Fintech Startup Cwallet Accepted in QCB’s Sandbox Program…
(MENAFN- Gulf Times)
CWallet Services has been accepted into the Qatar Central Bank’s (QCB) Sandbox program, allowing the fintech startup to test its capabilities to issue mobile wallets to customers and merchants over a six-month trial environment. 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 the CWallet mobile money app. QCB’s approval of the trial is provisional as CWallet issues its mobile money wallets, in partnership with a QCB-licensed bank and offers money transfer services via QCB-licensed exchange companies.
Accordingly, CWallet has signed a service level agreement with Al Dar Exchange. The partnership covers CWallet mobile money transfer services, regulatory compliance, policy and procedure, cyber security and information technology, consulting, business collaboration, cash-in cash-out, 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 perform cross-border money transfers for its customers.
“This is another great vote of confidence in our institution and adds to the support demonstrated by our total fundraising of over NOK 5 million via bootstrap, grants and angel investments.
“It also increases our strategic business partnership portfolio, adding to the Qatar Central Bank and Al Dar Exchange brand. These partnerships help propel us forward in our mission to become the most multi-functional and innovative wallet-as-a-service provider in Qatar and region, expanding its mission to deliver beyond the digital wallet landscape, said CWallet CEO Michael Javier.
Dr Abdulmohsin Abdulla al-Yafei, COO and co-founder of CWallet, said: “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 strive to introduce to the market our best advanced innovative solution, CWallet mobile money, which will enable our customers to experience a completely new concept. It will be the talk of the town and will be the ultimate solution for almost everyone.”
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 Al Dar Exchange remittance proposition. Connecting with CWallet will not only revolutionize money transfer, but will also add convenience to both the sender and receiver.”
Last updated: 23 August 2022 23:23
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