Kuwait and strategic partners continue towards digital transformation: Minister
Banking e-transactions increased by 35 percent: KFH
KUWAIT CITY, March 9, (KUNA): State Minister for Communications’ Affairs and Information Technology, Mazen Al-Nahedh, affirmed continuing to work with strategic partners to promote digital transformation in public institutes and achieving Kuwaiti vision of becoming a financial, commercial and regional hub.
Al-Nahedh, upon inaugurating the “Digital Transformation
Kuwait Conference” organized by Kuwait Direct Investment Promotion Authority, said that the Covid-19 pandemic accelerated pace of cooperation between public and private sectors.
The Minister, also Minister of Commerce and Industry, explained that this was done through adopting promising and smart technologies, as well as establishing strategic partnerships with technology tycoons.
He named a few successful models, including Sahel app, Kuwait ID, affirming that the ministry is working round the clock to make government services more transparent and accessible.
The ministry, in line with Kuwait Vision 2035 is working on maximizing benefit from IT and communications to support economy diversification via creating new industries, stimulating competitiveness in the global market, and creating job opportunities for Kuwaiti youth.
Minister Al-Nahedh also mentioned that Kuwait is on the precipice of formulating high central committee for digitalization to lay the groundwork for the transformation and unifying projects under a main comprehensive system.
On his part, Acting CEO of Kuwait Finance House (KFH) group, Abdulwahab Al-Rushoud, said that banking e-transactions increased exponentially within the past year by 35 percent, adding that transactions by its own costumers amounted to more than 210 million operations.
Rapid digitalization
Private sectors and banking specifically, expounded Al-Rushoud, are equipped to add value to local development plan as the Kuwaiti economy is currently undergoing a great transitional phase stimulated by rapid digitalization in all fields.
Chief of Commercial Bank of Kuwait board of directors Ahmad Al-Duaij said that digitalization has become a reality as new generations use new technologies in everyday life, adding that the banking sector has already made significant leaps in that direction.
On his part, Deputy Chief of the Insurance Regulatory Unit’s high commission, Abdullah Al-Senan, said that digitalization is one of the unit’s strategy main pillars, adding that platforms contribute to raising awareness on insurance’s legislative requirements, and promote data accuracy and level of confidence in the sector.
The conference concluded today following discussions by public and private sectors’ representatives.