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    CBK Issues Guideline on Sustainable Finance, Encourages ESG Innovation

    December 04, 2022

    The Central Bank of Kuwait (CBK) issued a guideline on sustainable finance for local banks. CBK also released a statement indicating that innovative products and services supporting environmental, social, and governance (ESG) issues will be given priority to test within its Regulatory Sandbox. This decision is intended to support fintech and keep pace with the international best practices on sustainability to achieve social and climate-related goals.

    In addition, CBK held a workshop on the Regulatory Sandbox for digital transformation and innovation specialists in local banks, as part of its commitment to provide a supportive and stimulating environment for the development of Kuwaiti banking and financial sector. CBK indicates that such workshops aim to encourage experience exchange and knowledge transfer to local banks. Banks will collaborate with fintech entities to bring their innovations to the local market, through partnerships, providing electronic payment services, or joining in testing the Regulatory Sandbox applicants. The Sandbox provides a safe environment for testing financial technology without exposing the financial and banking system to risks.

     

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    Keywords: Middle East and Africa, Kuwait, Banking, Regulatory Sandbox, Sustainable Finance, ESG, Climate Change Risk, Fintech, Regtech, CBK

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