This archive report was first published on 25 August 2020.
On August 25, 2020, C Wallet Services, a Qatar-based fintech, made a significant breakthrough by raising over $500,000 to enable banking for low-income earners via blockchain technology.
The funding, secured in the company's first year, was made possible through grants and funding, which will enable small and medium-sized enterprises (SMEs) to access financial services such as payroll and payments.
Founded by Michael Javier and six others, C Wallet Services aims to provide a cheaper, more inclusive, and cashless solution to those who are unbanked.
According to Michael Javier, the company's founder, 'Our goal is to financially empower those who are unbanked by providing a cheaper, more inclusive and cashless solution.'
The platform, available in 9 different languages, enables individuals and businesses to perform local and international financial transactions online, including paying and receiving wages and sending remittances to their home countries.
With the support of the Digital Incubation Center (DIC), an initiative by the Ministry of Transport and Communications, C Wallet Services has been licensed by the Qatar Financial Center (QFC) as C Wallet International.
The company plans to launch a new version by Q3 2020, which will enable users to directly buy and pay online using their cwallet account. 'Payroll' and 'Remittance' services will be added thereafter.
