Tuesday, July 5, 2022
Editor's PickKuwaiti Islamic bank sets up fintech accelerator

Kuwaiti Islamic bank sets up fintech accelerator

Boubyan Bank, part of the group behind the world’s first international Islamic digital bank, is taking the lead among financial institutions in Kuwait in setting up the country’s first fintech start-up accelerator program.

The project is being spearheaded with the help of DIFC FinTech Hive, the first fintech accelerator in the Middle East, Africa and South Asia region.

“Boubyan Bank has always been keen to adopt leading ideas, hence, this partnership reflects its firm and unanimous belief that the future holds great opportunities for financial institutions that embrace technology as a key pillar to expand and scale their services to include various business sectors,” shared Abdulla Al-Tuwaijri, the Islamic bank’s CEO for private, consumer and digital banking.

The accelerator will focus on supporting early-stage, growth driven companies through training, mentoring, coaching and financing.

“The Boubyan Bank’s accelerator will provide a customized action plan for start-ups and optimize the technology used in the service provision while hosting several workshops and events to allow start-up owners to communicate with investors and allow them to pitch their projects, while still offering them assistance with marketing, accounting and financial management,” Abdulla said.

Boubyan Bank has often been ahead of the curve when it comes to digitalization. Over the last few years, the Islamic bank has been investing into upgrading its digital infrastructure including mobile banking and digital payment systems to better target and serve an increasingly tech-savvy consumer base. In 2020, the Boubyan Bank Group launched Nomo, the first mobile-only Islamic bank in the UK to offer services for clients in the UK, Kuwait and the Middle East.

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