CBK Regulatory Sandbox Adopts Sustainable FinTech Products and Services
As part of its efforts to support FinTech and keep pace with international best practices on sustainability to achieve social and climate-related goals, and in conjunction with the recently circulated guidelines issued by Central Bank of Kuwait (CBK) regarding Environmental Social Governance (ESG) considerations, the CBK announced priority will be given in its Regulatory Sandbox to test products and services that support sustainability standards.
This came in a statement in which CBK highlighted its support to the modern financial technologies, and its keenness to encourage innovative FinTech products and services that support ESG by giving them priority for testing within the CBK Regulatory Sandbox.
The statement added that CBK launched the Regulatory Sandbox Framework in 2018 to test innovative FinTech products and services without exposing the financial and banking system to risk, and continued to update the framework for further development and to improve the quality of outputs.
The CBK also referred to the ongoing progress of the services adopted for the banking sector and the national economy and asserted that it will continue to adopt products and services of added value.