CBK nod to test run for electronic wallet
KUWAIT CITY, Oct 10: The Central Bank of Kuwait announced the approval of a new product that has been introduced in the local market within the experimental regulatory environment which targets a group of volunteer customers to evaluate the product in a comprehensive manner before approving its use permanently, in light of its keenness to enable modern financial technologies in Kuwait and promote the innovative business models, reports AlQabas daily.
In a statement the CBK indicated that the new product is an electronic wallet targeting domestic workers and employers in Kuwait, where the employer is able to pay wages and any benefits in an easy and fast electronic manner. It also enables domestic workers to keep money electronically in a safe manner and enables them to withdraw their money through ATMs or transferring it to another worker participating in the service, or making 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 CBK 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.