Press Releases
CBK Issues Draft of Updated E-Payment Instructions For Consultation
The Central Bank of Kuwait (CBK) has issued updated draft of e-payment instructions for public consultation. This effort aims to provide customers with services that add value, set judicious regulatory and supervisory frameworks, and keep abreast with advancements in financial technology and e-payment services.
The document includes enhancements on the instructions in this regard issued in 2018 pursuant to law No. (20) of 2014, which gave the CBK full regulatory and supervisory authority on e-payments, as well as the authority to issue binding instructions in this respect.
The instructions were updated to encourage innovation and support both existing institutions and startups. The Central Bank of Kuwait will offer direct support, licensing, and supervision of these companies to promote competitiveness. This is in addition to the CBK specifying risk-proportional regulatory requirements and enabling access to infrastructure.
Upholding the principle of transparency, the CBK is publishing the draft for feedback and comment ahead of their official issuance mid-2022.
Thus, CBK urges the public and those interested among companies and financial institutions offering e-payment services and products to present their views and comments by 24 March 2022 at the latest and submit those via the following email PaymentPublicConsultation@cbk.gov.kw . All feedback shall be considered to aid in finalizing the draft instructions, which may be accessed through the CBK website.
