Written by FinTech

Zain announces first digital platform for Islamic banking services with Boubyan Bank

Zain, GSM operator in Kuwait, announced its sponsorship of the Fintech Exhibition that formed part of the inaugural International Banking Conference: Shaping the Future, that took place on 23 September at Kuwait City’s Four Seasons Hotel. The event was organized by the Central Bank of Kuwait (CBK) under the patronage of H.H. the Amir Sheikh Sabah Al Ahmad Al Jaber Al Sabah.

During the exhibition, Zain showcased its digital capabilities, which include the latest and most innovative fintech applications and platforms. Mobile banking services play an important role in people’s lives, and Zain has introduced many innovative initiatives to manage customers’ needs, establishing its fintech credentials. These initiatives are centered around investing in data, value management, and digital transformation.  

Notably, Zain and Boubyan Bank announced plans for the development of the first digital platform for Islamic banking services during the International Banking Conference, marking the first digital partnership of this nature in the region made between one of the biggest regional telecom entities, and one of the most innovative banks with respect to offering advanced digital banking services.

Upon receiving approval from the CBK, it is expected that the digital partnership will contribute towards creating a comprehensive tech community and the establishment of the first digital bank, given the huge potential both parties hold within the ICT and digital banking services spaces. The strategic partnership will also help create a business ecosystem that inspires innovation.

Our digital partnership with Boubyan Bank will introduce an advanced platform to encourages the development of digital banking services. It will help support startups and emerging enterprises and contribute to the incredible digital innovation taking place across the region.

Zain has been keen to expand its role in the fintech arena and having undertaken a due diligence exercise, decided to follow a strategic partnership model with a leading financial services institution. Boubyan Bank proved to be a great match as our strategic vision met the ambitions of the bank’s executive management with respect to the development and growth of digital banking services.

Bader Al-Kharafi, Zain Vice-Chairman and Group CEO
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