Fintech 2024

Have any of the regulators in your jurisdiction issued specific fintech laws, rules or regulations? If so what are these laws called?>>🔗

Kuwait has implemented several key regulations for the fintech sector, led by the Central Bank of Kuwait (CBK), as follows:

  • Regulatory Sandbox Framework (2019): This framework allows fintech companies to test innovative products in a controlled environment before receiving full regulatory approval.

  • Digital Banking Guidelines (2022): These guidelines govern the establishment of digital banks as public joint-stock companies, supporting Kuwait’s digitalisation efforts.

  • Kuwait Decision No. 45/2023 On the Issuance of Instructions for Regulating the Electronic Payment of Funds: These updated regulations cover electronic payment systems and BNPL services, enhancing regulatory oversight while fostering fintech innovation.

  • Cybersecurity Framework (2020): Issued by the CBK, this framework ensures the security of digital financial services, including those in the fintech and banking sectors.

  • Kuwait national payments system (KNPS): This system modernises the country’s payment infrastructure to support digital payments, mobile wallets, and peer-to-peer transfers.