Central Bank of Kuwait Supports the Establishment of Digital Banks in the Country

The Central Bank of Kuwait (CBK) has recently decided to greenlight the establishment of digital banks in the country, in efforts to support digitisation and stay afloat with global financial services’ latest trends.

Why it Matters?

CBK’s decision was made after the development of a digital banking framework and undertaking of studies of the relevant best practices of more than 25 central banks and the experiences of 40 digital banks globally. The step allows for the setup of standalone digital banks with no branches that can provide all banking services through online platforms. According to Executive Director of the Supervision Sector at the CBK, Waleed Al-Awadhi, the tech-based model is expected to save cost and time and function without t...