CWallet accepted into Qatar Central Bank Sandbox program

Officials from CWallet and Al Dar For Exchange Works during the signing ceremony of the agreement.

Doha: CWallet Services has been accepted into the Qatar Central Bank (QCB) Sandbox Program, allowing the award-winning fintech start-up to test its capabilities to issue mobile phone wallets to customers and merchants in a trial environment six months. It will also allow CWallet users to pay bills, top up and make QR code payments to merchants and make cross-border money transfers through its CWallet Mobile Money app.

QCB’s approval of the trial is provisional when CWallet issues its mobile money wallets in partnership with a QCB-licensed bank and provides money transfer services through QCB-licensed exchange companies.

As a result, CWallet has signed a Service Level Agreement with Al Dar Exchange, a pioneering leader in the remittance and foreign exchange market in Qatar. The partnership covers remittance services in C Wallet Mobile Money, regulatory compliance, policies and procedures, cybersecurity and information technology, consulting and business collaboration, collection activities, collection and prepaid cards, 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 money transfer transactions for its clients.

“This is another great vote of confidence in our institution and adds to the support demonstrated by our total fundraising of over QR 5 million through bootstraps, grants and angel investments,” commented Michael Javier, CEO of CWallet. “It also strengthens our portfolio of strategic business partnerships by adding Qatar Central Bank and the premier Al Dar Exchange brand. These partnerships help propel us in our mission to become the most multifunctional and innovative wallet-as-a-service provider in Qatar and the region, and expand the mission to go beyond the digital wallet landscape. “, he added.

Dr. Abdulmohsin Abdulla Alyafei, COO and Co-Founder of CWallet commented: “As a Fintech startup, we strive to provide a significant opportunity to drive Qatar’s economic diversification, one of the four pillars of the National Vision. 2030 from Qatar. We will strive to introduce our most advanced innovative solution, CWallet Mobile Money, to the market which will allow our customers to experience an entirely new concept. It will be the talk of the town and will be the ultimate solution for almost anyone. I am really proud of our team who worked very hard for this achievement. I am confident that this hardworking team will produce more successful achievements in the future”.

Jumah Mubarak Al Maadhadi, CEO of Al Dar For Exchange Works, said, “We are delighted to partner with the award-winning Fintech startup by signing a Service Level Agreement and this will be a great addition to the remittance proposition. of Al Dar Exchange. The association with CWallet will not only revolutionize money transfer, but will also add convenience for the sender as well as the recipient.”

Al Dar For Exchange Works is one of the leading names in the remittance market in Qatar and a pioneer in the foreign exchange industry in Qatar. The company has 23 retail branches across the country and is also expanding its digital service through the web and mobile apps.

CWallet is an award-winning Fintech startup with payroll, payment and remittance fundamentals, enabling users to receive their pay on time, transact online and offline and ultimately send money to anytime, anywhere with any currency. The company is aligned with the United Nations ESG (Environment, Social and Governance) goals to support financial inclusion and literacy by promoting a cashless society that leaves no one behind.

Comments are closed.