Featured Product

    CBK to Accept Digital Bank Applications Until End of June 2022

    February 02, 2022

    The Central Bank of Kuwait (CBK) issued comprehensive guidelines specifying requirements for establishing digital banks. CBK also published the form for digital bank applications and plans to accept applications until June 30, 2022, with initial approval expected to be granted by year-end.

    The guidelines have five parts covering the:

    • Definition of digital banks
    • Legal framework for digital banks
    • Licensed activities
    • Phases and procedures for establishment of digital banks as per the published application form
    • Supervisory and regulatory instructions and controls

    CBK has developed its digital banking framework after benchmarking regulatory approaches of 25 central banks studying use cases from 40 digital bank business models. As per the CBK Governor, the digital banks function within three main models: as a unit within a traditional bank; as an establishment of a standalone digital bank; or as a partnership between traditional bank and a digital institution, wherein the bank handles core banking operations while the digital institution handles relations with customers, trademark, and other areas of operation and service. The CBK Governor anticipates that digital banks will create added value through innovative business models geared to the service of the economy and the public good through targeted access and responsible use of innovative financial solutions, giving utmost care to the integrity and stability of the banking and financial system in the State of Kuwait.

     

    Related Links

     

    Keywords: Middle East and Africa, Kuwait, Banking, Digital Banks, Guidelines, Bank Licenses, Regtech, Fintech, Islamic Banking, CBK

    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697