Financial news

Qatar-based fintech startup, CWallet Services, has signed an agreement with QNB, a bank operating in the Middle East and Africa, in an effort to enhance the fintech services in Qatar. 

QNB will support CWallet by facilitating the settlements, in line with the requirements of the Qatar Central Bank. The collaboration hopes to enable a significant amount of business opportunities, as Qatar aims for a cashless society and a more prosperous financial sector.

CWallet is a financial technology firm that develops and delivers online, mobile, and point-of-sale solutions across Qatar and the MENA region. The fintech provides mobile money wallets, peer-2-peer transactions, online, offline, and on-demand payment transactions, a marketplace, payment gateway, wallet-as-a-service, and prepaid cards to both consumers and merchants.

Becoming ‘less reliant on cash’

Michael Javier, CEO and founder of Doha-based CWallet, said: “QNB is the bank that sees the future and CWallet is working towards the future of payment, as we always reiterate that our vision is beyond remittance and beyond digital banking. Thus, with such strategic partners, the fintech landscape in Qatar will pave the way for more entrepreneurs and innovative solutions that will bring high in-country value to Qatar’s residents, citizens, and its governance”.

Dr Abdulmohsin, co-founder and vice chairman of CWallet, said: “This is a great partnership, and we could see big ambitions to grow our business with QNB. Our partnership with QNB will reinforce our core offerings and will further define our footprint in fintech within Qatar and the MENA region.

“By partnering with QNB, we will be able to make our mission and vision possible. We would like to thank QNB for believing in CWallet and empowering us and it will surely have a positive outlook for the years ahead. Soon we will be launching our new products that will enable our users in Qatar to experience the one-of-a-kind services”.

Adel Ali Al-Malki, senior executive vice president of group retail banking at QNB, also discussed the agreement: “QNB always encourages innovation when it comes to enhancing the financial services that provide seamless and easier payment solutions. The bank’s vision is to support the future of payments to be less reliant on cash”.