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Kuwait's Boubyan Bank and Kuwait's Zain Mobile Communications Group announced today, Thursday, in two separate statements to the stock exchange, that they have formed an alliance with other investors to establish a digital bank under the umbrella of the Central Bank of Kuwait.
Today, Thursday, is the last date for submitting applications for obtaining a license from the Central Bank of Kuwait to establish digital banks, which announced last January that the door was open for banks and companies to apply for them.
Several companies have applied for these licenses, including the Kuwaiti "Ooredoo", the Al-Manal Finance and Leasing Company, and the Kuwait Investment Company. The Central Bank of Kuwait aims to expand digital banking services and electronic payment systems.
Kuwaiti Boubyan Bank was established in 2004 as a financing institution operating in accordance with the provisions of Islamic Sharia and was listed on the Kuwaiti Stock Exchange two years later, according to the bank's website.
As for the Kuwaiti Zain Group, it was established in 1983, and it was listed on the Kuwaiti Stock Exchange in 1985. It is 24.22 percent owned by the Kuwait Investment Authority, and it operates in 8 countries: Kuwait, Saudi Arabia, Bahrain, Iraq, Jordan, Morocco, Lebanon and Sudan, according to its website.
Today, Thursday, is the last date for submitting applications for obtaining a license from the Central Bank of Kuwait to establish digital banks, which announced last January that the door was open for banks and companies to apply for them.
Several companies have applied for these licenses, including the Kuwaiti "Ooredoo", the Al-Manal Finance and Leasing Company, and the Kuwait Investment Company. The Central Bank of Kuwait aims to expand digital banking services and electronic payment systems.
Kuwaiti Boubyan Bank was established in 2004 as a financing institution operating in accordance with the provisions of Islamic Sharia and was listed on the Kuwaiti Stock Exchange two years later, according to the bank's website.
As for the Kuwaiti Zain Group, it was established in 1983, and it was listed on the Kuwaiti Stock Exchange in 1985. It is 24.22 percent owned by the Kuwait Investment Authority, and it operates in 8 countries: Kuwait, Saudi Arabia, Bahrain, Iraq, Jordan, Morocco, Lebanon and Sudan, according to its website.
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