Latest news with #Kuwaitis
Mid East Info
10 hours ago
- Business
- Mid East Info
Kuwait's Real-Time Payment Scheme WAMD Surpasses 1 Million Accounts in First Year - Middle East Business News and Information
WAMD onboards 30% of Kuwait's banked population in first 3 months; real-time transactions powered by KNET and ACI Worldwide up more than 12x since 2024 July, 2025— ACI Worldwide NASDAQ: ACIW, an original innovator in global payments technology, and the Shared Electronic Banking Services Company 'KNET', the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait's real-time payment system, recorded significant growth in the number of transactions executed 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.
Arab Times
11 hours ago
- Business
- Arab Times
Kuwait's real-time payment scheme WAMD surpasses 1 mln accounts in first yea
KUAWIT CITY, July 16: ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company 'KNET', the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait's real-time payment system, recorded significant growth in the number of transactions executed 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 its 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 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.
Arab Times
14 hours ago
- Business
- Arab Times
Kuwait tightens grip on foreign property access
KUWAIT CITY, July 16: 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'.
Web Release
21 hours ago
- Business
- Web Release
Kuwait's Real-Time Payment Scheme WAMD Surpasses 1 Million Accounts in First Year
ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company 'KNET', the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait's real-time payment system, recorded significant growth in the number of transactions executed 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.
Kuwait Times
2 days ago
- Health
- Kuwait Times
CAN warns of summer sun risks
CAN warns of summer sun risks Cancer Awareness Nation launches skin cancer awareness campaign By Abdellatif Sharaa and Agencies KUWAIT: Kuwait's Cancer Awareness Nation (CAN) has issued a warning against prolonged and direct sun exposure during the summer months, highlighting its significant role in increasing the risk of skin cancer. The advisory came as part of the launch of CAN's latest awareness initiative, 'Safe Under the Sun,' aimed at promoting sun safety and encouraging early detection practices. Speaking at the campaign's launch, CAN Chairman and oncologist Dr Khaled Al-Saleh stressed that skin cancer remains one of the most commonly diagnosed cancers worldwide. 'Despite its prevalence, many cases can be prevented or detected early, greatly improving treatment outcomes and survival rates,' he said. Dr Khaled Al-Saleh Citing official statistics, Dr Al-Saleh noted that in 2020, Kuwait recorded 24 cases of skin cancer—representing 7.3 percent of all diagnosed cancers that year—with eight cases among Kuwaitis and 16 among non-Kuwaitis. He outlined key early warning signs such as the appearance of new moles or spots, noticeable changes in existing moles, non-healing sores, or the presence of scaly patches. 'Public awareness of these symptoms is critical, and we urge regular self-examinations as well as clinical screenings,' he added. Dr Al-Saleh emphasized the importance of preventative measures, including the use of sunscreen, avoiding sun exposure during peak hours, wearing protective clothing, and maintaining routine skin checks. Treatment options, he explained, vary depending on the type and stage of the cancer and may include surgical removal, cryotherapy, laser treatments, immunotherapy, and other advanced medications. As part of the campaign, CAN will distribute educational materials and host awareness events in shopping malls and other public venues. — KUNA
