CBK to test first product for open banking

CBK to test first product for open banking

KUWAIT: Keen to enable new fintech and support open banking to help bring about innovative business models in the field of financial services, the Central Bank of Kuwait (CBK) has given the green light to test a first-of-its kind product within the regulatory sandbox. In a press statement, CBK Governor Basel Al-Haroon said the CBK spares no effort to support advanced fintech, adding that the new open banking product that has been initially launched in the market within the regulatory sandbox is the first of its kind in Kuwait.

The product operates within an open banking model and provides the users with analytical services for transactions processed on their bank accounts with different banks, along with e-payment services, he said. Haroon shed light on the importance of fintech to CBK, which can be defined as new technologies that relate to the financial industry and aim to improve financial activities, including the launch of advanced products, services and business models in the financial services industry.

To this end, the CBK launched the regulatory sandbox in 2018 and updated the same in 2019 to broaden the scope of accepted products and services, he said. The regulatory sandbox is a safe space that allows for