Overview
In line with the Central Bank of Kuwait’s (CBK) vision to bolster innovation, the Innovation Hub “Wolooj” seeks to play a vital role in driving innovation in the areas of Artificial Intelligence, Digitalization, Information Security, Financial Technology (FinTech), and Supervisory and Regulatory Technology (SupTech/RegTech) by offering an interactive environment for testing the innovative products and services.
The Innovation Hub is instrumental in transforming creative ideas into tangible solutions by providing access to resources, fostering a culture of experimentation, promoting interdisciplinary collaboration, and contributing to the broader innovation ecosystem.
"Wolooj" accepts two types of requests:
- Research and Development (R&D):
The Research and Development (R&D) function within the CBK's Innovation Hub is dedicated to driving forward-looking research, fostering innovation to explore emerging trends and technologies in the financial and central banking sectors. We aim to contribute to the advancement of knowledge, promote best practices, and support the development of innovative approaches to enhance financial stability.
2. Products and Services Ready for Testing:
"Wolooj" also accepts requests for testing products and services that have already been developed and are ready for implementation in the banking sector.
These products and services may be innovative technologies, application software, financial services or other solutions that had passed the initial development to the real-world testing and validation.
By adhering to the CBK's regulations, individuals and businesses can contribute to a secure and transparent financial system that benefits society as a whole.
