Kuwait Releases Draft Framework to Guide Open Banking Adoption
The framework aims to provide banks and fintechs with a structure to offer open banking services that are secure, standardised, and based on customer consent.
The OBF has been introduced in light of the increasing role of technology in Kuwait's financial and payments sectors.
It is positioned as a mechanism to support the development of digital banking services, with potential benefits for regulators, banks, Open Banking Service Providers (OBSPs), and consumers.
The draft is built around four guiding principles: utility, transparency, security, and adoption.
These principles are intended to ensure that Open Banking in Kuwait delivers practical value, maintains clarity around data use, balances convenience with protection, and considers overall market readiness and cost implications.
The framework includes a series of supporting documents, which outline technical, operational, and regulatory requirements for participants.
These documents cover areas such as regulatory instructions for onboarding and dispute management, customer experience guidance, consent management, API design, technical specifications (including Swagger codes), security standards, operational procedures, and monetisation considerations.
Kuwait's Open Banking Framework remains in draft form and is subject to further consultation.
Financial institutions and relevant stakeholders are encouraged to review the documentation and provide feedback as the framework continues to develop.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
Kuwait: USD steadies at KD 0.305, Euro drops to 0.355
KUWAIT -- The US Dollar rate against the Kuwaiti Dinar on Tuesday settled at KD 0.305 and the Euro dropped by 0.37 percent to KD 0.355, compared to Monday's prices. The Central Bank of Kuwait (CBK) said in its daily bulletin that the exchange rate of the sterling pound edged down by 0.18 points to KD 0.410, the Swiss franc dropped by 0.53 percent to KD 0.376 while the Japanese Yen steadied at KD 0.002. The CBK declares the average day's currency rates and not prices of the actual transactions. All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Zawya
NBK warns against making transactions using airport wi-fi networks
In line with its continued support for the 'Let's Be Aware' campaign launched by the Central Bank of Kuwait in collaboration with Kuwait Banking Association, National Bank of Kuwait reiterates its warnings to customers about the risks of using public Wi-Fi networks, with a particular focus on the increased risks at airports and cafes, coinciding with the busy summer travel season. The aim of this campaign is to enhance financial literacy and raise awareness about digital safety principles among various society segments, including awareness messages on fraud protection, fake ads, and banking app hacks, in addition to emphasizing the need to report any suspicious transactions. To this end, NBK warns against making any banking transactions using public Wi-Fi networks, as they are unsafe, unprotected, and can be easily hacked, as it is common for multiple public Wi-Fi networks to have the same name. With the increasing number of passengers, free Wi-Fi networks in airports and cafes have become main targets for scammers, which is why NBK highlighted the necessity of using anti-virus and anti-hacking programs, as well as securing the internet connection and verifying the ads generated from these networks. NBK also stressed the importance of turning off Wi-Fi and automatic joining and refraining from saving personal data to avoid any hacking attempts of sensitive and personal information. NBK's efforts to educate its customers are a fundamental pillar of its strategy, as it consistently emphasizes the need for customers to adhere to general instructions and guidelines to avoid digital fraud, as well as the importance of regularly changing bank card PINs and not sharing them with fraudsters claiming to be from the bank. Moreover, NBK is utilizing all its digital channels, which have the highest number of followers among all banks in Kuwait, to support CBK's efforts in protecting customers and the economy. It is worth mentioning that NBK is a key supporter and partner in all CBK's initiatives and campaigns aiming to raise financial awareness and spread banking culture among all segments of society. As a leading financial institution in Kuwait and across the region, NBK frequently organizes various activities that contribute to raising awareness about all topics related to the banking sector. It also organizes various activities and training courses on fraud prevention and financial crimes. As one of the largest financial institutions in the region, NBK is committed to its social responsibility towards the communities in which it operates, and it is always proactive in providing all forms of support for important and strategic campaigns, such as the "Let's Be Aware" campaign, which serves the national economy and society.
Zawya
17-07-2025
- Zawya
Kuwait tightens grip on foreign property access
KUWAIT CITY - In a new regulatory move aimed at organizing the real estate market and improving the investment environment, Minister of Justice Counselor Nasser Al-Sumait announced that a draft decree has been submitted to the Fatwa and Legislation Department regarding controls on real estate ownership by foreigners through companies listed on the Boursa Kuwait and real estate funds. Al-Sumait explained that the draft decree was prepared under the provisions of Decree-Law No. 7/2025, which regulates real estate ownership, and is now pending approval by the Council of Ministers. The objective is to strike a delicate balance between attracting organized real estate investment and protecting the demographic structure as well as preventing the exploitation of residential properties for purely commercial or investment purposes. The decree takes into account the legal frameworks specific to citizens of the Gulf Cooperation Council countries and preserves the privileges granted to them regarding real estate ownership in Kuwait. The decree includes the following articles: Article 1: Companies listed on the stock exchange with non-Kuwaiti shareholders, as well as licensed real estate funds with non-Kuwaiti unit holders, may own real estate if their objectives include real estate dealings. The provisions of this paragraph do not affect the right of units supervised by the Central Bank of Kuwait or others to own real estate, per the law of the Central Bank of Kuwait or any other applicable legislation. Article 2: Persons licensed by the Capital Markets Authority (CMA) to practice the activity of investment portfolio managers may open and manage investment portfolios for non-Kuwaiti clients. These portfolios may include securities issued by companies listed on the stock exchange whose objectives include real estate dealings or units of real estate funds. Article 3: Listed companies, real estate funds, and investment portfolios licensed by the relevant regulatory authorities in Kuwait are prohibited from engaging in any transactions involving real estate, plots, or land designated for private residential purposes, whether by sale, purchase, mortgage, transfer of rights, authorization to dispose of the property to a third party, or acceptance of such authorization on behalf of a third party, except for the exceptions granted to units supervised by the Central Bank of Kuwait or any other exceptions specified by law. Article 4: Ownership of any real estate shares in kind may not be transferred to non- Kuwaitis in the event of the liquidation of a listed company or real estate fund, without prejudice to their right to receive an amount equivalent to their share of the liquidation proceeds, unless they have legal grounds permitting such ownership following the applicable laws. Article 5: The provisions of this decree shall not affect the treatment of Gulf Cooperation Council (GCC) citizens as Kuwaitis, per the relevant regulations. Nor shall they affect any provisions regulating real estate ownership contained in other laws. Such cases shall remain subject to the provisions of the laws, regulations, and decisions governing them. Article 6: Each minister, within their respective jurisdiction, shall implement this decree, which shall take effect from the date of its publication in the official gazette 'Kuwait Al-Youm'. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
