Qatar-based financial technology startup, C Wallet Services secures more than QR2mn in funding
July 01 2020 01:33 PM
Former HEC Paris classmates, the founders and innovators of C Wallet Services include the highest nu
Former HEC Paris classmates, the founders and innovators of C Wallet Services include the highest number of nationals in a Qatari startup. From left to right: Khalid Al Yafei, Michael Javier, Mohammed Kafoud, Abdulaziz Abdulla, Abdulmohsin Al Yafei, Nasser Al Haj and Moustafa Al Sayrafi

Qatar-based financial technology startup, C Wallet Services, has successfully secured more than QR2mn in grants and funding in its first year, having created cwallet, Qatar’s first and only mobile application (app) to facilitate banking via blockchain technology.

C Wallet Services is incubated by the Digital Incubation Center under Qatar’s Ministry of Transport and Communication, and is funded by the Qatar Science and Technology Park’s Product Development Program, as well as the Qatar Business Incubation Center, a Qatar Development Bank initiative.

Banking the unbanked: Targeting the low-income, high-volume market such as migrant and domestic workers, as well as micro-entrepreneurs, and small and medium-sized businesses (SMEs), cwallet enables access to financial services such as payroll and payments.

Speaking at the Qatar Science and Technology Product Development fund signing ceremony, cwallet founder, Michael Javier, said, “Our goal is to financially empower those who are unbanked by providing a cheaper, more inclusive and cashless solution.”

Thanks to the new technology, individuals and businesses will be able to perform local and international financial transactions online, including paying and receiving wages and sending remittances to their home countries.

As one of the few local platforms available in nine different languages, it also succeeds in overcoming the communication challenges often faced by customers in the targeted markets.

First in Qatar:

The brainchild of Javier and his six Qatari partners, the innovative cwallet app was brought to life under the guidance of the Digital Incubation Center (DIC), an initiative by the Ministry of Transport and Communications’to boost ICT innovation in Qatar, particularly among young people in technology-related businesses.

As Qatar’s first and only mobile application running on blockchain technology, it has been licensed by the Qatar Financial Center (QFC) as ‘C Wallet International’, and is now available at both the App Store and Google PlayStore with the ‘Payment’ function.

Javier confirmed that cwallet 2.0 will be launched by the third quarter of this year to enable users to directly buy and pay online using their cwallet account. ‘Payroll’ and ‘Remittance’ services will be added thereafter.

Planning for global growth: Beyond 2020, the innovative startup is looking even further ahead, as it plans for growth and expansion well beyond Qatar’s borders.

The establishment of C Wallet International aims to pursue opportunities in micro-financing and lending, white labelling its cwallet blockchain technology, and seeking out affiliate partnerships, ensuring that this homegrown technology takes financial freedom and digital empowerment to underserved markets around the world.

Last updated: July 01 2020 01:39 PM

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