The Kuwait International Bank (KIB) has announced a new partnership with Visa to strategically grow digital payments in the country.
With a span of seven years, the contract will see Kuwait significantly develop its banking landscape, with KIB also becoming an exclusive Visa card issuing partner.
It is expected that KIB and Visa will jointly introduce new banking products and services to drive frictionless payments, digital banking innovations and more.
Mohammed El-Shareef, General Manager of the Digital Transformation and Innovation Department at KIB, said: “This partnership represents a significant stride towards making KIB synonymous with innovation and customer-centric solutions.
“We are committed to delivering banking experiences that exceed expectations and position KIB as a digital banking leader that sets new industry benchmarks and elevates the financial landscape in Kuwait to unprecedented heights.”
KIB has also become the first bank in Kuwait to obtain the Visa Ready Certification, enabling the financial institution to focus its efforts on providing payment and digital banking services in a B2B format for a variety of businesses across multiple industries in compliance with regulations issued by the Central Bank of Kuwait.
“The Visa Ready Certification is a testament to our unwavering commitment to excellence. It underscores our readiness to enable and empower businesses with the latest advancements in banking services,” Mohammed El-Shareef added.
Closing statements on the partnership were also provided by Artii Thannki, Visa’s Head of Fintech and Partnerships for Kuwait and Qatar, who remarked: “We are delighted to announce this exciting seven-year partnership with Kuwait International Bank, which cements our shared commitment to driving the growth of digital commerce in Kuwait.
“This partnership will significantly enhance our ability to innovate and deliver secure, seamless payment experiences for consumers and businesses alike, and promote economic growth in line with the Kuwait government’s cashless agenda.”