Saturday, January 16, 2021
Report Kuwaiti Islamic banking providers implement digital onboarding

Kuwaiti Islamic banking providers implement digital onboarding

Two Kuwaiti banks are rolling out digital onboarding solutions, underscoring the Gulf state’s readiness to embrace digital banking.

Kuwait Finance House (KFH) and National Bank of Kuwait (NBK) in the same week revealed that they have integrated e-KYC processes into their offerings.

NBK, which provides Shariah banking services, became the first bank in Kuwait to introduce the service, allowing customers to open a new account completely online through its mobile app and online banking platform.

Meanwhile, KFH, the first in Kuwait to be authorized by the central bank to conduct digital onboarding and account opening services, is preparing to launch its digital account opening solution at the end of this month. To be known as ‘Baitek’, the solution is developed by Aion Digital and has been approved by three regulators in the GCC including the Central Bank of Kuwait.

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