Banks were asked to update their plans to implement the Open Banking Services Project, according to


Open banking in Kuwait

Open banking services allow users to access analysis services for transactions made on their accounts in various banks, in addition to the electronic payment service. According to relevant sources reported by Al-Rai newspaper, the supervisory authority’s request in this regard came in response to the measures taken by the banks to request technical and financial offers for the open banking project and study them from the technical and financial aspects in accordance with the specified evaluation criteria.

After meetings between representatives of the banks and the Central Bank’s Open Banking Task Force, and between the banks and Deloitte, the financial institutions agreed to entrust Deloitte with the project. He explained that the Central Bank asked banks to determine the appropriate governance policy for the project, as well as a monthly report on the measures taken according to the plan for the stages of project implementation.

The central bank had previously agreed to test a product operating under the open banking model in the pilot regulatory environment. This happened by applying it to the banking transactions of a class of willing customers to fully evaluate them before finally launching them in the local market. The product has entered the stage of initial market offering under the experimental regulatory environment and is considered the first of its kind in Kuwait, reports Al-Rai newspaper.

Opinion sources pointed out that the Central Bank is keen to support modern financial technologies and support open banking services, which contributes to the development of advanced business models in the field of financial services.

On the other hand, the Central Bank announced the allocation of the last issuance of bonds and securitization to the Central Bank with a total value of 240 million Kuwaiti dinars (regarding $781 million) for a period of 3 months, with a return rate of 4.125%, the opinion concludes.

Kuwaiti banks will provide SWIFT money transfer service to Egyptian expatriates

According to informed sources quoting Arab TimesThe major exchange companies in Kuwait have completed their preparations to provide a service for transferring the value of deposits in US dollars to Egyptian residents wishing to export their cars to Cairo. They explained that the traditional electronic transfer system provided by exchange companies in Kuwait does not comply with the requirements of the customs exemption law for cars of Egyptians abroad in return for a deposit in dollars, as it is required to deposit it via bank transfer only.

This prompted companies to provide bank transfer service to Egyptians residing in Kuwait through the Swift system. The bank transfer, which is in compliance with the exemption law with exchange companies, is carried out with a fee of 35 US dollars (equivalent to approximately 10.5 Kuwaiti dinars) on the entire amount, whatever it may be, and it is paid once. Some banks provide the service for free through their applications and with fees of up to 8 Kuwaiti dinars through their branches without calculating the commission of the intermediary bank.
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