November 23, 2021 banking

CBK seeks banks help for e-payment system


KUWAIT CITY, Nov 22: The Central Bank of Kuwait (CBK) has asked the banks for the results of the economic feasibility study to establish a joint stock company specialized in the field of electronic payment system, in order to develop and operate the company’s retail payment systems before the banks start the procedures for its establishment, reports Al-Rai daily. The Central Bank stressed the need for banks to attract highly qualified cadres to manage and operate the retail payment systems efficiently and effectively in accordance with security standards. It insisted on the need to keep abreast of the latest developments and technologies applied globally, in a way that meets the market requirements and customer needs, and in a manner characterized by high flexibility and keenness to keep up with the latest developments and technologies applied globally. According to informed sources, some banks recommended modifying the proposed company’s business model.

They do not object to the new company being independent of the shared automated banking services company “KNet”, and that it is entrusted with the basic business task of developing and operating retail payment systems, but they do not prefer the new company to be cloned from KNet with all its services. The Central Bank said to the banks that after reviewing the proposed timetable for the procedures of establishing the company, operating it, and carrying out its work, it agrees to establish the company according to the initial plan submitted by banks, taking into account the following aspects: 1. Submit a monthly report on the developments 2. Present the results of the economic feasibility study for the establishment of the company before the incorporation procedures 3. Present a proposal for the governance of the retail payments systems project 4. Ensure that the project schedule includes an assessment of security systems and products before releasing them to the public, based on the cyber-security strategic framework for the banking sector in Kuwait 5. Present the policies and work procedures related to offering training on the electronic payment of funds before starting the procedures for registering the company as a practitioner.

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