C Wallet Services, a Qatar-based fintech has raised more than USD$500K to facilitate banking via blockchain technology.
C Wallet Services, says it has raised the funding in its first year through in grants and funding to enable SMEs access to financial services such as payroll and payments.
C Wallet Services serves low-income, high-volume market such as migrant and domestic workers, as well as micro-entrepreneurs, and small and medium-sized businesses (SMEs) access
“Our goal is to financially empower those who are unbanked by providing a cheaper, more inclusive and cashless solution.” said cwallet founder, Michael Javier, during the Qatar Science and Technology Product Development fund signing ceremony.
The platform also aims to enable individuals and businesses to perform local and international financial transactions online, including paying and receiving wages and sending remittances to their home countries.
The platform is available in 9 different languages and is a brainchild of Mr Javier and six others. It 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.
cwallet 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.
The firm aims to launch a new version by Q3 2020 to enable users to directly buy and pay online using their cwallet account. ‘Payroll’ and ‘Remittance’ services will be added thereafter. Beyond 2020, the firm aims to expand 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.