CBK Set to Launch Digital Portal for Banks, Tests Open Banking Product
The Central Bank of Kuwait (CBK), as part of its digital transformation strategy, plans to launch an advanced and improved digital portal for the banking sector. Additionally, CBK aims to test and evaluate a first-of-its kind product for Open Banking within the Regulatory Sandbox to enhance banking and financial services in the country.
The digital portal will speed up request processing between CBK and the banking sector to improve efficiency and quality of service offerings. The first phase of the project, which will be focused toward the banking sector, will provide a series of e-services targeted to minimize paper-based requests, a preset timeframe to completion, speed up the operational processes, and enhance decision-making capabilities. CBK plans to launch the digital portal gradually over the coming period. Going forward, CBK will continue its efforts in keeping pace with technical advancements, promoting digital transformation, and developing operational efficiency at both CBK and its regulated entities.
The Open Banking product operates within an open banking model and provides the users with analytical services for transactions processed on their bank accounts with different banks, along with e-payment services. CBK plans to fully assess and evaluate the product before the final launch in the market within the Regulatory Sandbox. CBK launched the Regulatory Sandbox in 2018 and updated it in 2019 to broaden the scope of accepted products and services. The Regulatory Sandbox is a safe space that allows for experimentation with innovative products and services related to Fintech without jeopardizing the stability of the financial and banking system. Moreover, to support and regulate the development of open banking, CBK formed the “CBK Open Banking Working Group,” which comprises CBK specialists and representatives of Kuwaiti banks, and highlighted the need for Open Banking Regulatory Framework and for Application Programming Interface (API) specifications.
Related Links
Keywords: Middle East and Africa, Kuwait, Banking, Regtech, Open Banking, Fintech, Digital Transformation Strategy, Regulatory Sandbox, API, CBK
Previous Article
APRA Proposes Guide on Resolution Planning, Issues Other UpdatesRelated Articles
ISSB Sustainability Standards Expected to Become Global Baseline
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
BCBS Assesses NSFR and Large Exposures Rules in US
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.
Global Agencies Focus on ESG Data, Climate Litigation and Nature Risks
At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.
ISSB Standards Shine Spotlight on Comparability of ESG Disclosures
The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures
EBA Issues Several Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.
BCBS Proposes to Revise Core Principles for Banking Supervision
The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.
US Proposes Final Basel Rules, Transition Period to Start in July 2025
The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.
FSB Report Outlines Next Steps for Climate Risk Roadmap
The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.
EBA Plans on Ad-hoc ESG Data Collection and Climate Scenario Exercise
The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.
