Officials from CWallet and Al Dar For Exchange Works during the agreement signing ceremony.
Doha: CWallet Services has been accepted into Qatar Central Bank (QCB)’s Sandbox Program, allowing the award-winning Fintech startup to test its capabilities to issue mobile phone wallets to customers and merchants over a six-month trial environment. It will also allow CWallet users to pay bills, recharge, and conduct QR code payments to merchants and perform cross border money transfers through its CWallet Mobile Money App.
QCB’s endorsement of the trial is provisional upon CWallet issuing its mobile money wallets in partnership with a QCB licensed bank and providing money transfer services via QCB licensed exchange companies.
Accordingly, CWallet has signed a Service Level Agreement with Al Dar Exchange, a pioneering leader in the Qatar remittance and money exchange market. The partnership covers remittance services in C Wallet Mobile Money, regulatory compliance, policy and procedure, cybersecurity and information technology, consulting, and business collaboration, cash-in, cash-out and prepaid card business, as well as VISA Direct connectivity.
The alliance makes CWallet the first and only Fintech Startup in Qatar to have Central Bank approval to conduct cross border remittance transactions for its customers.
“This is yet another great vote of confidence in our institution and adds to the support demonstrated by our total fund raising of over QR5m via bootstrap, grants and angel investment,” commented CWallet CEO Michael Javier. “It also boosts our strategic business partnership portfolio adding Qatar Central Bank and the premiere Al Dar Exchange brand. These partnerships help to propel us on our mission to become the most multifunctional, and innovative wallet-as-a-service provider within Qatar and the region, and expand the mission to deliver beyond the digital wallet landscape,” he added.
Dr. Abdulmohsin Abdulla Alyafei, COO & Co-Founder of CWallet commented: “As a Fintech startup, we strive to offer a significant opportunity to drive Qatar’s economic diversification, one of the four pillars of Qatar’s National Vision 2030. We will endeavour to introduce to the market our best advanced innovative solution, CWallet Mobile Money which will enable our customers to experience an entirely new concept. It will be the talk of the town and will be the ultimate solution for almost everybody. I am really proud of our team that has worked very hard for this achievement. I am confident that this hardworking team will produce more successful accomplishments going forward”.
Jumah Mubarak Al Maadhadi, CEO of Al Dar For Exchange Works said: “We are delighted to be partnering with the award-winning Fintech startup by signing a service level agreement and this will be a great addition to Al Dar Exchange remittance proposition. Association with CWallet will not just revolutionise money transfer but will also add convenience for the sender as well as the beneficiary”.
Al Dar For Exchange Works is one of the leading names in the Qatar remittance market and a pioneer in the industry of Qatar money exchange business. The company has 23 retail branches across the country and extends its service in digital through Web and Mobile App as well.
CWallet is an award-winning Fintech Startup with basic principles of Payroll, Payment, and Remittance, allowing users to receive their salary on time, conduct online and offline transactions and ultimately send money at any time, anywhere with any currency. The company is in-line with the United Nations ESG (Environment, Social and Governance) goals of supporting Financial Inclusion and Literacy by promoting a cashless society without leaving anyone behind.
