NBK most valuable banking brand in Kuwait with a value of US $1.748bn
Mastercard recognizes KFH for MDES-powered wallet launch
KUWAIT: National Bank of Kuwait (NBK) was recognized as the most valuable banking brand in Kuwait in 2018 according to Brand Finance, the renowned brand valuation agency. NBK ranks among the Top Tier of the Most 500 Valuable Banking Brands in the world. According to Brand Finance, NBK’s Brand value reached USD 1.748 billion, up 9.8% year-on-year. Also, NBK’s brand rating is ranked AA+, among the top in the region. This recognition reflects customers and shareholders’ trust in NBK as well as the bank’s strong reputation locally and regionally.
Brand Finance’s valuation assesses the dollar value of the reputation, image and intellectual property of the brand. It considers a number of relevant attributes such as financial performance, revenue forecasts, growth rates, brand strength index, sustainability and analysts’ insights, amongst others. NBK continues to collectively enjoy the highest ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to KUWAIT: Kuwait Finance House (KFH) has received a recognition award from Mastercard, a leading technology company in the global payments industry, for being the first bank in the Middle East and Africa to launch a service powered by the Mastercard Digital Enablement Service (MDES) platform with its innovative ‘KFH Wallet’.
KFH’s Group Chief Retail and Private Banking Officer, Waleed Mandani received the award on behalf of the Bank from Pankaj Kathuria, Country Manager, Qatar & Kuwait, Mastercard at KFH Headquarters, in the presence of KFH Group General Manager Retail Banking, Fadi Chalouhi and Group Deputy General Manager Cards, Nimer Yasin, in addition to Mastercard officials.
Mandani said on receiving the award that it reiterates the Bank’s leadership in rolling out innovative e-Payment solutions, indicating this is the core of KFH’s strategy in embracing technological innovation and utilizing it for its highly recognized and very stable management team. In 2017, NBK was also named among Global Finance’s list of the 50 safest banks in the world for twelve consecutive times.
NBK has the widest banking presence with more than 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Saudi Arabia, the UAE, and Turkey. the best interest of customers as per highest standards of quality, swiftness and security. Adopting and harnessing the power of new technology is paramount to superior customer service and growth. Mandani emphasized KFH’s endeavors in constantly improving its electronic services, noting that improvement phases for the XTM are in the pipeline in addition to a wide range of innovative services.
He continued: “KFH organized a vast array of exciting rewards program in an attempt to encourage customers to benefit from the unprecedented offers of e-payment solutions. The Bank has recently launched, in collaboration with Caribou, a new campaign for KFH Wallet users, wherein each time the customers buy anything from Caribou’s food & beverage menu and pay with KFH Wallet, they are entitled to a complimentary coffee beverage of their choice. In collaboration with Kuwait Airways, KFH also launched “the journey of 6 million miles begins with a card” campaign for KFH Oasis cardholders, in addition to several marketing campaigns and special discounts and offers that boost customer satisfaction and their confidence while enhancing the Bank’s presence, especially as it dominates the market share in the banking cards on the domestic level.”
In addition to being EMV-compliant, the transactions completed using KFH Wallet have an additional layer of security that requires users to enter a PIN or a fingerprint ID before completing the transaction. Pankaj Kathuria, Country Manager, Qatar & Kuwait, Mastercard, said: “Mobile payments are the future of commerce, and payment solutions like the KFH Wallet are driving the shift towards cashless across the region. Powered by our Mastercard Digital Enablement Service (MDES), the KFH Wallet brings innovative and industry-leading payments technology to the consumer’s fingertips, along with a greater sense of security that is enabled by Mastercard’s multi-tiered approach to safety and fraud protection.”