to receive the support they need to grow.
Gathering Venture Capital companies, incubators, accelerators, fintech players and banks, the Visa and BDD teams invited the attendees to have open discussions pertaining to challenges and opportunities in the Fintech sector. Accordingly, the teams shared the roadmap for establishing an ecosystem to foster innovation and creativity to spur the growth of digital economy. The collaboration will channel the efforts of main stakeholders in developing the next generation of digital payment solutions.
Mouhamad Rabah, the CEO of BDD, addressed audience members: “Our partnership with Visa is aligned with Beirut Digital District’s objective to continuously support the growth of the tech and entrepreneurial ecosystem. Fintech is expected to be a major pillar supporting the Lebanese economy going forward. As such, we are proud to be engaging with a multinational company such as Visa who is a market leader in the global financial sector, and leveraging its expertise to support our community and accelerate the growth of the wider fintech ecosystem.”
Nabil Tabbara, General Manager for Levant, Visa, said: “We believe that Fintechs are important players and Visa is actively engaging with them both globally and throughout the region. Visa understands the complexity of the digital future and is ready to help communities embrace it through sharing knowledge and best practices. Through our Fintech Fast-Track program, we are committed to reducing the time, complexity and cost of working with Visa, allowing the next generation of payment innovators to grow their businesses and create new customer experiences.”
What you need to know:
With the Visa Fast-Track program, fintechs based in Lebanon can now onboard to Visa’s global network in as little as four weeks.
The program is tailored to the needs of fintechs, adapting to their realities and providing them with processes that are faster, which include reducing the number of onboarding conditions.
The program also links fintechs to platforms that are certified by Visa and connects fintechs to sponsoring banks, providing fintechs with scaling opportunities through Visa’s global network.
The unveiling of BDD’s Finhub, a community dedicated to fuel the Fintech sector will be announced soon.
To learn more, visit www.visa.com/fintechcemea