Kuwait adopts smart technologies to propel economic growth
Eng. Noura Al-Fassam emphasized the importance of digital technology in achieving growth and sustainable development, urging countries to accelerate the pace of this transformation in all fields.
• Kuwait’s banking system is rapidly embracing digitalization to enhance customer services, with local banks launching online platforms, utilizing artificial intelligence, and implementing mobile and smartwatch payment options.
Eng. Noura Al-Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment, stated that digital transformation is a cornerstone of Kuwait’s Vision 2035.
Kuwait aims to adopt smart and digital technologies to enhance services, stimulate economic growth, and improve quality of life while increasing operational efficiency and supporting key sectors. A prime example of this initiative is the ‘Sahel’ application, which integrates 35 government entities into a single platform, allowing citizens and residents to easily complete their transactions without needing to interact with each entity individually, according to Al Rai newspaper.
This was stated in a speech delivered by Al-Fassam, representing His Highness the Amir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah, on the sidelines of Kuwait’s participation in the fortieth ministerial meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) held in Istanbul.
During the meeting, chaired by Godht Yılmaz, the Vice President of Turkey, Al-Fassam expressed her satisfaction with the adoption of digital transformation in financial payment systems among OIC member countries.
She emphasized the importance of digital technology in achieving growth and sustainable development, urging countries to accelerate the pace of this transformation in all fields.
She added that Kuwait’s banking system is keen to quickly and increasingly embrace digitalization to enhance the services provided to customers, as local banks have begun offering online banking platforms and using artificial intelligence technology to improve customer service, as well as implementing payment options through phones and smart watches.
Additionally, she noted that the government of Kuwait has entered into a strategic alliance with Google Cloud to develop a roadmap for a comprehensive digital transformation program for government bodies and major state-owned companies, allowing them to benefit from the company’s expertise in cybersecurity and artificial intelligence (AI).
The meeting discussed several important topics, including the digital transformation of payment systems in OIC member states. The report from the 40th meeting of the Follow-up Committee, stemming from the Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC), was adopted, along with reports from the working groups covering various sectors: commercial, transport and communications, agriculture, tourism, financial cooperation, poverty, and digital transformation.
It is worth mentioning that COMCEC was established based on the resolution of the Third Islamic Summit Conference in 1981, with the chairmanship entrusted to the President of the Republic of Turkey. It serves as a forum for the ministers of finance and economy of OIC member states to formulate comprehensive national economic policies.
COMCEC addresses all international and regional economic and trade issues and their repercussions on member states.
