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    CBK To Test New Products Under Regulatory Sandbox

    October 23, 2022

    The Central Bank of Kuwait (CBK) announced the testing of a new Buy Now Pay Later (BNPL) product and a new e-wallet product within its regulatory sandbox.

    CBK plans to test the Buy Now Pay Later (BNPL) product with a group of volunteer customers and merchants to fully assess and evaluate the product before the final launch in the local markets. The new product allows customers to purchase from the participating online retailers and pay online in a flexible and deferred manner. The future payment is either done as a one-time payment, or as low amount specified installments, without imposing any interests or fees on customers. CBK stated that it aims to develop supervisory policies and instructions to support the new business models in the financial services industry. CBK further added that new instructions are being drawn to regulate BNPL in the Kuwaiti market and to define the legal aspects of this activity. CBK remains committed to play its role as a catalyst for financial technologies and will deploy the latest technology to contribute to the achievement of Kuwait Vision 2035 “New Kuwait.” Additionally, CBK approved the soft launch of a new e-wallet product in the local market within its regulatory sandbox. As per CBK, the new product contributes to increasing financial inclusion by targeting the unbanked low-income segment in Kuwait by providing them access to these services through their smartphones.

     

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    Keywords: Middle East and Africa, Kuwait, Banking, Regulatory Sandbox, Regtech, Buy Now Pay Later, E-Wallet, Fintech, Lending, CBK

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