Mon. PM KTFA News Articles 1-31-22

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Samson » January 31st, 2022

The Central Bank of Kuwait allows applications to establish digital banks

31st January, 2022

The Central Bank of Kuwait announced the opening of the door to receive applications for the establishment of new banks that provide their services completely digitally through a general banking license. It also allowed existing banks to form a digital banking unit within the bank without the need for a new license

The Central Bank has given those wishing to establish this type of bank a deadline to submit their applications, which ends on June 30, indicating that the results of the submitted applications will be announced at the end of this year 2022, according to what was stated on the bank’s website today, Monday

The Central Bank clarified that this decision comes as part of the bank’s endeavors towards accelerating the digital transformation process at the level of the Central Bank and the banking and financial sector, and a number of steps were announced that would start a new era of digital banking and financial work

In the context of supporting and enabling financial technology companies (Fintech) , the Central Bank is currently working on updating the regulatory framework for the work of these companies in the areas of payments, microfinance and the experimental regulatory environment

This came during a virtual meeting entitled “Empowerment and Empowermentheld by the bank today, Monday, during which it shed light on the Central Bank of Kuwait’s digital strategy with the aim of achieving further development in analytical tools and accelerating the digital transformation process

In a video broadcast by the Central Bank on its website, Muhammad Al-Khamis, Director of the Office Supervision Department at Bank of Kuwait, said

The Central Bank said that the bank has completed the development of a framework for digital banking “with the aim of stimulating innovation,” noting that this framework allows the provision of digital banking services according to three models of digital banking  LINK

Source: Dinar Recaps

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