Kuwait Expands Digital Payments To 84%

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Digital payments accounted for 84% of all such transactions in Kuwait in the first quarter of this year, up from 34% in 2010, according to data from the country's central bank published by Syria's state news agency SANA. The increase reflects the institution's expansion of digital payment systems and fintech services, as well as cybersecurity measures.

The Central Bank says it has implemented regulatory and technological initiatives to modernize the country's payment infrastructure, focusing on transaction clearing and settlement, payments between financial institutions, check processing and dispute management, with the aim of increasing the efficiency, security and reliability of the system.

Among the measures, the central bank established a regulatory Sandbox, an experimental environment where innovative financial technology products and services can be tested under regulatory supervision before being rolled out more broadly. It also launched the WOLooj Innovation Hub to promote innovation in artificial intelligence, digital transformation, information security, fintech and regulatory technology.

Other initiatives in Kuwait in this area include the launch of a fraud protection accelerator project to strengthen the detection and prevention of electronic financial fraud and raise public awareness of related risks, as well as a scholarship program for Kuwaitis pursuing master's degrees in financial technology and financial inclusion initiatives.

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Translated by Guilherme Miranda

Central Bank of Kuwait

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