Kuwait’s Boubyan Bank and Zain Telecom form an alliance to establish a digital bank

Kuwait’s Boubyan Bank and Kuwait’s Zain Mobile Communications Group announced, on Thursday, in two separate statements to the stock exchange, that they had formed an alliance with other investors to establish a digital bank under the umbrella of the Central Bank of Kuwait.
On Tuesday, the Kuwaiti National Mobile Telecommunications Company (Ooredoo) announced that its board of directors had approved submitting an application to the Central Bank of Kuwait to obtain a digital bank license.
This came in a statement published by the company on the Kuwait Stock Exchange website, without further details.
The Central Bank of Kuwait announced at the end of last January that companies wishing to obtain a banking license to establish digital banks must submit their applications no later than the end of June 2022, provided that the Central Bank discloses the applications that meet the conditions at the end of the year.
The countries of the region are witnessing an accelerating race to establish digital banks, in parallel with the modernization of the regulatory and supervisory systems to accommodate the new form of banking institutions, which is relied upon to accelerate digital transformation in the banking sector and increase financial inclusion.
The Kuwait Investment Company announced the approval of the company’s board of directors, at its meeting, on Sunday, to submit a request to the Central Bank of Kuwait to establish a digital bank with an alliance of a group of investors.
The Kuwait Stock Exchange said in a statement to the Stock Exchange, on Monday, that the board of directors approved other items during the meeting, explaining that the previous material information has no financial impact on the company at the present time.
(Archyde.com)