The Central Bank of Kuwait allows applications to establish digital banks

Kuwait
 
01/31/2022

Economy News - Baghdad

The Central Bank of Kuwait announced the opening of the door to receive applications for the establishment of new banks that provide their services completely digitally through a general banking license. It also allowed existing banks to form a digital banking unit within the bank without the need for a new license .

The Central Bank has given those wishing to establish this type of bank a deadline to submit their applications, which ends on June 30, indicating that the results of the submitted applications will be announced at the end of this year 2022, according to what was stated on the bank’s website today, Monday .

The Central Bank clarified that this decision comes as part of the bank’s endeavors towards accelerating the digital transformation process at the level of the Central Bank and the banking and financial sector, and a number of steps were announced that would start a new era of digital banking and financial work .

In the context of supporting and enabling financial technology companies (Fintech) , the Central Bank is currently working on updating the regulatory framework for the work of these companies in the areas of payments, microfinance and the experimental regulatory environment .

This came during a virtual meeting entitled "Empowerment and Empowerment" held by the bank today, Monday, during which it shed light on the Central Bank of Kuwait's digital strategy with the aim of achieving further development in analytical tools and accelerating the digital transformation process .

In a video broadcast by the Central Bank on its website, Muhammad Al-Khamis, Director of the Office Supervision Department at Bank of Kuwait, said:

The Central Bank said that the bank has completed the development of a framework for digital banking “with the aim of stimulating innovation,” noting that this framework allows the provision of digital banking services according to three models of digital banking .

https://economy-news.net/content.php?id=27155

I think it's a cool idea.

Three letters. FTX. That has been my misgiving all along about crypto. It's just too easy to tamper with behind the scenes.  I have been told that's not true for bitcoin, and that it is more secure, but that was by a person with heavy interests in Bitcoin, and it's still something that is asset less. At least for all their faults, so called 'fiat' currencies have some sort of government backing. Granted for some it's worse than nothing, but it's there.