Bridging the Social and Institutional Gaps in FinTech Adoption: A Stakeholder Perspective from Qatar’s State-Led Digital Economy

Abstract

Financial Technology (FinTech) is widely promoted as a catalyst for economic diversification in the Gulf, especially within strategic visions like Qatar National Vision 2030. However, policy enthusiasm often overlooks the practical and social complexities of adoption. This study explores how institutional design, behavioural factors, and stakeholder experiences shape FinTech’s effectiveness in Qatar, addressing the gap between strategic ambition and real-world implementation. Using a mixed-methods approach, the study draws on structured surveys and open-ended responses from FinTech customers, company representatives, and policymakers. Data collected over three months in 2024 provides a cross-sectional view of Qatar’s evolving FinTech landscape. The analysis reveals that while FinTech is institutionally supported by entities like the Qatar Central Bank and Qatar Development Bank, its adoption remains uneven and socially constrained. Stakeholders acknowledged FinTech’s potential for financial inclusion and entrepreneurship but cited persistent barriers such as fragmented regulation, limited market autonomy, and a lack of trust among underserved groups. Digital infrastructure and investment, though necessary, were seen as insufficient without greater attention to digital literacy, cultural accessibility, and decentralised innovation. The study contributes to scholarly debates on digital transformation in rentier states, highlighting the importance of participatory, adaptive governance. Rather than viewing FinTech solely as a tool of diversification, findings suggest success depends on embedding trust, inclusive design, and cross-sector collaboration within national strategies.