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Islamic Banking Technology

Central Bank of Kuwait issues regulatory 'sandbox' framework for fintech

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Local banks will be working with the CBK to develop the fintech landscape.

Tuesday 27, November 2018

Kuwait has announced a sandbox framework for fintech. The announcement ws made by His Excellency Dr Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait (CBK). 

The CBK has said that the framework will be laid out in four phases. Local banks will be working with the central bank in this endeavour.

The move follows Bahrain and the UAE's push for fintech, providing areas for fintech, both conventional and Shari'ah-compliant, to develop. In Bahrain, local Islamic banks have collaborated with the Bahrain Fintech Hive in its first year.

TAGS : Kuwait

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