The Central Bank of Kuwait announced the new product which it has introduced in the local market on an experimental regulatory environment targets a group of volunteer customers before approving its use, in light of its keenness to enable modern financial technologies in Kuwait and promote the innovative business models.
In a statement to a local Arabic daily the Central Bank of Kuwait indicated the new product is an electronic wallet which will benefit domestic workers and low wage employees and employers in Kuwait where the employer can pay wages and other rewards electronically in what the CBK said easy and fast manner.
The electronic wallet will also enable domestic workers to keep their money safe, withdraw from an ATM machine or transfer to to the account of another person and even make cross-border money transfers in cooperation with licensed exchange companies in Kuwait.
The CBK added the new product targets the low-income segment who do not have bank accounts. These financial services will facilitate their access to their money and benefit from these services through their smart phones.
The Central Bank of Kuwait indicated its keenness to support innovative business models based on modern financial technologies, which provide added value to the user in particular and the local market in general, pointing to the role of the general framework of the experimental regulatory environment in testing and developing such innovative financial products in a safe environment.
The CBK concluded by affirming that it will continue to play its role as a catalyst in the field of financial technologies in the State of Kuwait, in a way that contributes to achieving the State of Kuwait’s 2035 “New Kuwait” vision.