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Kuwait central bank looks to regulate e-payments

New e-payment instructions are part of plans to advance the local banking sector

Kuwait's central bank has announced plans to register all service providers in its e-payment system.
Kuwait's central bank has announced plans to register all service providers in its e-payment system.

The Central Bank of Kuwait (CBK) has issued instructions for all service providers, including companies and institutions, to register in its electronic payment system.

All service providers are required to regulate their e-payment transactions in line with established regulations, the CBK said in a statement posted on its official website.

All e-payment methods are subject to the scrutiny of CBK, the statement added, citing the bank's governor Dr. Mohammad Al-Hashel as saying that the new instructions are part of plans to propel the local banking sector.

On these plans for growth, Al-Hashel said that a team of experts and specialists has been assembled to look into the most cutting-edge financial services and products.

He highlighted the widespread use of e-payment methods in Kuwait, assuring clients of foolproof security despite the alarming rise in global banking fraud.