Kuwait is emerging as a forward-thinking player in the global banking landscape. Boubyan Bank’s Abdullah Al Tuwaijri, Chief Executive Officer for Consumer, Private & Digital Banking discusses Kuwait’s digital banking strategy and Boubyan Bank’s central role in reshaping Kuwait’s banking sector with innovative digital financial services.
Global Finance: How is digital banking changing Kuwait’s banking market?
Abdullah Al Tuwaijri: Digital banking is in Boubyan’s DNA, and it will be central to achieving Kuwait’s goals for economic growth, social development, environmental sustainability, and responsible trade practices in alignment with UN’s Sustainable Development Goals. Among the most important developments introduced by the Central Bank of Kuwait are regulations to foster innovation in financial technologies and services.
Digital banking is reshaping Kuwait’s banking sector by enhancing operational efficiency, providing innovative financial solutions, and meeting the evolving needs of consumers.
Kuwait enjoys a high adoption rate for digital services today: over 85% of our Islamic banking customers use digital banking and the majority are under the age of 30, demonstrating Boubyan Bank’s leadership in this market segment. Moreover, around 99% of all financial transactions occur on our mobile app, making it the go-to channel for our customers. Our digital banking channels make managing personal finances convenient and accessible for all customers.
Our digital banking leadership makes Boubyan an important partner to Kuwait’s digital banking strategy.
GF: What new technologies provide the best opportunities for Boubyan?
AAT: Boubyan is committed to being Kuwait’s leading Islamic Bank for innovation, and we are excited to introduce AI-backed services to our customers. When we launched Msa3ed (Mosaed), we were the first bank in Kuwait with a digital assistant. We incorporated Msa3ed into Boubyan’s Omnichannel Journey to enhance the customer experience and serve their needs more rapidly.
By continuing to evolve Msa3ed with AI capabilities, Boubyan is innovating our top-tier financial digital solutions and expanding the app’s practical uses. For example, customers can use the app for customized expert services or augmented reality.
Moreover privacy-enhancing technologies protect our customers. Boubyan’s technological and policy development help us to fully realize AI’s potential while ensuring customer privacy and security.
GF: Does Boubyan partner with fintechs in the region?
AAT: Boubyan actively partners with fintechs in a structured and dynamic approach. From a B2B perspective, Boubyan is in partnerships and productive discussions with fintechs globally and regionally to ensure we are acquiring and using the best technology for the bank and providing the most secure services for our customers.
Boubyan also partners with fintechs to integrate their services within Boubyan as well as to provide Boubyan’s services to fintechs and distribute our financial services through fintechs. Boubyan’s services for fintechs span multiple verticals, including accounts and services for payments, cards and lending.
Boubyan’s primary focus is Kuwait, and our main partnerships are with fintechs operating in Kuwait or looking to enter the Kuwait market. Our existing fintech partnerships include Enabill, Baims, Tap, and Bookeey.
GF: Following the launch of Nomo in 2021, what are the main growth opportunities for Boubyan?
AAT: Boubyan Bank’s successful strategy is based on capturing growth opportunities and scaling up our core businesses domestically and internationally. We have strengthened our international presence by establishing a leading wealth management proposition and entering into unique strategic partnerships within the GCC by activating our Group Wealth Management Plan.
Boubyan is continuously exploring growth opportunities and is now focused on our “Boubyan 2028” five-year strategic plan. In alignment with the bank’s vision and mission, the goals of Boubyan 2028 are to grow and strengthen our existing local and international presence and diversify products and services, all while operating efficiently and according to our ESG principles. We will continue scaling our core businesses and Boubyan Group products in addition to exploring strategic partnerships to continue our strong growth momentum.
