The economists have praised the steps taken by the Ministry of Commerce and Industry to prevent cash dealing in many sectors of the ministry, pointing out that this comes within the framework of Kuwait’s Vision 2035, and development plans which will give Kuwait a competitive edge at all levels.
In statements to a local Arabic daily, the economists said the adoption of digital payments will provide give traders edge over its activities, and help tighten the screws on money laundering operations, in addition to relieving customers from the trouble of carrying money during their travels.
The sources indicated that the banking infrastructure is ready to help all sectors. In the transition towards digitizing payments, stressing the importance of the transition being phased, with the opportunity for all citizens and residents to enjoy digital services, by working to achieve financial inclusion in the local market.
The former Chairman of the Board of Directors of Burgan Bank, Majed Al-Ajeel, confirmed that the adoption of digital payments has become a global trend, indicating that the steps of the Ministry of Commerce and Industry to prevent cash circulation in many sectors, including exhibitions and real estate brokerage, within the framework of the development plan and Kuwait Vision 2035.
He noted that this would increase the convenience and safety of customers in paying for their purchases, facilitate and expedite the work of companies of all kinds, and reduce suspicious operations that the local market may witness in the financial and banking area.
The Chairman of the Board of Directors of the Kuwait and Middle East Company (KMEFIC), Hamad Al-Thukair, said that the transition to digital services to implement transactions is a positive step by the Ministry of Commerce and Industry, but it can be done gradually, especially since Kuwait is like the rest of the GCC markets. The Gulf Cooperation Council is considered a cash market and witnesses large transactions in “cash” by residents and citizens.
Al-Thukair said that the Ministry of Commerce should gradually shift towards the use of modern technologies in payments, and educate customers about the importance of this in combating money laundering and protecting them from theft, pointing out that in the beginning it is possible to prevent the implementation of transactions that exceed 3000 dinars except through digital devices or through checks.
The Director General of the Digital Transformation and Innovation Department at KIB, Muhammad Al-Sharif, said that the step recently taken by the Ministry of Commerce and Industry to limit the dealing in cash in many sectors is very important, as it allows the concerned authorities in the country the ability to track the financial transactions that It takes place in the country, and limits money laundering operations that may occur, especially in exhibitions that may witness the circulation of large quantities of cash in a short time.
The former Chairman of the Board of Directors of Burgan Bank, Majed Al-Ajeel, confirmed that the adoption of digital payments has become a global trend, indicating that the steps of the Ministry of Commerce and Industry to prevent cash circulation in many sectors, including exhibitions and real estate brokerage, comes within the framework of the development plan and Kuwait Vision 2035.
Al-Ajeel confirmed the readiness of the banking sector to provide technologies in all sectors and to keep pace with the trends of “commerce” in adopting digital services with payments, continuing that the “Corona” pandemic has accelerated the acceptance of customers for these services in the implementation of their financial operations with the significant increase in payments through bank cards and applications on various its types.
He noted that this would increase the convenience and safety of customers in paying the price of their purchases, facilitate and expedite the work of companies of all kinds, and reduce suspicious operations that the local market may witness financially and banking, in addition to providing a financial record with the concerned authorities for customers with the transactions they made, their value and duration. time, stressing that the adoption of digital payments will enhance Kuwait’s digital competitiveness and contribute to keeping pace with global developments in this regard.
The Chairman of the Board of Directors of the Kuwait and Middle East Company (KMEFIC), Hamad Al-Thukair, said that the transition to digital services to implement transactions is a positive step by the Ministry of Commerce and Industry, but it can be done gradually, especially since Kuwait is like the rest of the GCC markets. The Gulf Cooperation Council is considered a cash market and witnesses large transactions in “cash” between residents on its land, citizens and expatriates.
Al-Thukair said that the Ministry of Trade should gradually shift towards the use of modern technologies in payments, and educate customers about the importance of this in combating money laundering and protecting them from theft, pointing out that in the beginning it is possible to prevent the implementation of transactions that exceed 3000 dinars except through digital devices or through Checks, and calling for giving customers the freedom to continue paying in cash for the implementation of some simple operations, such as paying for fuel or low-priced medicines, while gradually moving towards digitizing payments.
Al-Dukhair stated that the efforts of the Ministry of Trade, which come in light of its keenness to combat money laundering, must take into account that digital services and payments are not available to all residents in Kuwait, which requires a gradual shift towards digitizing payments to protect the rights of those who do not have accounts. Banking to get the products he needs without complications.
The Director General of the Digital Transformation and Innovation Department at KIB, Muhammad Al-Sharif, said that the step recently taken by the Ministry of Commerce and Industry to limit the dealing in cash in many sectors is very important, as it allows the concerned authorities in the country the ability to track the financial transactions that It takes place in the country, and limits money laundering operations that may occur, especially in exhibitions that may witness the circulation of large quantities of cash in a short time.
Al-Sharif added that payment through digital channels is easier and more convenient for customers, and allows them not to carry large amounts of money, pointing out that the success of this step needs many measures by the Central Bank of Kuwait, local banks and the rest of the responsible authorities in the country, including achieving comprehensiveness.
He pointed out the importance of educating customers about the importance of implementing monetary operations through digital services licensed by the Central Bank, encouraging them to adopt them and clarifying their financial effects in protecting them from any fraud that they may be exposed to.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
