As part of its commitment to enabling modern financial technologies in Kuwait and promoting innovative business models, the Central Bank of Kuwait has introduced a new product into the local market under an experimental regulatory environment that targets a group of volunteer customers before approving its use.

The Central Bank of Kuwait said in a statement to a local Arabic daily that the new product is an electronic wallet which is designed to benefit domestic workers and low wage employees as well as Kuwaiti employers by allowing them to pay wages and rewards electronically in a quick and easy way, according to the CBK.

Through the electronic wallet, domestic workers will be able to keep their money safe, withdraw from an ATM machine or transfer it to another person's account, and even make cross-border money transfers with licensed exchange companies in Kuwait.

According to the CBK, the new product targets low-income consumers without bank accounts. These financial services will facilitate their access to their money and benefit from these services through their smart phones.

Kuwait's Central Bank expressed a strong desire to support innovative business models based on modern financial technologies, which provide value to users as well as the local market. The role of the experimental regulatory environment in testing and developing such innovative financial products in a safe environment is highlighted by the general framework of the experimental regulatory environment.

The CBK concluded by affirming that it will continue to play its role as a catalyst in the field of financial technologies in the State of Kuwait, in a way that contributes to achieving the State of Kuwait’s 2035 “New Kuwait” vision.