Doha, Qatar: Qatar Development Bank was named the Best Digital Bank in Qatar at the 2024 Banking Excellence Awards by MEED research and media platform in recognition of its distinguished efforts in the field of digital transformation and technological innovation in the banking industry.

The award celebrates digital initiatives that transcend traditional online banking services, recognizing QDB’s contribution to fostering Qatar’s entrepreneurship system by supporting and enhancing the digital transformation of SMEs and their adoption of the Fourth Industrial Revolution’s trends. In line with its digital transformation strategy, QDB has served as a financial development partner over the years, providing comprehensive insights and innovative solutions to its clients.

The bank’s efforts gained further momentum since the launch of its digital portal in January 2023, offering integrated digital features and solutions to manage entrepreneurs’ accounts and disbursement processes and provide monthly business performance reports based on consolidated data. The portal has bolstered customer satisfaction, with 92% of active users returning to the portal within 1-5 days, due to its ease of use and integration with government and financial institutions, which simplifies operations and reduces paper procedures, making it easier for businesses to access financing and manage their operations.

On the other hand, QDB implemented innovative solutions to improve internal processes for employees, such as automating repetitive manual processes and creating unified control panels that help in decision-making. The bank also provided digital trade financing services to streamline processes for companies.

Commenting on the award, Ms. Amna Jassim Sultan, Senior Manager of Digital & Customer Experience at QDB, said: “We take pride in this award, which reflects our continued efforts in adopting technology and promoting digital transformation across the bank’s programs and initiatives. At Qatar Development Bank, we are committed to supporting the government’s efforts in comprehensive digital transformation, whether through providing all our services electronically or by supporting and nurturing technology startups. For this reason, we consider digital innovation as the cornerstone of our strategy to drive economic diversification and enhance the business ecosystem.”

Qatar Development Bank’s achievements in the field of digital banking services are integral to the bank’s broader strategy of bolstering the country’s economy, with initiatives ranging from the adoption of artificial intelligence and specialized services aimed at improving decision-making processes to empowering entrepreneurs in their digital transformation journey.

2024 marked the third consecutive year of achievements for QDB. In 2023, the bank was named as the Best Sustainable Bank in the MENA region, only a year after securing the 'Excellence in Crises: Customer Services in the Middle East Award' for 2022. The awards underscore the bank’s leading role in terms of providing access to digital banking services and promoting innovation in the financial sector to ensure a sustainable economic landscape.

The Banking Excellence Awards are presented by MEED research and media platform, which specializes in tracking business and financial developments in the Middle East and North Africa region and releasing economic studies and statistics on the region.

About Qatar Development Bank (QDB)

Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for the private sector.

 QDB has achieved significant milestones in recent years, playing a chief role in growing Qatar’s private sector. QDB has also played an integral role in stimulating national economic and social development, through funding a variety of local projects and providing support to the private sector through a range of innovative services. By adopting this strategy, QDB has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry to new international markets. QDB’s strategy is entirely in line with the Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in key economic sectors, with the aim of building a diversified, sustainable economy. QDB aims to promote entrepreneurship spirit within the private sector in Qatar through providing the necessary services that shall ease the growth, development, and diversification of this sector. In doing so, QDB offers access to information, incubation, and capabilities to SMEs, in addition to access to capital through direct and indirect financial services, investment and access to local markets, and access to international markets for Qatari exporters though export insurance and funding services.