Central Bank of Kuwait Adds New Firms to E-Payment Services Providers, Systems Operators Register

The Central Bank of Kuwait (CBK) has added 2 new companies to e-payment services providers, e-Money services providers and e-payment systems operators register.

Continuing its efforts to encourage innovation in financial services, enhance electronic payment services and regulate these activities, ensure providing high-quality, efficient and secure services to the public, and improve effectiveness and flexibility of financial transactions, the Central Bank of Kuwait (CBK) approved “the registration of two companies, in which, one to practice as a Large e-Money Services Provider (EMSP), and one company as a Small e-Payment Services Operator (EPSO).”

This came in a press statement, in which CBK stated “that the approved companies were registered in the register of EPSP, EMSP and EPSO and the companies are as follows: Automated Services Network Company (ENET) to practice as a Large e-Money Services Provider (EMSP), while ECOM Payments for Electronic Services to practice as a Small e-Payment Services Operator (EPSO).”

CBK concluded its statement by stressing the importance of dealing “with financial institutions licensed by CBK to practice activities in these areas.”

The following are the related links:

  • e-Payment Services Providers
  • e-Money Services Providers

In other key updates, it was noted that Standard & Poor’s affirms State of Kuwait Ratings at ‘A+’; Outlook Stable.

Last month, the CBK launched its Fourth Cohort of the Cybersecurity Leaders Program.

In light of CBK’s strategy to develop qualified national cadres in the banking sector and the national economy, and build technical capacities in cybersecurity thus bolstering the financial and banking sector’s defenses “against the risks of the accelerating developments in modern technology used in the sector’s information systems, ensuring that the latest technology is adopted with reduced risk, and as part of the Kafa’a initiative launched by CBK in collaboration with Kuwaiti banks and under the management of the Kuwait Institute of Banking Studies (KIBS), the CBK Governor and Chairman of the Board of Directors of (KIBS), Basel Al-Haroon, announced the launch of the 4th Cohort of the Cybersecurity Leaders Program.”

The governor noted that this high-level capacity building program is “addressed to Kuwaitis specialized in information security and information networks and aims to foster a generation of experts and technicians capable of developing the right programs to protect the information systems used in the Kuwaiti banking and financial sector at par with the latest technology and best practices adopted in the field.”

The program, the Governor added, is “a continuation of fruitful cooperation between the CBK, local banks, and the Institute of Banking Studies and falls within an integrated array of initiatives aiming to develop and qualify national cadres.”

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