Fintech Startup Cwallet Accepted Into QCB's Sandbox Programme
Date
8/23/2022 11:14:47 PM
(MENAFN- Gulf Times)
CWallet Services has been accepted into the Qatar Central Bank's (QCB) Sandbox Programme, allowing the 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. The 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. The partnership covers remittance services in CWallet mobile money, regulatory compliance, policy and procedure, cybersecurity 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 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 fundraising of over QR5mn via bootstrap, grants, and angel investment.
“It also boosts our strategic business partnership portfolio, adding the Qatar Central Bank and the 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,” 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 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.”
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.”
Last updated: August 23 2022 11:23 PM
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