Kuwait, 21 February 2024: Kuwait International Bank (KIB) announced its participation in the “Digital Innovation in Kuwait’s Banking Sector” conference, which was recently organized by the US Chamber of Commerce’s US-Kuwait Business Council at Four Seasons Kuwait. The Bank’s participation comes as part of its steadfast commitment to keeping pace with the comprehensive nationwide strategy for digital transformation, as well as reinforcing innovation and adopting the latest advancements in the field of financial technology. It serves to note that the conference centered on identifying the opportunities that can be explored within the Kuwaiti banking sector to fortify the role of Kuwait as an international financial hub, especially with the country’s growing investment in the digital banking services.

The conference saw the participation of several leadership figures from the Central Bank of Kuwait as well as the Kuwaiti and US Commerce Chambers, in addition to the US-Kuwait Business Council, the Kuwait Capital Markets Authority, and the Communication and Information Technology Regulatory Authority (CITRA), not to mention a number of other high-profile figures across the Kuwaiti banking community. The conference participants discussed several topics on financial technology and the opportunities it is creating in Kuwait. They also tackled the market directions and trajectories that are gaining traction in light of the steady yet speedy growth of financial technologies. Discussions also touched on the current gaps in the domestic market that can be bridged by utilizing the full stack of financial technologies, setting Kuwait up for success and regional leadership on this front. Last but not least, the attendees explored the numerous exceptional solutions that financial technologies offer, thereby advancing the domestic financial and banking scene.

On behalf of KIB, and as part of his active participation in the conference, Mohamed El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “The Kuwaiti banking sector has managed to keep up with the fast-paced momentum of digital transformation, proving its capacity for applying digital innovation, and thus enhancing the quality of its financial solutions. This was achieved by providing easy access to innovative banking products and services, lowering their cost, guaranteeing convenience to their users, and reducing delivery time. It was also made possible thanks to the tireless efforts exerted by the Kuwaiti regulatory authorities to encourage the growth of financial technology through the formulation and implementation of relevant policies and regulations.”

El-Shareef added: “At KIB, we are aware of the importance of maintaining a leading position at the forefront among financial technology service providers. We are also committed to forming strategic partnerships with all institutions across the international banking community and the American private banking sector to achieve mutual benefit and exchange visions and ideas that enable us to raise the bar for competition and encourage innovation. Our participation in this significant conference cements our commitment to exerting all efforts to innovate advanced financial solutions that add ease, comfort, and value to our customers’ lives – which stems from our institutional slogan, ‘Bank for Life’.”

It is worth noting that KIB’s participation in vital events such as this conference reflects the Bank’s unwavering dedication to influencing a positive change in the banking sector and bolstering its position