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e-payments to be regulated by Kuwait Central Bank

e-payments to be regulated by Kuwait Central Bank

The Central Bank of Kuwait has instructed organisations to register for its electronic payment system

The Central Bank of Kuwait (CBK) has instructed all service providers, companies and institutions to register for its electronic payment system.

In an official statement posted on its website the CBK said all service providers will be required to regulate their e-payment transactions in line with established regulations.

The statement added that all e-payment methods are subject to the scrutiny of the CBK. It quotes the bank’s governor Dr. Mohammad Al-Hashel saying that the new instructions are part of plans to drive forward  the local banking sector.

Al-Hashel added that a team of experts has been assembled to look into the most cutting-edge financial services and products to help the sector grow.

He highlighted the widespread use of e-payment methods in Kuwait and assured clients of effective security despite the alarming rise in global banking fraud.