‘KFH pioneer in embracing the digital transformation in Kuwait’
‘Kuwait Investment Outreach’ Burgan Bank names Yawmi draw winners
KUWAIT CITY, Dec 2: KFH-Group CEO, Mazin Saad Al-Nahedh said innovation is instrumental pillar in executing Kuwait Finance House (KFH) strategy, indicating the KFH is one of the first banks in Kuwait to embrace the digital transformation while endeavoring to enhance systems by deploying innovative solutions, offering world class products and services in a user-friendly manner.
Al-Nahedh’s statement was made during his participation in Kuwait Investment Outreach Roadshow themed “Discover the Opportunities in a Transformed Economy”, held in Silicon Valley, USA.
He added that the recent rapid developments and the growing technology penetration in the banking industry confirm that financial services are changing and for the better. Technology helps banks to better know their customers, anticipate their needs, and offer products and services most relevant to their individual requirements. Digitization can’t replace banks, yet plays a key role in banking transactions and payment solutions.
He said “in order to achieve Kuwait’s Vision 2035, the banking sector, as a whole, has a significant role to play to help transform the country into a worldclass financial and commercial center. By fully mobilizing the talented pool of highly educated young Kuwaiti nationals, the banking sector is a vital contributor in achieving this vision.”
He said that today’s banking experience is quite different from what it was a decade ago. For customers, their experience is undergoing a revolution due to technology and innovation.
Al-Nahedh continued “digital technologies are not only knocking at our door but also entered with a “full swing” into our industry as well as our daily lives. New Financial Technology platforms and tools have emerged to contribute to changing the banking roadmap. “Fintech” businesses are aiming to provide financial services by making use of software and modern technology across all types of functions. Previously, FinTech was mainly used for back-office functions by leveraging software to help bank personnel handle accounts, execute transactions, manage customer databases, etc. Today, FinTech has transformed how banks operate. Every digital transaction, be it foreign currency exchange, money transfers, investments, or online shopping, is possible at our fingertips thanks to FinTech.
Technology-focused funds
He pointed out that KFH-Group through its investment arm, KFH Capital, owns technology-focused funds as part of their assets under management. One of these funds is KISP Ventures, which is a $35 million Shariah-compliant venture capital fund that invests in earlystage technology companies across various sectors in the MENA region.
He added that like any new technology, FinTech can be seen as both a threat and an opportunity. On one side, FinTech may be seen as a threat to certain revenue streams that banks may generate. However, as opportunities, FinTech offer many benefits to identify emerging digital capabilities and technologies that customers embrace and acquire. This reshapes the way banks in our region design their products and services, thus optimizing cost, mitigating risk and increasing efficiency.
Promising future
Al-Nahedh explained that there are promising numbers in our part of the world. Today, the current MENA FinTech market is estimated at $2b and is expected to witness an annual growth of $125m by 2022. Meanwhile, GCC FinTech companies account for 7% of all FinTech business in the MENA region, and are reaping the benefits of catering Mazin Al-Nahedh speaking at Kuwait Investment Outreach Roadshow. KUWAIT CITY, Dec 2: Burgan Bank announced today the names of the daily draw winners of its Yawmi Account draw, each taking home a cash-prize of KD 5,000. The lucky winners are: Majid Hilal Abdulhussein Al Tameemi; Abdullah Adel Haidar Alhasan; Abdulhakim Abdulfatah Mohammad Marafie; Mahmoud Sulaiman Mohammad Sulaiman; Eqbal Hamad Mubarak Alayyar.
In addition to the daily draw, Burgan Bank also offers a Quarterly Draw with more chances to win higher rewards, offering the chance to one lucky customer to win KD 125,000 every three months. The Yawmi Account offers Daily and Quarterly Draws, wherein the Quarterly Draw requires customers to maintain a minimum amount of KD 500 in their account for two months prior to the draw date. Additionally, every KD 10 in the account will entitle customers to one chance of winning. If the account balance is KD 500 and above, the account holder will be qualified for both the quarterly and daily draws.
Burgan Bank encourages everyone to open a Yawmi account and/or increase their deposit to maximize their chances of becoming a winner. The higher the level of the deposit, the higher the likelihood to win.
For more information on opening a Yawmi Account, the New Quarterly Draw or on any of the bank’s products and services, customers are urged to visit their nearest Burgan Bank branch, or simply call the bank’s Call Center at 1804080. Customers can also log on to Burgan Bank’s www.burgan.com for further information.
to the ever-connected millennials there. Furthermore, over the past years, investment in FinTech startups across MENA has increased steadily.
He added “From our perspective, the key take-away is not merely the investment volumes, but rather the huge value which is being added to the banking industry, especially making things much more convenient for our customers.”
It is worth noting that there are over 100 FinTech startups in MENA across several diverse sectors such as payment gateways, digital banking, crowd funding, cryptocurrency, and wealth management.
Islamic finance & FinTech
As in banking, Al-Nahed indicated FinTech’s penetration into Islamic finance is still in its infancy and there is still significant potential for further deployment of evolving FinTech and Artificial Intelligence AI. From a consumer perspective, FinTech addresses individual needs with better experience and at lower cost and easier access, over the internet, mobile devices and social media.