The Capital Markets Authority has become a member of the Global Financial Innovation Network (GIFN), an international network that seeks to support financial innovation for the benefit of consumers, acts as a regulatory tool and focuses on emerging technology.
The authority indicated in a statement that “the network aims to support financial innovation, and establish a framework for cooperation between regulatory agencies and relevant institutions that support innovation to exchange experiences and innovation methodologies, and also seeks to expand the scope of work of innovation service / product / business providers at the international level, in addition to exchanging knowledge The network is committed to providing financial integrity, financial inclusion and financial stability through innovation in financial services,” reports a local Arabic daily.
The statement added, “This comes in recognition of the important role played by supporting financial and technical innovations and adopting solutions that contribute to creating a better environment for doing business with high efficiency, which in turn contributes to advancing economic development, as well as the Authority’s keenness to adopt initiatives that would upgrade the capital market in the State of Kuwait.”
“The authority’s accession to the network came at the invitation of the former Mayor of the City of London, Lord William Russell, and the British Ambassador to the State of Kuwait, Belinda Lewis, during their visit to the authority in October 2021, in order to join the network and benefit from its services, as the authority seeks in turn to keep pace with modern innovations in financial services and technological development that works to rapidly change the economic and financial landscape, and adopt technology that matches the requirements of market development and diversification of its tools, which is one of the most important objectives of the authority, the report added.
The authority’s membership in the Global Financial Innovation Network is also consistent with its eleventh strategic objective within its current strategy (2018-2019/2022-2023), which states “promoting local, regional and international cooperation, gaining experience and exchanging information,” as well as promoting the implementation of the financial technology regulation project included in the state plan, which the authority is currently working on achieving by the end of its current strategy.