Unbanked no more: CWallet empowers migrant workers to access financial services with Microsoft Azure

In the rapidly evolving world of fintech, CWallet stands for inclusivity, aiming to uplift the lives of low-income and unbanked migrant workers. Co-founder and CEO of CWallet Michael Javier shares his experience, "I arrived in Qatar in 2006 as an expatriate in search of work opportunities. At the time, I couldn't open a bank account because my salary was below the minimum requirement. This experience first sparked my idea.” 

After going through several startup incubation programs and listening to the stories of people he personally knew, Javier was inspired to make a difference. “Migrant workers are integral to Qatar’s economy. Yet, they are often unable to access full financial services. That’s why we want to empower this underserved community while also enabling microbusinesses to implement digital payment systems,” says Javier. 

However, Javier was met with several challenges at the beginning of the company. The biggest obstacle was ensuring security compliance with data residency regulations in the Middle East. “When Microsoft Azure opened a data center in Qatar, it was a blessing. It helped us meet the local requirements for data residency, business continuity, disaster recovery, and information security,” shares Javier. “I also discovered that I could also do a lot more with Azure."

Bridging tech and trust

The CWallet app gives users the ability to perform a range of financial operations from their mobile devices, including making deposits, receiving payments, and sending money abroad to over 160 countries. “We are also creating a digital marketplace where users can order food, medicine, and groceries for their families back home,” shares Javier.

For a company that expects to secure over one million users and monitor a million transactions monthly, security was certainly paramount in innovating its cloud platform. “We chose to rely on Azure DDoS Protection, Microsoft Sentinel, and Azure Firewall to fortify our security posture. Microsoft’s collaboration boosted our confidence from an information, cybersecurity, risk, and compliance standpoint,” Javier elaborates. “We also streamlined our system admin, which now allows us to easily monitor logs and activities 24/7 via Azure.”

By having critical data on the cloud, CWallet also established the right foundation for disaster prevention and business continuation. “As a financial institution, we face a greater risk of data loss or compromise. That’s why using Azure Cosmos Database gives us peace of mind knowing that we have a full backup ready along with a log history to maintain business continuity,” says Javier. “That, in turn, gives our customers peace of mind.”

The implementation of Azure has paved the way for the company to receive its operational license, having convinced authorities that it’s safe and compliant with local safety standards. 

Bringing lower costs, more efficiency, bigger views

Alongside ensuring security compliance, CWallet was also able to reduce costs by using an Azure App Services module to host the app. In the past, the company had to host and manage its own servers and virtual machines. “With Azure, I don’t have to hire more developers to maintain the server, since it’s constantly updated. As such, we have saved an estimated US$1 million on hardware solutions that we would’ve spent on on-premises servers and its maintenance,” shares Javier. 

With the cost savings that it has made, the company has gained more freedom to spend its budget on other things in the business, such as security upgrades or customer acquisition. “We’ve also reduced the work hours needed to manage everything on our end by 35 percent,” adds Javier. 

The fintech company has also taken its project planning and documentation to a new level, which establishes the right foundation for further growth. “We’re constantly moving quickly, moving from one development to another. While we used to struggle with documenting our progress, we now have a better sense of that with Microsoft 365, which we use to create structured project planning,” Javier adds. That enables the management team to view the people involved, resources used, and areas the team can optimize. 

Fostering future growth

With strengthened security and backup capabilities, CWallet is ready to propel into a promising future. Partnering with Microsoft has given it access to training programs and resources like the Founder’s Hub, a space where co-founders can discuss their experiences, pain points, strategies, and decision-making processes. This partnership not only offers it the chance to gain more valuable skills, but also a more solid reputation. “Our investors and users are familiar with Microsoft and view its platforms as trustworthy. That also makes us more reputable and helps us cultivate trust among our customers,” says Javier. 

Moving forward, the company plans to offer further functions of its fintech platform. To service small businesses, it hopes to offer an advanced payment feature and QR code-based digital payment options. “We will continue to add more use cases, including a pay-by-link feature, and explore artificial intelligence (AI) capabilities to simplify transactions,” says Javier. 

Speaking about CWallet’s core mission, Javier concludes, “Very few people are raised to pursue entrepreneurship. That’s why I hope to empower the sons and daughters of farmers and fishermen who want to build their own startups and change their fortune.”