Qatar Central Bank adds fintech Startup CWallet to its Sandbox Program

By Arya M Nair, Official Reporter
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CWallet Services has been accepted into Qatar Central Bank’s (QCB) 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.

In accordance with this, 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 CWallet 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.

Michael Javier
Michael Javier
Founder & CEO

“This is yet another great vote of confidence in our institution and adds to the support demonstrated by our total fundraising of over $1.4 million via bootstrap, grants and angel investment. 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.”

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 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 Environment, Social and Governance (ESG) goals of supporting Financial Inclusion and Literacy by promoting a cashless society without leaving anyone behind.

Related: Qatar’s QIB introduces Google Pay to its cardholders for contactless payment