Kuwaiti banks invest in digital transformation
Thursday, 06 27 2019, Category: Banking, Country: Kuwait
Kuwait Finance House (KFH) participated in “The Role of the Private Sector in the Future of the Kuwaiti Economy” conference organized by The Business Year (TBY) magazine and sponsored by KFH. The conference was held in partnership with Kuwait Direct Investment Promotion Authority (KDIPA) in London, UK.
In the conference, KFH Group CEO- Mazin Saad Al-Nahedh demonstrated the importance of digital transformation in the banking sector, and the role of Kuwaiti banks in supporting Kuwait Vision 2035. Al-Nahedh tackled instrumental topics of which is the significant role of KFH in supporting the Kuwaiti economy and the expertise of the Bank in the Islamic finance industry.
“In line with Kuwait`s national development plan that stems from his Highness the Amir’s vision of a new Kuwait by 2035, the country is working to diversify its economy and I believe that the private sector, in particular the banking sector is well-equipped to play a positive role in Kuwait`s future economic development”, Al-Nahedh said.
“As Kuwait has $32bn-worth of public projects, in its near-term pipeline, the banking sector is well-equipped to play an important role to support the long-term development of Kuwait’s infrastructure given the prospect of greater expected project activity in the second half of 2019 and in 2020. This role involves financing of these projects, providing banking services starting from basic lending activity to more complex transactions as well as consulting, trade facilities and other banking business”, Al- Nahedh explained.