Press Releases

As part of its efforts to enable new fintech in the State of Kuwait to deploy more innovative business models, the Central Bank of Kuwait (CBK) announced that it has approved the soft launch of a new product in the local market within its Regulatory Sandbox by applying it to a group of volunteer customers to evaluate the product before the final approval thereof.

CBK stated that the new product is an e-wallet that targets domestic workers and employers in Kuwait, whereby an employer can electronically pay wages and bonuses easily and quickly, while the domestic workers can maintain their money in a safe and electronic mode, withdraw from their e-wallets using ATMs, transfer it to another worker subscribed to the service or make cross-border money transfers in cooperation with licensed exchange companies in the State of Kuwait.

Moreover, CBK added that the new product contributes to increasing financial inclusion by targeting the unbanked low-income segment in Kuwait, providing them with financial services in a way that facilitates their access to, and helps them benefit from, these services through their smart phones.

CBK asserted on its keenness to support innovative business models based on new fintech that provides added value to the user in particular and the local market in general. He commended the role of the Regulatory Sandbox Framework in testing and developing such innovative financial products in a safe testing environment that bolsters innovation without posing risks to the financial system.

CBK concluded his statement by stressing that the CBK will continue to play its role as a catalyst for financial technologies in order to achieve Kuwait Vision 2035 "New Kuwait".