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The last 18 – 24 months have been a dynamic period for Kuwait’s financial sector. The country’s Central Bank has been at the crux of driving change. From the recent launch of Weyay, Kuwait’s first digital bank, the launch of the digital banking framework, overhauling the e-payment regulations, opening the market to new payments providers, to the most recent launch of Buy Now Pay Later (BNPL) regulations, all transformations point to an overarching fact – Kuwait is on the verge of a fintech revolution.
The trigger for the next phase in the Kuwait’s fintech journey is the launch of the awaited open banking regulation, currently in the sandboxing phase. From driving collaborations between incumbents and fintechs paving the way for heightened innovations, elevated levels of customer experience and improved regulatory oversight among plethora of other positive transformations, open banking is set to mark the beginning of a new era for the city-state. The significant progress in Kuwait’s fintech ecosystem is complemented by robust support from the government and regulatory bodies, financial institutions, venture capitalists and other stakeholders, ensuring the development of a thriving fintech sector, opening doors for disruptive innovations in payments, lending, blockchain, and more.
Fintech Kuwait, taking place on 20 & 21 November in Kuwait, aims to prepare and position the country to capitalize on the emerging opportunities as Kuwait enters into an era of financial technology innovations. The conference will discuss opportunities in Kuwait’s burgeoning fintech space, discuss market trends and address gaps to position the country to leverage the full potential fintech will unleash and subsequently, become a market leading force in the GCC.