Within the course of the Central Bank of Kuwait’s (CBK) continuous initiatives to encourage and develop FinTech in the State of Kuwait and to adopt emerging FinTech startups, the CBK held a workshop on the Regulatory Sandbox for digital transformation and innovation specialists in local banks. The Sandbox is a safe environment for testing FinTech without exposing the financial and banking system to risks.
This is part of the CBK’s commitment to provide a supportive and stimulating environment for the development of such technologies due to their significance in the development of financial services.
The CBK indicated that such workshops aim to encourage experience exchange and knowledge transfer to local banks. In addition, having these workshops emphasizes the essential role of local banks in developing FinTech, as banks collaborate with FinTech to bring their innovations to the local market, through partnerships, providing electronic payment services, or joining in testing the Regulatory Sandbox applicants.
The CBK concluded by reiterating its commitment to supporting FinTech and enabling innovation to develop the Kuwaiti banking and financial sector, and serve the national economy.
