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The Central Bank of Kuwait allows applications to establish digital banks

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The Central Bank of Kuwait allows applications to establish digital banks Empty The Central Bank of Kuwait allows applications to establish digital banks

Post by RamblerNash Mon Jan 31, 2022 11:03 pm

The Central Bank of Kuwait allows applications to establish digital banks 30266
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
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The Central Bank of Kuwait allows applications to establish digital banks Empty Re: The Central Bank of Kuwait allows applications to establish digital banks

Post by Craddini Fri Jul 22, 2022 12:52 pm

You can find a bitcoin payment method stores receive and send your digital currency to another wallet account. It can also be used for commercial purposes. These are the top cryptocurrency wallets you can consider. So this solution provides to your business accept cryptocurrency

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The Central Bank of Kuwait allows applications to establish digital banks Empty Re: The Central Bank of Kuwait allows applications to establish digital banks

Post by katyy Mon Nov 14, 2022 8:41 am

I think it's a cool idea.


Last edited by katyy on Thu Dec 15, 2022 7:09 am; edited 2 times in total

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Post by Kevind53 Thu Nov 17, 2022 1:05 am

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.
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