Lobo commends Kuwait’s digital transformation strategy and rising consumer trust

Charles Lobo, Senior VP and Regional Chief Risk Officer at Visa, has praised Kuwait’s progress in financial technology, highlighting its strong strides toward a secure digital environment.

In an interview with KUNA, he noted that Kuwait has significantly improved digital payment security through effective regulations by the Central Bank, focusing on risk management, cybersecurity, and consumer protection.

Lobo commended Kuwait’s digital transformation strategy and rising consumer trust in digital payments, supported by government efforts to promote a cashless economy. He cited Visa’s “Stay Secure” survey, revealing that 8 in 10 consumers plan to increase their use of digital payments, with Kuwait achieving the highest tokenization rate in the GCC (92%) and 99% adoption of contactless payments.

He also noted strong public-private cooperation, essential for continued fintech innovation. While consumers are increasingly cautious—94% take steps to secure payments—fraud remains a concern, with 44% having been victims. Lobo emphasized the need for ongoing awareness campaigns and robust security practices, including AI-driven fraud detection and secure payment solutions.

Visa, he added, remains committed to Kuwait’s digital growth, having invested over $10 billion globally in cybersecurity and deploying secure platforms like Cybersource to safeguard e-commerce.