Latest news with #KuwaitBanking
Zawya
28-05-2025
- Business
- Zawya
Kuwait's real-time payment scheme WAMD surpasses 1 million accounts in first year
OMAHA, Neb. & KUWAIT CITY -- (BUSINESS WIRE/AETOSWire) -- ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and KNET, Kuwait's national electronic banking company, today announced that WAMD, Kuwait's real-time payment system, recorded significant growth in the number of transactions processed since its launch in June of 2024, making WAMD one of the world's most rapidly adopted real-time payment initiatives. KNET utilized ACI's Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank's mobile app or internet banking service by using a phone number. WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation. Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country's banks now on board with WAMD, this extraordinary growth in real-time payments is expected to continue. 'As real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, real-time payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET's primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,' said Esam Alkheshnam, KNET's Chief Executive Officer. Alkheshnam added that 'IPS in Kuwait was given the name 'WAMD,' which translates to lightning flash – an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start with one million registered users during the first quarter of the launch of WAMD. 'As soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one. Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.' Aligned with KNET's mission of supporting Kuwait's national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait's fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the 'Request to Pay' service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait's evolution into a real-time payment powerhouse is set to further propel the Middle East's position as a leader in payments modernization. According to ACI's Prime Time for Real-Time 2024 report, which tracks global real-time payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years. Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI's Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. 'Kuwait's rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe. The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers' evolving expectations,' commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide. 'Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global real-time payments revolution.' ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and businesses. ACI currently powers 26 domestic and pan-regional real-time schemes across six continents – including 11 central infrastructures. Globally, ACI serves all 10 of the world's largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily. About KNET The Shared Electronic Banking Services Company (KNET), a pioneer in electronic payments in Kuwait, was established in 1992 through a partnership of local banks to connect their systems and enable a wide range of banking services through an advanced network. KNET is committed to adopting state-of-the-art technologies in various fields of electronic banking and payments, adhering to the highest global standards. The company's targeted sectors include commercial, banking, and governmental sectors in Kuwait. About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. © Copyright ACI Worldwide, Inc. 2025 ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners. View source version on *Source: AETOSWire Contacts KNET Media Contact Mai Al-Sharida | Director – Business Development | MayS@ ACI Media Contacts Nick Karoglou | Head of Communications and Corporate Affairs | Lyn Kwek | Communications and Corporate Affairs Director, APAC/Middle East/Africa |
Arab News
26-05-2025
- Business
- Arab News
Kuwaiti lenders Warba, Gulf Bank explore merger to boost competitiveness
RIYADH: Kuwait's Warba Bank and Gulf Bank have entered discussions to explore a potential merger as part of a strategy to enhance long-term growth and competitiveness in the local Islamic banking sector. The two lenders announced the move in separate disclosures to Boursa Kuwait on May 26, prompting a temporary one-hour suspension of trading in both banks' shares in line with capital markets regulations. A tie-up between the two would mark one of the most significant consolidations in Kuwait's banking industry in recent years, as lenders in the region increasingly pursue mergers to achieve scale, drive efficiency, and adapt to evolving regulatory and economic conditions. In a statement to Boursa Kuwait, Warba Bank said: 'The potential merger provides a promising strategic opportunity for growth and expansion for the two banks, leveraging their synergies and capabilities, as well as enhancing competitiveness in the local Islamic banking sector.' It added that the move comes in light of current internal and external challenges posed by local and global economic conditions, with the aim of maximizing value for shareholders and investors. As part of the merger process, both institutions will undertake a preliminary feasibility study and begin due diligence to assess the integration. The aim is to form a single banking entity compliant with Islamic Shariah principles. The banks noted that the Central Bank of Kuwait had been informed of the discussions on May 25. In its own bourse filing, Gulf Bank stated that its chairman received a letter from Warba Bank — one of its major shareholders — requesting the bank to consider the feasibility of a potential merger between the two institutions to create a unified entity. 'Hence, the proposal was discussed taking into consideration the bank's efforts to explore new approaches and prospects to achieve growth and prosperity, which includes the analysis of all opportunities and means of collaboration that would lead to the realization of our goals in terms of sustainable growth and added value for the bank, customers, and investors alike,' the Gulf Bank stated in the statement. The merger talks come amid a challenging global economic landscape marked by rising trade tensions and market volatility. In April, S&P Global Ratings said that banks across the Gulf Cooperation Council remain well-positioned to weather external shocks. In its report titled 'GCC banks can cope with the fallout from intensifying trade tensions,' the agency pointed to the region's robust financial buffers as protection against evolving global risks. 'GCC banks appear to be in a good position to withstand these threats,' the report stated at that time, citing 'robust liquidity levels, solid profitability, and healthy capitalization' as the sector's core strengths. While the direct impact of trade tensions on GCC economies is expected to remain limited due to minimal export exposure to the US, S&P warned of potential indirect effects. A prolonged downturn in oil prices, for instance, could dampen fiscal spending and sentiment. The ratings agency has revised its average Brent oil price assumption for 2025 to $65 per barrel.
