CWALLET: A Qatari Fintech Success Story
When exploring Qatar’s thriving fintech scene, one name that stands out is CWallet. Founded in 2018 by Mr. Michael Javier and Dr. Abdulmohsin Al Yafei, the company has firmly established itself as a leading provider of digital payment services in Qatar. In 2022, the company’s achievements were recognized by the Ministry of Communications and Information Technology (MCIT) as it won the Innovative Fintech Solution of the Year Award during the Qatar Digital Business Awards.
Dr. Al Yafei believes that Qatar’s launch of a fintech strategy, although slightly delayed, has come at the right time. “It’s a crucial step in the right direction, providing a solid framework for us to operate, expand our services, and innovate further. This framework will prove advantageous not only for CWallet but also for local and international fintech participants, enabling them to offer regulated services within the country. We hope this will lead to innovative solutions emerging from Qatar and reaching a global audience. It’s not impossible; fintech is a vast field with a lot of room for creative ideas,” he says.
CWallet began as an academic research project conducted by Mr. Javier during his master’s studies at HEC Paris in Qatar. The concept evolved further with support from the Digital Incubation Center at the Ministry of Communications and Information Technology transforming into a startup company offering diverse digital payment and transfer services benefiting numerous institutions and individuals in Qatar. Dr. Al Yafei currently serving as the Vice Chairman of the Board, describes their journey: “Our journey goes far beyond a roller coaster ride. Nevertheless, witnessing what we have accomplished thus far has been truly gratifying. The main challenges were building the product and complying with the regulators. So, it was on a trial-and-error basis, and we, in fact, worked with up to 4 different development houses to have a fully PCI-compliant and regulated product. We tried to overcome these challenges by seeking help, learning from other entrepreneurs, and working with industry experts along with hiring the right talents and partnering with strategic organizations that provided both in-kind and cash investment.”
CWallet upholds the highest sustainability standards by adhering to Environmental, Social, and Governance (ESG) practices. It also supports the United Nations Sustainable Development Goals (SDGs) by placing financial inclusion at the core of its strategy. Its services cater to a wide range of individuals in Qatar, including those without bank accounts, low-income groups, and expatriates living with their families.
Despite the remarkable success, Michael Javier, Co-Founder and CEO of CWallet, acknowledges ongoing challenges. “Our strategy revolves around providing a specific set of high-level exceptional services tailored to the needs of individuals, companies, and government institutions. However, achieving this means facing some prominent challenges like keeping pace with the continuous and rapid evolution of technology and the high costs associated with integrating services such as information security and cybersecurity,” he says.
CWallet’s ambitions don’t stop there. Last year, the company successfully raised $875,000 in a Pre-Series A investment round. Javier hopes this will propel the company closer to its ultimate dream and mission: to become the first licensed digital bank, a “Neobank,” in Qatar. “That’s our mission. The complexity of what we are doing is huge, but we see the challenges coming and we accept them and try to overcome them. In the startup world, there’s no way to avoid some missteps on the path to success, but we’re working to minimize them. While this does not guarantee extraordinary success, we are confident in our steadfast determination to forge ahead. Our motivation to make a difference and positively impact the lives of others through financial technology continues to drive us forward,” he concludes.
