CWallet and Al Dar For Exchange Works officials during the signing ceremony.
Doha: CWallet Services has been accepted into the Qatar Central Bank (QCB) sandbox program. It allows award-winning fintech startups to test the ability to issue mobile phone wallets to customers and merchants in a six-month trial environment. CWallet users can also pay bills, recharge, make her QR code payments to merchants, and transfer money across borders via the CWallet Mobile Money app.
The QCB trial approval is interim for CWallet to partner with QCB licensed banks to issue mobile money wallets and provide remittance services through QCB licensed exchanges.
CWallet has therefore entered into a service level agreement with Al Dar Exchange, a pioneering leader in the remittance and exchange market in Qatar. The partnership covers C-wallet mobile money remittance services, regulatory compliance, policies and procedures, cybersecurity and information technology, consulting and business collaboration, cash-in, cash-out, prepaid card business, and VISA direct connectivity.
The partnership will make CWallet the first and only fintech startup in Qatar to receive central bank approval to conduct cross-border money transfer transactions for its customers.
CWallet CEO Michael Javier commented: “The addition of the Central Bank of Qatar and the leading Al Dar Exchange brands also strengthens our portfolio of strategic business partnerships. It will help us further our mission to be the wallet provider for , and expand our mission to offer beyond the world of digital wallets,” he added.
CWallet COO and Co-Founder Dr. Abdulmohsin Abdulla Alyafei said: Our cutting edge innovative solution, he brings CWallet Mobile Money to market, allowing our customers to experience a whole new concept. It will be the talk of the town and the ultimate solution for most people. We are confident that this hardworking team will achieve even more success in the future. ”
Jumah Mubarak Al Maadhadi, CEO of Al Dar For Exchange Works, said: Integration with CWallet will not only revolutionize money transfers, but also enhance convenience for senders and beneficiaries. ”
Al Dar For Exchange Works is one of the leading names in the Qatar remittance market and a pioneer in the Qatari currency exchange business industry. The company has 23 retail stores nationwide and expands its digital offerings through web and mobile apps.
CWallet is an award-winning fintech startup with basic principles of payroll, payments and money transfer. It enables users to receive their paychecks on time, perform online and offline transactions, and finally transfer money anywhere, anytime in any currency. The company aligns with the UN’s ESG (Environmental, Social and Governance) goals of supporting financial inclusion and literacy by promoting a cashless society that leaves no one behind.