Al Bawaba
13-05-2025
- Business
- Al Bawaba
Burgan Bank Receives Two Awards ‘Elite Employment and Talent Development' during it's Participation at AUM Career Fair
In a new effort to support the growth and development of Kuwait's national calibers, Burgan Bank participated in the annual Career Fair hosted by the American University of the Middle East (AUM) in search of ambitious individuals seeking to build a career in Kuwait's banking and financial sector. This initiative comes as an extension to Burgan's robust human capital development & sustainibility strategy and dedicated contribution to the success of the national goals outlined in Kuwait Vision 2035. 'We were delighted to participate once again in AUM's annual Career Fair, and honored to receive two awards he 'Elite Employment and Talent Development' at AUM Corporate Award2025,' commented Mr. Abdulwahab Jamal Abdulraheem, Executive Manager – Talent Acquisition at Burgan Bank. 'Our commitment to partaking in Kuwait's renowned career fairs goes beyond our need for fresh talent to support Burgan's continued growth. It stems from our robust talent acquisition strategy, which is invested in identifying the market's needs and aspirations for a balanced and fulfilling career and professional experience. Our on-ground presence allows our team to have valuable conversations with some of Kuwait's brightest young minds, which inspire and guide our continuous efforts to expand the professional experience we offer our employees.' This engagement, and the award-winning commitment to excellence it projected, reflects Burgan Bank's broader purpose, as guided by its vision: 'To be the most progressive bank in Kuwait, driven by our employees, customers, and community.' Burgan's mission reinforces this direction through its commitment to delivering outstanding customer experiences, leading with innovation, being an employer of choice, supporting the community, and driving prosperity for all stakeholders. Underpinning these efforts is considered a sustainable strategic approach to implementing Burgan's core values 'Ownership, Passion, Teamwork & Transparency'. In addition to Empowerment, Agility, and Innovation, which shape its people-first culture and progressive work environment. Throughout the career fair, Burgan representatives were actively engaged with the event's visitors, whereby they discussed the Bank's professional experience at length, beginning with the market-leading employee benefits to the year-long learning and development opportunities, and the overall thriving work culture that defines the Burgan professional experience. In addition, the Bank representatives seized this opportunity to share vital banking awareness and financial literacy information with the event's visitors, in line with Burgan's continued support of the 'Let's Be Aware' (Diraya) campaign launched by the Central Bank of Kuwait (CBK) and Kuwait Banking Association (KBA), with the unanimous support of local banks. It is worth noting that Burgan Bank, a certified Great Place to Work®, continues to offer one of the best and most dynamic learning and development (L&D) programs in Kuwait's banking sector, with wide opportunities that cater to Burgan Bank's employee needs, interests, and preferred learning styles. This includes the flagship talent development program 'Ro'ya', which invests in the Bank's future leaders, and 'Entelaqah', designed to introduce fresh graduates to the professional banking industryas well as many more initiativies .
