The Kuwaiti Boubyan Bank and Kuwait's Zain Mobile Communications Group formed an alliance with other investors to establish a digital bank under the umbrella of the Central Bank of Kuwait, and we announced this in two separate statements to the stock exchange.
According to Arabiya Net, 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 will disclose the applications that meet the conditions by the end of the year.
The Kuwaiti National Mobile Telecommunications Company Ooredoo had announced that its board of directors had agreed to submit an application to the Central Bank of Kuwait to obtain a digital bank license.
The Gulf countries 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.
