CWallet, an award-winning Qatar-based payment processing fintech startup, has partnered with M2P Fintech, Asia's largest API infrastructure company, to enable prepaid and multi-currency cards in Qatar.
This partnership is aimed at promoting financial technology intelligence, financial inclusion, and services not only to the unbanked majority but also to Qatar residents, citizens, and businesses.
Founded in 2019, CWallet began operations with digital wallets and prepaid cards to simplify the process of sending and receiving money within Qatar. Via the app, the user can receive salaries on time, conduct online, offline and mobility transactions, pay bills, buy groceries from local and international stores, and ultimately send money home, anytime, anywhere within a single app.
More than 25 million foreign workers are employed across the six Gulf Cooperation Council (GCC) nations namely Qatar, Saudi Arabia, Kuwait, Oman, Bahrain, and the United Arab Emirates. Approximately 10 million people work in the construction industry and the remaining are employed in domestic service, retail, and other sectors. In Qatar, there are more than one million foreign workers. Owing to better economic opportunities than in their home nations, such employment opportunities enable migrants to support their families financially. Two-thirds of the remittances from the region are to South Asia which amounts to over $150 billion every year.
“The association will not only broaden CWallet's product offerings but also revolutionize the financial industry by enabling individuals in the region to transfer money across the globe digitally and seamlessly from the comfort of their homes as opposed to carrying cash to a service provider’s outlet. This aligns with our objective of digitally empowering, enabling, and educating low-income and unbanked migrant workers, domestic assistants, and blue-collar workers in the region. We are really thrilled to debut CWallet in Qatar, and because the GCC countries have regulatory and demographic similarities, we will soon look to extend to other partner countries as well," said Michael Javier and CEO and Founder of CWallet.
“Another major achievement and this time with M2P”, commented Dr. Abdulmohsin Abdulla Alyafei COO & Co-Founder of Cwallet. “With our strategic partnership with M2P, our users will be able to enjoy using their virtual prepaid card issued by Cwallet. We really value this partnership which will facilitate our goal to include everyone in our ecosystem without leaving anyone behind. With our virtual prepaid card, everyone will be able to own his own regardless having a bank account or not.”
“I hope that this partnership will let us grow along with M2P and we are able to accomplish more and more. As a Fintech startup, we are offering unique solutions in order to drive Qatar’s economic diversification, one of the four pillars of Qatar’s National Vision 2030. It will be one of the best advanced innovative solutions which will enable our customers to experience our new concept. It will be the talk of the town and will be the ultimate solution for almost everybody.”
"We are very excited to be partnering with CWallet to enable the financially under served, better access to financial products. We are unflinching in our endeavour to empower startups by co-creating exceptional payment experiences to meet the end-customer's needs with a technology-first approach," said Vaanathi Mohanakrishnan, Head MENA, M2P Fintech.